The Ford Company developed the following standards for the manufacture of its product: Each unit should have 4.8 pounds of direct materials purchased at $14 per pound. Each unit should be produced in 3.5 hours at a direct labor cost of $45 per hour. Actual production was 54,300 units using 174,300 pounds of direct materials at a total cost of $1,960,300 and required 124,400 direct labor hours at a total cost of $2,110,500. What was the direct labor "cost" variance?
Q: During FY 2016 Bravo Manufacturing had total manufacturing costs are $520,000. Their cost of goods…
A: Concept of Total Manufacturing Costs:Total manufacturing costs refer to the combined expenses…
Q: Compute the following for the Colorado??
A: Step 1: Definition of Segment Profit MarginThe Segment Profit Margin measures the profitability of a…
Q: Duggan companies manufacturing overhead rate for the year?
A: Calculation of the Manufacturing Overhead for the yearManufacturing Overhead for the year =…
Q: Accounting
A: Option b: This option is correct because the question asks what a standard cost is. The phrase "a…
Q: Subject - General Account
A: Step 1:Calculate the material price variance as follows:Material price variance = (Actual price -…
Q: I want to correct answer general accounting question
A: Step 1: Definition of Working CapitalWorking capital is a financial metric that measures a company's…
Q: Give me Answer
A: **Explanation:** The **balanced scorecard approach** is a strategic management tool developed by…
Q: Assignment Discuss the potential impact of rising inventory levels on the company's financial…
A: 2. Steps the Company Can Take to Manage InventoryAdopt an Inventory Management SystemUse tools like…
Q: Please provide this question solution general accounting
A: Equity Premium=Stock Market Return−Risk-Free RateIn this case:The stock market return is 12.5%.The…
Q: ??
A: The question refers to payback period. The payback period is a capital budgeting method that…
Q: 4 POINTS
A: Step 1:Differential cost is the difference between the cost of two alternatives; it is calculated…
Q: Please given answer general accounting
A: Step 1: Define Financial RatiosIn accounting, there are various financial ratios used to analyze and…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of Equity Method for Investment AccountingThe equity method is used to account…
Q: Allocotade corporate overhead:90000
A: Segment contribution margin = Segment sales revenue - Segment variable costs Segment variable costs…
Q: given answer General accounting question
A: given by the formula. re=P0D1+g Where.re =Cost of equityD1 = Expected dividend…
Q: General accounting
A: Explanation of Expected Return:Expected Return represents the average return an investor anticipates…
Q: Step by step answer
A: To determine how much of the inspecting cost pool should be assigned to throw rugs, we can use the…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of ROA and ROEROA (Return on Assets): This ratio measures a company's…
Q: At an output level of 19,500 units, you have calculated that the degree of operating leverage is…
A: Explanation of Degree of Operating Leverage (DOL):The degree of operating leverage (DOL) measures…
Q: Alden, Inc., which uses a predetermined overhead rate based on direct labor hours, estimated total…
A: Explanation of Predetermined Overhead Rate (POHR):The Predetermined Overhead Rate (POHR) is a…
Q: Financial accounting question
A: Step 1: Define Cost of EquityCost of equity is the rate a business must pay its shareholders for the…
Q: I want answer
A: Find the earnings per share (EPS): The dividend payout ratio is the proportion of earnings paid out…
Q: On January 1, Nets Company paid $65,000 for a new delivery truck. It was estimated that the truck…
A: Explanation of Initial Cost: The initial cost of $65,000 represents the purchase price paid by Nets…
Q: What is the effective cost of trade credit under the credit terms of 2/15, net 40? Assume 365 days…
A: Step 1: Given Value for Calculation Discount Rate = r = 2%discount period = dp = 15credit period =…
Q: Answer this accounting problem
A: To calculate the Profit Margin, we use the formula: Profit Margin = (Net Income / Sales) × 100…
Q: Subject: Financial Accounting A broadcasting company failed to make a year- end accrual of $350,000…
A: Explanation: As per the question, the year end accrual for $350,000 was not made by the company with…
Q: Photo Framing's cost formula for its supplies cost is $1,975 per month plus $24 per frame. For the…
A: Explanation of Fixed Cost: Fixed cost is an expense that remains constant regardless of the level of…
Q: provide final solution in this general account query
A: Step 1 Types of Debt Finance Debt finance involves borrowing money that must be repaid over time,…
Q: given answer Financial accounting question
A: Step 1: Given Value for Calculation Beta = b = 0.98Market Risk Premium = mrp = 9%Risk Free Rate = rf…
Q: Kennedy Inc has $23,800 of ending finished goods inventory as of Dec. 31, 2013. If beginning…
A: Step 1: Formula Cost of goods sold = Cost of goods manufactured + Beginning finished goods inventory…
Q: What is the average cost per snowmobile with overhead?
A: Step 1: Calculate the overhead per snowmobile.= monthly overhead / snowmobiles produced= $90,000 /…
Q: Financial information
A: To calculate the profit margin, follow these steps:Net Sales = Sales Revenue - (Sales Returns and…
Q: 5 points
A: Explanation of Workweek: A workweek represents the standard number of days that employees work in a…
Q: Tucker Company makes chairs. Tucker has the following production budget for January-March. January…
A: Step 1: Formula for Raw Material PurchasesThe formula is: Raw Material Purchases=Materials Required…
Q: Financial Accounting Question
A: Step 1: Define Rate of ReturnRate of Return measures the percentage gain or loss on an investment…
Q: Please solve this question
A: For this question we are going to assess the effect of the increase in sales to the operating cash…
Q: General accounting
A: Step 1: Define Receivables TurnoverThe receivables turnover is an efficiency ratio that measures how…
Q: ???
A: We have given, Sales in account = $828,000Collection on account = $651,000 Now, The amount of…
Q: i need this question answer General accounting question
A: Step 1: Definition of Net Income/Net LossNet income (or net loss) is the result of a company's total…
Q: Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a…
A: Step 1:DefinitionsDirect Labor Rate Variance (DLRV):Measures the difference between the actual labor…
Q: General Account
A: Preferred stock is a type of equity financing, not debt financing. Debt financing involves borrowing…
Q: please provide correct answer General accounting question
A: The correct answer is:C. Variances are likely when compared to actual results. Explanation of Each…
Q: None
A: To calculate the return on equity (ROE), you can use the following formula:ROE= Net Income / Equity…
Q: Don't use ai given answer accounting questions
A: We are given:Loan amount: $500,000Nominal interest rate: 8%Compensating balance requirement: 20%…
Q: NO WRONG ANSWER
A: Explanation of Desired Profit:Desired profit refers to the amount of operating income a company aims…
Q: Need answer
A: To calculate the overhead allocation to Product X using a plant-wide allocation system with direct…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Return on Equity (ROE)ROE (Return on Equity) measures a company's…
Q: Financial Account
A: Key Definitions:Gross Profit: Gross profit represents the profit a company earns from its core…
Q: Find out overhead
A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is a calculated rate used…
Q: What is the cost of goods sold for the current year?
A: Concept of Cost of Goods Sold (COGS):Cost of Goods Sold (COGS) refers to the direct costs associated…
What was the direct labor cost variance??
Step by step
Solved in 2 steps
- Box Springs. Inc., makes two sizes of box springs: queen and king. The direct material for the queen is $35 per unit and $55 is used in direct labor, while the direct material for the king is $55 per unit, and the labor cost is $70 per unit. Box Springs estimates it will make 4,300 queens and 3,000 kings in the next year. It estimates the overhead for each cost pool and cost driver activities as follows: How much does each unit cost to manufacture?Crystal Pools estimates overhead will utilize 250,000 machine hours and cost $750,000. It takes 2 machine hours per unit, direct material cost of $14 per unit, and direct labor of $20 per unit. What is the cost of each unit produced?Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and estimates these costs: If the labor rate is $25 per hour, what is the per-unit cost of each product?
- Bobcat uses a traditional cost system and estimates next years overhead will be $800.000, as driven by the estimated 25,000 direct labor hours. It manufactures three products and estimates the following costs: If the labor rate is $30 per hour, what is the per-unit cost of each product?Gent Designs requires three units of part A for every unit of Al that it produces. Currently, part A is made by Gent, with these per-unit costs in a month when 4.000 units were produced: Variable manufacturing overhead is applied at $1.00 per unit. The other $0.30 of overhead consists of allocated fixed costs. Gent will need 6,000 units of part A for the next years production. Cory Corporation has offered to supply 6,000 units of part A at a price of $7.00 per unit. It Gent accepts the offer, all of the variable costs and $1,200 of the fixed costs will be avoided. Should Gent Designs accept the offer from Cory Corporation?The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
- Fall Industries has set the following standards for one unit: Direct material Quantity: 45 yards Price per yard: $2.70 per yard Direct labor Quantity: 9 hours per unit Rate per hour: $16 per hour Actual costs incurred in the production of 1,200 units were as follows: Direct material: $99,000 ($2.75 per yard) Direct labor: $129,560 ($15.80 per hour) All materials purchased were consumed during the period. Required: 1. Calculate the direct-material price and quantity variances. Indicate whether each variance is favorable or unfavorable. 2. Calculate the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. 3. Write a memo to your manager with the results of your findings. a. What do each of the variances mean (describe what each variance measures)? b. How is Fall performing based on each of these variances? c. What variances suggest improvement is needed, and how can the company improve that specific variance (give two specific ways per…Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product It manufactures. Direct materials (15 lbs. @ $4 per lb.) Direct labor (2 hrs. @ $15 per hr.) During May the company incurred the following actual costs to produce 8,100 units. Direct materials (125,300 lbs. @ $3.80 per lb.) Direct labor (20,400 hrs. @ $15.10 per hr.). AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ - Actual Quantity SQ - Standard Quantity = AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances. (Indicate the effect of each varlance by selecting for favorable, unfavorable, and no varlance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each varlance by selecting for favorable, unfavorable, and no varlance. Round "Rate per hour" answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. 0 $60…Richard Inc. expects to sell 28,000 units. Each unit requires 4 pounds of direct materials at $15 per pound and 3 direct labor hours at $12 per direct labor hour. The overhead rate is $9 per direct labor hour. The beginning inventories are as follows: direct materials, 2,500 pounds; finished goods, 3,100 units. The planned ending inventories are as follows: direct materials, 4,000 pounds; finished goods, 3,200 units. What is the planned production?
- Camila Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $4 per pound) Direct labor (3 hours @ $15 per hour) During June the company incurred the following actual costs to produce 8,100 units. Direct materials (124,000 pounds @ $3.80 per pound) Direct labor (29,200 hours @ $15.15 per hour) AR = Actual Rate SR=Standard Rate AQ=Actual Quantity SQ=Standard Quantity AP = Actual Price SP=Standard Price $ 60 45 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Required 1 Required 2 $ 471,200 442,380 Complete this question by entering your answers in the tabs below. Actual Cost Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance b unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Standard CostLucia Company has set the following standard cost per unit for direct materials and direct labor Direct materials (16 pounds @ $4 per pound) Direct labor (2 hours @ $16 per hour) During May the company incurred the following actual costs to produce 8,900 units. Direct materials (146,000 pounds @ $3.80 per pound) Direct labor (21,300 hours @ $16.10 per hour) AR Actual Rate SR Standard Rate: AQ = Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price. (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. $ 64 32 Complete this question by entering your answers in the tabs below. AQ $ 554,800 342,930 Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost X AP Standard CostFleck's standard quantities for 1 unit of the product include 2 pounds of materials and 1.5 labor hours. The standard rates are $4 per pound and $14 per hour. The standard overhead rate is $16 per direct labor hour. The total standard cost of Fleck's product is: A) $29 B) $34 C) $45 D) $53