The Landrum Company provides the following standard cost data per unit of productVariable overhead8.00Landrum anticipated that they would produce and sell 24,000 units. During the period, the company produced and sold 25,000 units incurring $210,000 of variable overhead costs.The variable overhead flexible budget variance was:Multiple Choice$8,000 unfavorable.$10,000 unfavorable.$8,000 favorable.$10,000 favorable.

The production costs which varies depending upon the variation in production output termed as…

Answered: The Landrum Company provides the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Timberlake Company planned for a production and sales volume of 13,100 units. However, the company actually makes and sells 14,100 units. Per-Unit Standards Flexible Budget Number of units Sales revenue Variable manufacturing costs: Materials Labor Overhead Variable general, selling, and administrative costs Contribution margin Fixed costs Manufacturing overhead General, selling, and administrative costs Net income What was the total variable cost volume varlance? Multiple Choice $51,300 favorable $51,300 unfavorable $24,700 favorable $24,700 unfavorable $76.00 $ 16.00 $ 14.00 $ 5.30 $ 16.00 Static Budget 13,100 $ 995,600 209,600 183,400 69,430 209,600 $ 323,570 111,800 56,000 $ 155,770 14,100 $ 1,071,600 225,600 197,400 74,730 225,600 $ 348,270 111,800 56,000 $ 180,470
3 Sunny Enterprise, a manufacturing company, produces a special component part and provided the following budgeted and actual information: Budget: Sales tunits) 80,000 Selling price RM18.00 per unit Variable cost RM14.00 per unit Actual: Sales lunits) 72,000 Selling price RM1640 per unit Variable cost RM12.40 per unit Required: approach. b. Explain the possible causes of those variances.
Lloyd Company produces music boxes. The standard factory overhead cost at 100% of normal capacity is $100,000 (20,000 hours at $5: $3 variable, $2 fixed). If 700 hours were unused, the fixed factory overhead volume variance would be: Group of answer choices $1,400 unfavorable $700 favorable $2,100 unfavorable $1,400 favorable
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Assume that the cost formula for one of a company's variable expenses is $5.00 per unit. The company's planned level of activity was 2,000 units and its actual level of activity was 2,200 units. The actual amount of this expense was $10,800. The spending variance for this expense is Multiple Choice $1,000 F $800 $200 F $1,000 U
Julum Limited manufactures a single product and operates a standard costing system. Budgeted Data (per unit) : Labour 5 hours @ £15.00 Per Hour Budgeted production for August was expected to reach 10000 Units Actual production 11000 Units The actual costs incurred were as follows : Actual Data : Labour 60000 hours @ £14.50 Per Hour a). What is Labour efficiency variance? Choose one from the following: A. £30,000.00 Favourable B. £75,000.00 Unfavourable C. £45,000.00 Favourable D. £45,000.00 Unfavourable
Feagin Company’s actual variable overhead was $73,000. Actual direct labor hours were 25,000 to make 20,000 finished products. The per-unit standard for direct labor hour is 1.5 hours, and the pre-determined variable overhead rate is $3 per direct labor hour. What were (1) the variable overhead spending variance (2) the variable overhead efficiency variance?
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7. Lonely Mountain Company uses standard costing. The standard cost of its product is as follows: Direct Materials P14.50 Direct labor (2direct labor hours X P8) 16.00 Manufacturing overhead (2 direct labor hours X P11) 22.00 The manufacturing overhead rate is based upon a normal activity level of 600,000 direct labor hours. Lonely Mountain planned to produce 25,000 units each month during the year. The budgeted annual manufacturing overhead is: Variable P3,600,000 Fixed 3,000,000 During March Lonely Mountain produced 26,000 units. Lonely Mountain used 53,500 direct labor hours in March at a cost of P433,350. Actual manufacturing overhead for the month was P250,000 fixed and P325,000 variable. What is the the manufacturing overhead volume variance for March ?
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