The Outdoor Vest company has provided the following information about their product Budget or standard information Male Female Standard material used for each vest Liner 9.4 7.0 yards Filler 5.2 4.0 pounds Standard direct labor hours for each vest 0.4 hours 0.5 Estimated planned production 6,200 5,000 Units Standard labor rate $14.00 per hour Standard material cost Liner $8.00 рer yard Filler $2.00 per pound Actual information Male Female Actual units produced 5,800 4,400 Actual labor hours worked 2,800 1,825 Actual labor rate $14.50 $14.70 Actual material purchased and used Liner 85,100 yards Filler 48,000 pounds Actual material cost per item Liner $8.20 Per yard Filler $1.90 Per pound Required 1A Prepare the material purchase price variance 1B Based on your answer explain the impact on the product cost on the income

The Outdoor Vest company has provided the following information about their product Budget or standard information Male Female Standard material used for each vest Liner 9.4 7.0 yards Filler 5.2 4.0 pounds Standard direct labor hours for each vest 0.4 hours 0.5 Estimated planned production 6,200 5,000 Units Standard labor rate $14.00 per hour Standard material cost Liner $8.00 рer yard Filler $2.00 per pound Actual information Male Female Actual units produced 5,800 4,400 Actual labor hours worked 2,800 1,825 Actual labor rate $14.50 $14.70 Actual material purchased and used Liner 85,100 yards Filler 48,000 pounds Actual material cost per item Liner $8.20 Per yard Filler $1.90 Per pound Required 1A Prepare the material purchase price variance 1B Based on your answer explain the impact on the product cost on the income

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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Zeke's Bikes uses a standard cost system and provides the following information: Standards: Static budget variable overhead $5,040.00. Static budget fixed overhead $20,900.00. Static budget direct labor hours 400 hours. Static budget number of units 25,600 units. Static budget direct labor hours 0.035 hours per unit. Actual: Number of units produced 25,000. Actual variable overhead $5,220.00 Actual fixed overhead $23,600.00. Actual direct labor hours 520. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).1. Compute the variable and fixed overhead allocation rates.
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Need help with the Manufacturing Overhead budget and Operating Expenses budget. I included what i have so far.
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