The Russell Company provides the following standard cost data per unit of product:Direct material (3 gallons @ $6 per gallon)Direct labor (2 hours @$10 per hour)18.0020.00During the period, the company produced and sold 22,000 units incurring the following costs:68,000 gallons @ $5.90 per gallonDirect materialDirect labor45,500 hours @ $9.75 per hourThe direct labor usage variance was:Multiple Choice$15,000 unfavorable.$15,000 favorable.$14,625 unfavorable.$14,625 favorable

Direct labor usage variance: It is a measure that determines the variation between actual and…

Answered: The Russell 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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The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $4 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 23,000 units, incurring the following costs: Direct material Direct labor $ 8.00 $13.00 50,000 gallons @ $3.90 per gallon 23,500 hours @ $12.75 per hour The direct material usage variance was:
Rose Company has a relevant range of production between 9,000 and 25,000 units. The following cost data represents average cost per unit for 15,000 units of production. Average Costper Unit Direct Materials $12 Direct Labor 10 Indirect Materials 1 Fixed manufacturing overhead 5 Variable manufacturing overhead 2 Fixed selling and administrative expenses 8 Variable sales commissions 25 Using the cost data from Rose Company, answer the following questions: For A. and B., what is the variable manufacturing/production costs per unit if... A. 9,000 units are produced? Variable cost per unit $fill in the blank 1 B. 18,000 units are produced, what is the variable cost per unit? Variable cost per unit $fill in the blank 2 For C. and D., what is the total manufacturing/production costs per unit if... C. 21,000 units are produced? Total variable costs $fill in the blank 3 D. 12,000 units are produced?…
Assume that the cost formula for one of a company’s mixed expenses is $10,000 + $3.80 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 $18,200. The activity variance for this expense is:
The standard costs and actual costs for factory overhead for the manufacture of 2,800 units of actual production are as follows: Line Item DescriptionValueFixed overhead (based on 10,000 hours)3 hours per unit at $0.71 per hourVariable overhead3 hours per unit at $1.98 per hour Actual Costs Total variable cost, $18,200 Total fixed cost, $8,200 The fixed factory overhead volume variance is Group of answer choices $1,136 unfavorable $909 unfavorable $909 favorable $0
Tools-N-Time has a standard of 2 hours of labor per unit, at $12 per hour. In producing 2,000 units, Tools-N-Time used 3,850 hours of labor at a total cost of $46,970. What is Tools-N-Time's total labor variance? a. $770 F b. $800 U b. $1,030 U d. $1,930 U
Assume the following: • The variable portion of the predetermined overhead rate is $1.50 per direct labor-hour. • The standard labor-hours allowed per unit of finished goods is 3 hours. • The variable overhead efficiency variance is $1,500 F. • The company produced 15,000 units of finished goods during the period. What is the actual quantity of direct labor-hours worked during the period? Multiple Choice о о O O 44,000 hours 44,500 hours 43,500 hours 43,000 hours
The Russell Company provides the following standard cost data per unit of product: Direct material (3 gallons @ $3 per gallon) $9.00 Direct labor (2 hours @ $12 per hour) 24.00 During the period, the company produced and sold 22.000 units incurring the following costs: Direct materials Direct labor The direct labor usage variance was 68,000 gallons @ $2.90 per gallon 44,500 hours @ $12.05 per hour
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct material: 5 pounds at $8.00 per pound $ 40.00 Direct labor: 2 hours at $14 per hour 28.00 Variable overhead: 2 hours at $5 per hour 10.00 Total standard variable cost per unit $ 78.00 The company also established the following cost formulas for its selling expenses: Fixed Cost per Month Variable Cost per Unit Sold Advertising $ 200,000 Sales salaries and commissions $ 100,000 $ 12.00 Shipping expenses $ 3.00 The planning budget for March was based on producing and selling 25,000 units. However, during March the company actually produced and sold 30,000 units and incurred the following costs: Purchased 160,000 pounds of raw materials at a cost of $7.50 per pound. All of this material was used in production. Direct-laborers worked 55,000 hours at a rate of…
Under absorption costing, a company had the following unit costs when 9,000 units were produced. Direct labor 7.25 per unit Direct material 8.00 per unit Variable overhead 5.50 per unit Fixed overhead ($67,500/9,000 units) 7.50 per unit Total production cost 28.25 per unit Compute the total product cost per unit under variable costing if 30,000 units had been produced.
The following labor standards have been established for a particular product: Standard labor - hours per unit of output 7.7 hours Standard labor rate $ 15.35 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 9,800 hours Actual total labor cost $ 148, 960 Actual output 1, 100 units What is the labor rate variance for the month? Multiple Choice $165 F $1,470 F $1,470 U $165 U
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 26,000 units, incurring the following costs: Direct material Direct labor 55,000 gallons @ $ 2.9 per gallon 26,500 hours @ $12.75 per hour $ 6 $13 The direct material price variance was:
Chhom Corporation makes a product whose direct labor standards are 0.4 hours per unit and $19.00 per hour. In November the company produced 1,800 units using 760 direct labor-hours. The actual direct labor cost was $13,300. The labor efficiency variance for November is: Multiple Choice $760 F $700 F $760 U $700 U

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