The standard cost sheet for Chambers Company, which manufactures one product, follows: Direct materials, 50 yards at $2.00 per yard Direct labor, 4 hours at $20 per hour Factory overhead applied at 80% of direct labor (variable costs $45 fixed costs $19) Variable selling and administrative Fixed selling and administrative Total unit costs Materials used Direct labor Total factory overhead Production Standards have been computed based on a master budget activity level of 30,300 direct labor-hours per month. Actual activity for the past month was as follows: 350,000 yards at $2.10 per yard 29.500 hours at $20.80 per hour $500,000 Direct materials: Price variance Efficiency variance Direct labor: Price variance Efficiency variance Required: Prepare variance analyses for the variable and fixed costs. Materials are purchased as they are used. (Do not round intermediate calculations. Indicate the effect of each var "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Variable overhead: Efficiency variance $ 100 80 64 6.900 units Fixed overhead: Production volume variance 79 55 $ 378

The standard cost sheet for Chambers Company, which manufactures one product, follows: Direct materials, 50 yards at $2.00 per yard Direct labor, 4 hours at $20 per hour Factory overhead applied at 80% of direct labor (variable costs $45 fixed costs $19) Variable selling and administrative Fixed selling and administrative Total unit costs Materials used Direct labor Total factory overhead Production Standards have been computed based on a master budget activity level of 30,300 direct labor-hours per month. Actual activity for the past month was as follows: 350,000 yards at $2.10 per yard 29.500 hours at $20.80 per hour $500,000 Direct materials: Price variance Efficiency variance Direct labor: Price variance Efficiency variance Required: Prepare variance analyses for the variable and fixed costs. Materials are purchased as they are used. (Do not round intermediate calculations. Indicate the effect of each var "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Variable overhead: Efficiency variance $ 100 80 64 6.900 units Fixed overhead: Production volume variance 79 55 $ 378

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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