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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
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 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 $45 fixed costs = $19) (variable costs 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: Direct materials: Price variance Efficiency variance Direct labor Price variance Efficiency variance Variable overhead: Efficiency variance $ 100 80 64 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 varian "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Fixed overhead: Production volume variance 79 55 $ 378 6,900 units 350.000 yards at $2.10 per yard 29.500 hours at $20.80 per hour $500,000
Transcribed Image Text: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 $45 fixed costs = $19) (variable costs 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: Direct materials: Price variance Efficiency variance Direct labor Price variance Efficiency variance Variable overhead: Efficiency variance $ 100 80 64 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 varian "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Fixed overhead: Production volume variance 79 55 $ 378 6,900 units 350.000 yards at $2.10 per yard 29.500 hours at $20.80 per hour $500,000
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