The trial balance for Marigold Corporation shows the following for its DM and DL variances at year-end, prior to closing entries. DM price variance DM efficiency variance DL price variance DL efficiency variance Debit $10,500 550 15,540 Credit $5,770
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- Using variance analysis and interpretation Last year, Wrigley Corp. adopted a standard cost system. Labor standards were set on the basis of time studies and prevailing wage rates. Materials standards were determined from materials specifications and the prices then in effect. On June 30, the end of the current fiscal year, a partial trial balance revealed the following: Standards set at the beginning of the year have remained unchanged. All inventories are priced at standard cost. What conclusions can be drawn from each of the four variances shown in Wrigleys trial balance?Using variance analysis and interpretation Last year, Endicott Corp. adopted a standard cost system. Labor standards were set on the basis of time studies and prevailing wage rates. Materials standards were determined from materials specifications and the prices then in effect. On June 30, the end of the current fiscal year, a partial trial balance revealed the following: Standards set at the beginning of the year have remained unchanged. All inventories are priced at standard cost. What conclusions can be drawn from each of the four variances shown in Endicotts trial balance?The trial balance for Metlock Corporation shows the following for its DM and DL variances at year-end, prior to closing entries. DM price variance. DM efficiency variance DL price variance DL efficiency variance (a) DM price variance DM efficiency variance DL price variance Debit Throughout the year, actual purchase costs for DM totaled $233,250; transfers of DM cost into production totaled $234,200. The total flexible budget DL cost was $188,500 this year. DL efficiency variance $10,300 530 Identify whether each total variance above is favorable or unfavorable. The variances with 15,350 Credit How did you determine this status? $5,290 ✓balances are unfavorable, and the variances with a balances are favorable.
- By year-end, Oriole Corp. had recognized standard cost variances for all of its production costs, including DM, DL, variable-MOH, and fixed-MOH. The following variances exist per the trial balances; the balance of COGS at this time is $130,390. DM price variance DM efficiency variance DL price variance DL efficiency variance $5,920 Credit 4,080 Debit 1,830 Debit 2,420 Credit Variable-MOH price variance Variable-MOH efficiency variance Fixed-MOH price variance Fixed-MOH volume variance $3,860 Debit 240 Debit 1,860 Debit 870 CreditThomson Manufacuting reports the following information at year end. Actual overhead applied RM257,000. Flexible budget based on standard hours RM309,000. Flexible budget based on actual hours RM293,000 What is the amount of the efficiency variance?The following data relate to product no. 89 of Des Moines Corporation: Direct material standard: 3 square feet at $2.50 per square foot Direct material purchased: 30,000 square feet at $2.60 per square foot Direct material consumed: 29,200 square feet Manufacturing activity: 9,600 units completed Assume that the company computes variances at the earliest point in time. The direct-material purchase price variance is: rev: 11_12_2015_Qc_cs-33148 $2.880U. $2,920F. $2,920U. $3,000F. $3,000U.
- Campbell Industries has gathered the following information about the actual sales revenues and expenses for its pharmaceuticals segment for the most recent year. E (Click the icon to view the actual data.) Prepare a segment margin performance report for the pharmaceutical segment. Calculate a variance and a variance percentage for each line in the report. Round to the nearest hundredth for the variance percentages (for example, if your answer is 16.2384%, round it to 16.24%). Budgeted data for the same time period for the pharmaceutical segment are as follows (all data are in millions): E (Click the icon to view the budgeted data.) Begin by preparing the performance report through the contribution margin line. Next, complete the report through the segment margin line, and then, finally, complete the report through the operating income line. (Enter the variances as positive numbers. Round the variance percentages to the nearest hundredth percent, X.XX%.) Performance Report Data table…1. Complete the following cost variance report for July. Springsteen Company investigates all variances greater than $5,000 or 5%.he following information relates to a given department of Viernes Company for its fourth quarter of 2020: Actual total overhead (Fixed plus variable) P178,500 Budget formula P110,000 plus P50 per hour Total factory overhead application rate P1.50 per hour Spending variance – UF P8,000 Volume variance – F P5,000 The total variance is divided into 3 variances: Spending, Efficiency & Volume. What were the actual hours worked during the quarter? What were the standard hours allowed for good output during the quarter? Each unit takes 5 hours to manufacture, and the selling price is P 4.50 per unit. Based on the overhead budget formula, how many units must be sold to generate P 30,000 more than total budgeted overhead costs?
- Information for Garner Company’s direct-labor costs for the month of September was as follows: Actual direct-labor hours 34,500 hours Standard direct-labor hours 35,000 hours Total direct-labor payroll $241,500 Direct-labor efficiency variance—favorable $3,200 What is Garner’s direct-labor price (or rate) variance?The following data relate to product no. 89 of Des Moines Corporation: Direct material standard: 5 square feet at $3.30 per square foot Direct material purchased: 37,000 square feet at $3.60 per square foot Direct material consumed: 36,400 square feet Manufacturing activity: 7,200 units completed Assume that the company computes variances at the earliest point in time. AJThe direct-material quantity variance is: B)The direct-material price variance is:The following relates to a given department of Caloy for the first quarter of 2020: Actual FOH (fixed plus Variable) Budget formula Total FOH application rate Spending Variance (from 3-way) Volume variance (from 2-way) Overall factory overhead variance What were the actual hours worked in this department during the quarter? a. 110,000 b. 121,000 c. 137,000 d. 153,000 P178,500 P110,000 + PO.50 per hour P1.50 P8,000 U P5,000 F P6,000 U What were the standard hours allowed for good output in this department? a. 105,000 b. 106,667 c. 110,000 d. 115,000