Unique Inc. produces brakes for the Jeep Car Company. At the beginning of the year, they had the following standard costs for one batch of brakes: Direct labour (1 hours @ $15.00 per hour) The actual results for the year are: Batches produced Direct labour hours Direct labour cost per hour Required: 15.00 300,000 295,000 $ 15.25 Calculate the labour variances and use your solution to answer the following questions. NOTE: Please enter all variances as positive numbers. The amount of the direct labour rate variance, also called the direct labour price variance, is $ Indicate if the direct labour rate variance is favourable (enter the letter F) or unfavourable (enter the letters UF). UF

Unique Inc. produces brakes for the Jeep Car Company. At the beginning of the year, they had the following standard costs for one batch of brakes: Direct labour (1 hours @ $15.00 per hour) The actual results for the year are: Batches produced Direct labour hours Direct labour cost per hour Required: 15.00 300,000 295,000 $ 15.25 Calculate the labour variances and use your solution to answer the following questions. NOTE: Please enter all variances as positive numbers. The amount of the direct labour rate variance, also called the direct labour price variance, is $ Indicate if the direct labour rate variance is favourable (enter the letter F) or unfavourable (enter the letters UF). UF

Name: Unique Inc. produces brakes for the Jeep Car Company.At the beginning
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Description: Unique Inc. produces brakes for the Jeep Car Company.At the beginning of the year, they had the following standard costs for one batch ofbrakes:Direct labour (1 hours @ $15.00 per hour)The actual results for the year are:Batches producedDirect labou

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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A company has the following information for the month of October. The company applies overhead (OH) costs using standard machine hours as the allocation base. Actual Results Actual variable OH costs Actual fixed OH costs Actual machine hours Actual output Budget (for 1,000 units) Variable OH Fixed OH Budgeted machine hours Q. What $360 Favorable $2,500 $4,700 $1,280 MHS 1,100 units Q. What was the company's VOH efficiency variance for October? Answer. (Click to select) (Click to select) None of the answers are correct $180 Unfavorable Answer. $360 Unfavorable $180 Favorable $2,000 $4,400 1,000 MHS ume variance for October? 4
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PLEASE USE THE ATTACHED PHOTO TO ANSWER THE FOLLOWING QUESTIONS Compute the following variances: Total material variance Material price variance Material usage variance Total labour variance Labour rate variance Labour efficiency variance
SouthCo planned to use $35 of variable overhead per unit produced, but in the most recent period, it actually used $33 of variable overhead per unit produced. During this same period, the company planned to produce 100 units in 120 hours but actually produced 100 units in 150 hours. Calculate the variable overhead rate variance, the variable overhead efficiency variance, and the total variable overhead cost variance and complete the diagram. Please make sure your final answer(s) are accurate to the nearest whole number. Box 1 Box 2 Box 3 (Select one) x (Select one) (Select one) x (Select one) (Select one) x (Select one) Box 4 Variable Overhead Rate Variance (Select one) Box 6 Total Variable Overhead Cost Variance (Select one) Box 5 Variable Overhead Efficiency Variance (Select one)
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Shorts, Inc. produces small engines. For last year's operations, the following data were gathered: Units produced: 100,000 Direct labor: 160,000 hours @ $12.00 Actual variable overhead: $1,300,000 Shorts, Inc. employs a standard costing system. During the year, a variable overhead rate of $8.00 was used. The labor standard requires 1.5 hours per unit produced. The variable overhead spending and efficiency variances are, respectively $20,000 U and $80,000 F. $100,000 U and $20,000 U. $20,000 U and $80,000 U. $100,000 U and $20,000 F. None of these.
In a detailed solution, compute for: 1. materials price variance 2. labor rate variance