Variable Fixed Actual costs incurred $35,000 $16,500 Costs allocated to products Flexible budget Actual input x budgeted rate 15,200 16,000 36,000 31,500 Fill in the blanks. Use F for favorable and U for unfavorable: Variable Fixed (1) Spending variance (2) Efficiency variance (3) Production-volume variance (4) Flexible-budget variance (5) Underallocated (overallocated) manufacturing overhead %24

Variable Fixed Actual costs incurred $35,000 $16,500 Costs allocated to products Flexible budget Actual input x budgeted rate 15,200 16,000 36,000 31,500 Fill in the blanks. Use F for favorable and U for unfavorable: Variable Fixed (1) Spending variance (2) Efficiency variance (3) Production-volume variance (4) Flexible-budget variance (5) Underallocated (overallocated) manufacturing overhead %24

Name: 4-variance analysis, ll in the blanks. ProChem, Inc., produces chemica
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Description: 4-variance analysis, ll in the blanks. ProChem, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2017: VariableFixedActual costs incurred$35,000$16,500Costs allocated to pr

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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1) What is the materials price variance for March? 2) What is the material quantity variance for March? 3) What is the labor rate variance for March?
4-variance analysis, fill in the blanks. ProChem, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2017:
Question 2 : a company produces chemicals for large biotech companies. It has the following data fo manufacturing overhead costs during August 2017 Variable $35,000 Fixed $16,500 Actual costs incurred Costs allocated to products Flexible budget Actual input x budgeted rate 36,000 15,200 16,000 31,500 Fill in the blanks. Use F for favorable and U for unfavorable: Variable Fixed (1) Spending variance (2) Efficiency variance (3) Production-volume variance (4) Flexible-budget variance (5) Underallocated (overallocated) manufacturing overhead
3 What is the variable manufacturing overhead efficiency variance? Michelle Inc. uses a level 4 variance analysis of its manufacturing overhead costs and has the following results for April. A. Budgeted direct labour-hours per unit is used to allocate variable manufacturing overhead. Fixed overhead is allocated on a per unit basis. B. Budgeted amounts for April are: Direct labour-hours Variable labour-hour overhead rate Fixed manufacturing overhead Budgeted output (denominator level output) C. Actual amounts for April are: Variable manufacturing overhead Fixed manufacturing overhead Direct labour-hours Actual output A) $181,200 favourable B) $80,000 favourable C) $101,200 unfavourable. D) $84,000 unfavourable OE) $101,200 favourable 0.30/unit $20.00/DLH $630,000 30,000 units $340,000 $590,000 16,000 hours 40,000 units
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the (1) direct materials price variance and (2) direct materials quantity variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places. $ GA Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $17 per DLH 3 DLH @ $12 per DLH 0 $ Actual Results 47,400 pounds @ $8.10 per pound 23,100 hours @ $17.50 per hour $ 286,100 0 0 7,800 units S $ 0 Standard Cost
5 Diva, Inc. is a privately held furniture manufacturer. For August 2020, Diva had the following standards for one of its products, a wicker chair: (Click the icon to view the standards.) (Click the icon to view the costs and variances for actual production "option 1".) Direct Materials Control Work-in-Process Control Wages Payable Control Direct Materials Price Variance Direct Mfg. Labor Price Variance Accounts Payable Control (Click t Requireme Prepare jou two options Journal Entry Direct Materials Efficiency Variance Direct Mfg. Labor Efficiency Variance Option 2. Prepare the journal entry for the direct materials price variance. (Record debits first, then credits. Exclude explanations from any journal en For August 2020, Diva had the following costs and variances for actual production of 2,500 chairs, 7,100 square yards of input purchased and used: Option 1: Actual production Direct materials Direct manufacturing labor $ Actual costs Budgeted price 38,340 $ 9,870 Direct materials…
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 5 pounds @ $7 per pound 3 DLH @ $15 per DLH 3 DLH @ $11 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = Actual Results. 43,400 pounds @ $7.20 per pound. 25,400 hours @ $15.40 per hour. $ 290,400 8,600 units Actual Cost Standard Cost
Journal entries (continuation of 8-35). 1. Prepare journal entries for variable and fixed manufacturing overhead (you will need to calculate the various variances to accomplish this). 2. Overhead variances are written off to the Cost of Goods Sold (COGS) account at the end of the fiscal year. Show how COGS is adjusted through journal entries. Reference problem:
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Based on the attached image, answer the following question: 1. What is the direct-material price variance? 2. What is the direct-material quantity variance? 3. What is the labor rate variance?
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Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP Standard Price Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) Actual Cost Actual Results 46,100 pounds @ $8.20 per pound 22,500 hours @ $16.50 per hour $ 278,600 7,600 units Standard Cost