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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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
Hamilton, Inc. produces chemicals for large biotech companies. If has the following data for manufacturing overhead costs during August 2017. Variable FixedActual costs incurred $30,500 $14,500Costs allocated to products 27,000 14,800Flexible budget -- 16,000Actual input x budgeted rate 31,200 --- ( If no variance exists leave the dollar value blank. Label the variances as a favorable (F), unfavorable (U) or never a variance (N) ) Fill in the blanks. Variable Fixed1. Spending variance $ $2. Efficiency variance 3. Production- volume variance4. Flexible- budget variance5. Underallocated (over allocated) manufacturing overhead Solve all otherwise leave
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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
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● W S Required Information [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. Required: 1. Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variance for variable factory overhead for March and state whether each variance is favorable (F) or unfavorable (U). 2. Provide the appropriate journal entry to record the variable overhead spending variance and a second entry to record the variable overhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs. The company budgeted $11,925 variable factory overhead cost, $96,750 for fixed factory overhead cost and…
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