WPC Company's Budget and actual costs per unit are provided below for the most recent period. During this period, 700 units were actually produced. Product Product Standard Cost Actual Cost Materials Metres Unit Price Per Metre Standard $2.00 $10.00 Actual 5.2 $2.20 $11.44 Direct labour Hourly Rate 3 Hours Standard $5.00 $5.50 $15.00 Actual 3.2 $17.60 Variable overhead Hours Hourly Rate Standard $3.00 $12.00 Actual 4.2 $3.10 $13.02 $42.06 Total unit cost $37.00 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable. 1. Materials price variance 2. Materials quantity variance 3. Direct labour rate variance 4 Direct labour efficiencv variancé

WPC Company's Budget and actual costs per unit are provided below for the most recent period. During this period, 700 units were actually produced. Product Product Standard Cost Actual Cost Materials Metres Unit Price Per Metre Standard $2.00 $10.00 Actual 5.2 $2.20 $11.44 Direct labour Hourly Rate 3 Hours Standard $5.00 $5.50 $15.00 Actual 3.2 $17.60 Variable overhead Hours Hourly Rate Standard $3.00 $12.00 Actual 4.2 $3.10 $13.02 $42.06 Total unit cost $37.00 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable. 1. Materials price variance 2. Materials quantity variance 3. Direct labour rate variance 4 Direct labour efficiencv variancé

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 costs and actual costs for factory overhead for the manufacture of 3,000 units of actual production are as follows: Standard Costs Fixed overhead (based on 10,000 hours) Variable overhead 3 hours per unit @ $0.78 per hour 3 hours per unit @ $2.00 per hour a. $0 b. $624 favorable O c. $780 unfavorable O d. $624 unfavorable Actual Costs Total variable cost, $18,000 Total fixed cost, $7,900 The amount of the fixed factory overhead volume variance is
The following data is given for the Bahia Company: Budgeted production 1,038 units Actual production 958 units Materials: Standard price per pound $1.819 Standard pounds per completed unit 12 Actual pounds purchased and used in production 11,151 Actual price paid for materials $22,860 Labor: Standard hourly labor rate $14.49 per hour Standard hours allowed per completed unit 4.1 Actual labor hours worked 4,933.7 Actual total labor costs $75,239 Overhead: Actual and budgeted fixed overhead $1,182,000 Standard variable overhead rate $24.00 per standard labor hour Actual variable overhead costs $138,144 Overhead is applied on standard labor hours. The variable factory overhead controllable variance is a.$91,098.27 unfavorable b.$91,098.27 favorable c.$43,876.80 unfavorable d.$43,876.80 favorable
Paragraph Styles Question 1: WPC Company's Budget and actual costs per unit are provided below for the most recent period. During this period, 700 units were actually produced. Product Product Standard Cost Actual Cost Materials Unit Price Per Metre $2.00 $2.20 Metres Standard $10.00 Actual 5.2 $11.44 Direct labour Hours Hourly Rate $50 $5.50 Standard 3. $15.00 Actual 3.2 $17.60 Variable overhead Hours Hourly Rate Standard 4 $3.00 $12.00 $3.10 $13.02 Actual 4.2 Total unit cost $37.00 $42.06 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable.
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Given the following data, calculate product cost per unit under absorption costing. Direct labor Direct materials Variable overhead Fixed overhead Units produced per year Multiple Choice $28.00 per unit $28.60 per unit $30.00 per unit $30.90 per unit $ 17.00 per unit $ 11.00 per unit $ 0.90 per unit $ 100,000 50,000 units
Costing information for Emily Elephant Limited is as follows:Direct material cost per unitDirect labour cost per unitVariable manufacturing overhead cost per unitVariable selling and administrative overhead cost per unitFixed manufacturing overhead for the year£41 £43£6£4£44,000Budgeted production for the year was 4,000 units. What is the budgeted unit product cost according to an absorption costing system? a. £90 b. £101 c. £105d. £94
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he following data is given for the Bahia Company: Budgeted production 1,091 units Actual production 974 units Materials: Standard price per pound $1.846 Standard pounds per completed unit 10 Actual pounds purchased and used in production 9,448 Actual price paid for materials $19,368 Labor: Standard hourly labor rate $14.80 per hour Standard hours allowed per completed unit 4.8 Actual labor hours worked 5,016.1 Actual total labor costs $76,496 Overhead: Actual and budgeted fixed overhead $1,055,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $140,451 Overhead is applied on standard labor hours. The variable factory overhead controllable variance is
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