X Company manufactures a single produ Monthly production costs incurred in the manufacturing process are shown below for the production of 500 units and 1,00C units. Assume that $1,000 of the factory maintenance cost was fixed cost. COSTS 500 units 1,000 units Depreciation of plant equipment $ 6,000 $ 6,000 Direct labor 2,500 5,000 Direct material 5,000 10,000 Factory maintenance 2,500 4,000 Indirect labor 1,000 2,000 Plant manager salaries 20,000 20,000

X Company manufactures a single produ Monthly production costs incurred in the manufacturing process are shown below for the production of 500 units and 1,00C units. Assume that $1,000 of the factory maintenance cost was fixed cost. COSTS 500 units 1,000 units Depreciation of plant equipment $ 6,000 $ 6,000 Direct labor 2,500 5,000 Direct material 5,000 10,000 Factory maintenance 2,500 4,000 Indirect labor 1,000 2,000 Plant manager salaries 20,000 20,000

Name: X Company manufactures a single product.Monthly production costs incu
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: X Company manufactures a single product.Monthly production costs incurred in themanufacturing process are shown belowfor the production of 500 units and 1,000units. Assume that $1,000 of the factorymaintenance cost was fixed cost.COSTS500 units1,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cutie Pie Company produces a single product. The standard cost for the product follows: Direct materials used in production 5,000 yards Direct materials purchased (6,000 yards) P 28,500 Direct labor costs incurred (2,100 hours) P 17,850 Variable manufacturing overhead incurred P 10,080 During the recent period, the company produced 1,200 units of product. Various costs associated with the production of these units are applied to products on the basis of direct labor hours. Other information are as follows: Direct materials (4 yards @ P5) P 20 Direct labor (1.5 hours @ P10) P 15 Variable manufacturing overhead (1.5 hours @ P4) P 6 The company record all variances at the earliest time possible. The variable overhead spending variance for the period is
gue Corporation uses a standard cost system. The following information was provided for the period that just ended: Actual price per kilogram $3.00 Actual kilograms of material used 31,000 Actual hourly labor rate $18.20 Actual hours of production 4,900 labor hours Standard price per kilogram $2.80 Standard kilograms per completed unit 6 kilograms Standard hourly labor rate $18.00 Standard time per completed unit 1 hr. Actual total factory overhead $34,900 Actual fixed factory overhead $18,000 Standard fixed factory overhead rate $1.20 per labor hour Standard variable factory overhead rate $3.80 per labor hour Maximum plant capacity 15,000 hours Units completed during the period 5,000 The direct labor cost variance is _____.
The materials price variance for January is: Multiple Cholce $280 U $420 F $420 U $280 F
The J. Page Furniture Company has the following information available regarding costs at various levels of Pi monthly production. Note that the company's total maximum productive capacity is 30,000 units: m Total Cost $72,000 91,800 101,480 12,000 to Direct materials $32,000 40,800 $100,000 he Direct labor 127,500 or SI 45,380 Indirect materials 140,750 Supervisors' salaries 12,000 12,000 ta Depreciation on plant and equipment 8,000 8,000 58,350 8,000 Maintenance 26,350 80,750 Utilities 6,800 14,300 19,550 NI Insurance on plant and equipment 1,600 1,600 1,600 C. 150.000 $640.150 48,000 108.000 $467.530 in Property taxes on plant and equipment $220,930 8,000 Units Ca in Total 18.000 Units 25.000 Units Units produced Required a. For each cost component above, determine whether its cost is a: th t 4om
Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.80 per hour $ 7.60 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance?
acc
Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.7 pounds $ 4.00 per pound Direct labor 0.1 hours $ 20.00 per hour Variable overhead 0.1 hours $ 4.00 per hour In January the company produced 2,000 units using 16,060 pounds of the direct material and 210 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $65,910. The actual direct labor cost was $4,473 and the actual variable overhead cost was $756.The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.The variable overhead rate variance for January is: $84 U $84 F $80 U $80 F Do not give solution in image
A company uses the following standard costs to produce a single unit of output. Direct materials 7 pounds at $0.90 per pound = $ 6.30 Direct labor 0.4 hour at $9.00 per hour = $ 3.60 Manufacturing overhead 0.4 hour at $4.20 per hour = $ 1.68 During the latest month, the company purchased and used 66,000 pounds of direct materials at a price of $1.30 per pound to produce 10,000 units of output. Direct labor costs for the month totaled $32,336 based on 3,760 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $13,800 and fixed manufacturing overhead incurred was $20,000. Based on this information, the total direct materials variance for the month was:
In its first year of operations a company produced and sold 70,000 units of Product A at a selling price of $20 per unit and 17,500 units of Product B at a selling price of $40 per unit. Additional information relating to the company’s only two products is shown below: Product A Product B Total Direct materials $ 436,300 $ 249,000 $ 685,300 Direct labor $ 200,000 $ 104,000 304,000 Manufacturing overhead 608,000 Cost of goods sold $ 1,597,300 The company created an activity-based costing system that allocated its manufacturing overhead costs to four activities as follows: Activity Cost Pool (and Activity Measure) Manufacturing Overhead Activity Product A Product B Total Machining (machine-hours) $ 213,500 90,000 62,500 152,500 Setups (setup hours) 157,500 75 300 375 Product design (number of products) 120,000 1 1 2 Other (organization-sustaining costs) 117,000 NA NA NA Total manufacturing overhead cost $ 608,000 The company’s ABC…