You have been given the following information about the production of Bramble Co., and are asked to provide the factory manager with information for a meeting with the vice-president of operations: Standard Cost Card Direct materials (5.60 kg at $3.40 per kilogram) $19.04 Direct labour (0.70 hours at $4.10) 2.87 Variable overhead (0.70 hours at $3.40 per hour) 2.38 Fixed overhead (0.70 hours at $6.00 per hour) 4.20 $28.49 The following is a production report for the most recent period of operations: Variances Costs Total Standard Cost Price/ Rate Spending/ Budget Quantity/ Efficiency Volume Direct materials $420,784 $6,335 F $9,996 U Direct labour 63,427 4,215 U 5,699 U Variable overhead 52,598 $1,040 F ? Fixed overhead 92,820 470 F $12,000 U How many actual direct labour hours were worked during the period? Actual direct labour hours enter the actual direct labour hours hours What was the actual rate paid per direct labour hour? (Round answer to 2 decimal places, e.g. 15.25.) Actual rate $enter the actual rate per hour in dollars rounded to 2 decimal places /hr What was the actual variable overhead cost incurred during the period? Actual variable overhead $enter the actual variable overhead in dollars

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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You have been given the following information about the production of Bramble Co., and are asked to provide the factory manager with information for a meeting with the vice-president of operations:

		Standard Cost Card
Direct materials (5.60 kg at $3.40 per kilogram)		$19.04
Direct labour (0.70 hours at $4.10)		2.87
Variable overhead (0.70 hours at $3.40 per hour)		2.38
Fixed overhead (0.70 hours at $6.00 per hour)		4.20
		$28.49

The following is a production report for the most recent period of operations:

		Variances
Costs	Total Standard Cost	Price/ Rate		Spending/ Budget		Quantity/ Efficiency	Volume
Direct materials	$420,784	$6,335	F				$9,996	U
Direct labour	63,427	4,215	U				5,699	U
Variable overhead	52,598				$1,040	F	?
Fixed overhead	92,820				470	F			$12,000	U

How many actual direct labour hours were worked during the period?

Actual direct labour hours

enter the actual direct labour hours

hours

What was the actual rate paid per direct labour hour? (Round answer to 2 decimal places, e.g. 15.25.)

Actual rate

$enter the actual rate per hour in dollars rounded to 2 decimal places /hr

What was the actual variable overhead cost incurred during the period?

Actual variable overhead

$enter the actual variable overhead in dollars

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