You have been given the following information about the production of Waterway Co, and are asked to provide the laktS with information for a meeting with the vice-president of operations: Standard Cost Card Direct materials (5.80 kg at $3.20 per kilogram) $18.56 Direct labour (0.80 hours at $4.40) 3.52 Variable overhead (0.80 hours at $3.20 per hour) 2.56 Fixed overhead (0.80 hours at $7.00 per hour) 5.60 $30.24 The following is a production report for the most recent period of operations: Varlances Quantity/ Total Standard Cost Spending/ Budget Costs Price/ Rate Efficiency Volume Direct materials $397,184 $6.354 F $9.472 U Direct labour 75,328 3,702 U 6,116 U Variable overhead 54,784 $1.250 F Fixed overhead 119,840 480 F $14,000 U
You have been given the following information about the production of Waterway Co, and are asked to provide the laktS with information for a meeting with the vice-president of operations: Standard Cost Card Direct materials (5.80 kg at $3.20 per kilogram) $18.56 Direct labour (0.80 hours at $4.40) 3.52 Variable overhead (0.80 hours at $3.20 per hour) 2.56 Fixed overhead (0.80 hours at $7.00 per hour) 5.60 $30.24 The following is a production report for the most recent period of operations: Varlances Quantity/ Total Standard Cost Spending/ Budget Costs Price/ Rate Efficiency Volume Direct materials $397,184 $6.354 F $9.472 U Direct labour 75,328 3,702 U 6,116 U Variable overhead 54,784 $1.250 F Fixed overhead 119,840 480 F $14,000 U
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me
Transcribed Image Text:What were the master budget hours for fixed overhead?
hours
Master budget hours
Transcribed Image Text:You have been given the following information about the production of Waterway 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 (5.80 kg at $3.20 per kilogram)
$18.56
Direct labour (0.80 hours at $4.40)
3.52
Variable overhead (0.80 hours at $3.20 per hour)
2.56
Fixed overhead (0.80 hours at $7.00 per hour)
5.60
$30.24
The following is a production report for the most recent period of operations:
Variances
Spending/
Budget
Quantity/
Efficiency
Total
Costs
Standard Cost
Price/ Rate
Volume
Direct materials
$397.184
$6,354 F
$9.472 U
Direct labour
75,328
3,702 U
6,116 U
Variable overhead
54,784
$1.250 F
Fixed overhead
119,840
480 F
$14,000 U
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education