Zitrik Corporation manufactured 130,000 buckets during February. The variable oBudgeted130,000 units 130,000 units9,000 hours$5.00ActualProduction9,700 hours$5.10Machine-hoursVariable overhead cost per machine-hourWhat is the actual variable overhead cost?O A. $48,500O B. $663,000OC. $49,470D. $650,000

Name: Zitrik Corporation manufactured 130,000 buckets during February. The
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Zitrik Corporation manufactured 130,000 buckets during February. The variable oBudgeted130,000 units 130,000 units9,000 hours$5.00ActualProduction9,700 hours$5.10Machine-hoursVariable overhead cost per machine-hourWhat is the actual variable overhea

Variable overhead costs mean the cost that changes with the volume of production changes. These…

Business

Accounting

Zitrik Corporation manufactured 130,000 buckets during February. The variable a Budgeted 130,000 units 130,000 units 9,700 hours 9,000 hours $5.10 Actual Production Machine-hours Variable overhead cost per machine-hour $5.00 What is the actual variable overhead cost? O A. $48,500 O B. $663,000 O C. $49,470 O D. $650,000

Zitrik Corporation manufactured 130,000 buckets during February. The variable a Budgeted 130,000 units 130,000 units 9,700 hours 9,000 hours $5.10 Actual Production Machine-hours Variable overhead cost per machine-hour $5.00 What is the actual variable overhead cost? O A. $48,500 O B. $663,000 O C. $49,470 O D. $650,000

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

None
The following data is give for the Walker Company: Budgeted production 1,000 units Actual production 980 units Materials: Standard price per lb $2.00 Standard pounds per completed unit 12 Actual pounds purchased and used in production 11,800 Actual price paid for materials $23,000 Labor: Standard hourly labor rate $14 per pound Standard hours allowed per completed unit 4.5 Actual labor hours worked 4,560 Actual total labor costs $62,928 Overhead: Actual and budgeted fixed overhead…
Valera Corporation makes a product with the following standards for labor and variable overhead: Direct labor Variable overhead Standard Quantity Standard Price or Standard Cost Per or Hours 0.4 hours 0.4 hours Rate $21.00 per hour. $ 6.00 per hour Unit $8.40 $2.40 The company budgeted for production of 5,300 units in July, but actual production was 5,400 units. The company used 2,130 direct labor-hours to produce this output. The actual variable overhead rate was $6.10 per hour. The company applies variable overhead on the basis of direct labor-hours. The variable overhead rate variance for July is:
Ch. 8 Total Budgeted Cost of Goods Sold Problem. Please solve the following problem and explain each step. S&P's direct material cost is $6.50 per unit. The direct laboer is $30 per hour and each unit takes 1/2 hour to produce. Variablel Manufacturing Overhead is $2.75 per unit and total fixed overhead is $63,000. A sales commission of $5 is paid on each unit. If S&P expects to produce 9,000 units and sell 7,000 units, the total budgeted cost of goods sold for the year is?
Gizmo Whiz manufactures premium food processors. The following are some manufacturing overhead (MOH) data for Gizmo Whiz for the year ended December 31, 2020 (Click the loon to view the overhead data) Read the requirements 1. The budgeted number of machine-hours planned in 2. The budgeted fixed manufacturing overhead costs per machine-hour is 3. The budgeted variable manufacturing overhead costs per machine-hour is 4. The budgeted number of machine-hours allowed for actual output produced in 5. The actual number of output units is (Round your answer to one decimal place.) 6. Actual number of machine-hours used per outpul unit is
Question Content Area Roget Factory has budgeted factory overhead for the year at $15,500,000. It plans to produce 2,000,000 units of product. Budgeted direct labor hours are 1,050,000, and budgeted machine hours are 750,000. Using a single plantwide factory overhead rate based on direct labor hours, the factory overhead rate for the year is a. $77.50 b. $20.67 c. $7.75 d. $14.76
Static budget variable overhead $7,500 Static budget fixed overhead $3,000 Static budget direct labor hours 1,500 hours Static budget number of units 7,500 units Longman allocates manufacturing overhead to production based on standard direct labor hours. Last month, Longman reported the following actual results: actual variable overhead, $10,200; actual fixed overhead, $2,820; actual production of 6,900 units at 0.25 direct labor hours per unit. The standard direct labor time is 0.2 direct labor hours per unit (1,500 static direct labor hours / 7,500 static units). 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable.
Standard Cost of Product A: Php Materials (5kgs x Php10 per kg) 50 Labor (4 hrs. x Php 5 per hour) 20 Variable Overheads (4 hrs. x Php 2 per hour) 8 Fixed Overheads (4 hrs x Php 6 per hour) 24 102 Budgeted Results: Production 1,000 units Sales 1,000 units Selling Price Php 150 per unit Actual Results: Production 1,200 units Sales 900 units Materials 4,850 kgs. At Php 46.075 Labor 4.200 hrs at Php 21.210 Determine the material price variance. O Pho195425 (Unfavourable) O Php196425 (Favourable O PhoZ425 (Unfavourable) Pho2425 Favourable)
Actual variable overhead $10,000 Budgeted variable overhead $12,000 Budgeted production Actual production Actual hours 500units 450 units 200 Standard time for 1 unit 30minutes Among the given options, determine variable overhead efficiency variance. a. $1,200 favorable. b. $1.200 unfavorable c. $1,250 favorable d. $2.400 favorable
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.0 ounces $ 9.00 per ounce $ 54.00 Direct labor 0.7 hours $ 11.00 per hour $ 7.70 Variable overhead 0.7 hours $ 9.00 per hour $ 6.30 The company reported the following results concerning this product in June. Originally budgeted output 3,600 units Actual output 3,200 units Raw materials used in production 21,000 ounces Purchases of raw materials 20,900 ounces Actual direct labor-hours 5,000 hours Actual cost of raw materials purchases $ 42,100 Actual direct labor cost $ 13,600 Actual variable overhead cost $ 3,800 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 materials quantity variance for June is:
Stafford Company prepared a static budget for a production and sales volume of 11,200 units. Per unit Static standards Budget Number of units 11,200 Sales revenue $77.00 $862,400 Variable manufacturing costs: Materials $18.00 201,600 Labor $14.00 156,800 Overhead $ 5.40 60,480 Variable general, selling, and administrative costs Contribution margin $18.00 201,600 $241,920 Fixed costs Manufacturing overhead 112,800 General, selling, and administrative costs 57,000 Net income $ 72,120 What is the net income if 10,200 units are sold? Multiple Choice $71,995 $72,478 $64,268 $50,520
Kartman Corporation makes a product with the following standard costs: Standard Standard Standard Price or Quantity or Cost Per Rate Hours Unit Direct materials per 6.5 pounds $ 7.00 2$ 45.50 pound Direct labor 0.6 hours $24.00 per hour $ Variable overhead 0.6 hours $4.00per hour $ 2.40 In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931. 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 materials quantity variance for June is: O $4.200 F $4,200 U MacBook Air DD F11 OL delete 9