1.
Introduction:
Raw material cost in company’s planning budget for March.
1.

Answer to Problem 1TF15
The raw material cost in company’s planning budget for March is $1,000,000.
Explanation of Solution
2.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Raw material cost in company’s flexible budget for March.
2.

Answer to Problem 1TF15
The raw material cost in company’s flexible budget for March is $1,200,000.
Explanation of Solution
3.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Materials price variance for March.
3.

Answer to Problem 1TF15
The materials price variance for March is $80,000.
Explanation of Solution
4.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Materials quantity variance for March.
4.

Answer to Problem 1TF15
The materials quantity variance for March is $80,000.
Explanation of Solution
5.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Material Price Variance for March if 170,000 of materials was purchased at $7.50 per pound and 160,000 was used in productions.
5.

Answer to Problem 1TF15
Material Price Variance for March if 170,000 of materials were purchased at $7.50 per pound and 160,000 were used in productions is $85,000.
Explanation of Solution
6.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Material Quantity Variance for March if 170,000 of materials was purchased at $7.50 per pound and 160,000 was used in productions.
6.

Answer to Problem 1TF15
Material Quantity Variance for March if 170,000 of materials were purchased at $7.50 per pound and 160,000 were used in productions is $80,000.
Explanation of Solution
7.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Direct labor cost in company’s planning budget for March.
7.

Answer to Problem 1TF15
The direct labor cost in company’s planning budget for March is $770,000
Explanation of Solution
8.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Direct labor cost in company’s flexible budget for March.
8.

Answer to Problem 1TF15
The direct labor cost in company’s flexible budget for March is $840,000
Explanation of Solution
9.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Labor rate variance for March.
9.

Answer to Problem 1TF15
The labor rate variance for March is $55,000.
Explanation of Solution
10.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Labor efficiency variance for March.
10.

Answer to Problem 1TF15
Labor efficiency variance for March is 70,000
Explanation of Solution
11.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Labor spending variance for March.
11.

Answer to Problem 1TF15
The Labor spending variance for March is $15,000
Explanation of Solution
12.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Variable
12.

Answer to Problem 1TF15
The variable manufacturing
Explanation of Solution
13.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Variable manufacturing overhead cost in company’s flexible budget for March.
13.

Answer to Problem 1TF15
The variable manufacturing overhead cost in company’s flexible budget for March is $300,000.
Explanation of Solution
14.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Variable overhead rate variance for March.
14.

Answer to Problem 1TF15
The variable overhead rate variance for March is $5,500.
Explanation of Solution
15.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Variable overhead efficiency variance for March.
Introduction: Standard costing means the accounting system which is used by manufacturers mainly to identify variances or difference that occur in cost. The difference is identified between actual cost of goods that were manufactured and those cost which should have oc mapping the formal plan.
Variable overhead efficiency variance for March.
15.

Answer to Problem 1TF15
The variable overhead efficiency variance for March is $25,000.
Explanation of Solution
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Chapter 10 Solutions
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