Total pounds of direct materials purchased. Given information: August 2014, Direct material price variance is $179,300. Direct material price variance per pound is $1.10.

Question

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Answer 1

Question

Chapter 8, Problem 8.38P

1.a

To determine

To compute: Total pounds of direct materials purchased.

Given information:

August 2014,

Direct material price variance is $179,300.

Direct material price variance per pound is $1.10.

b.

To determine

To compute: Total number of pounds of excess direct materials used.

Given information:

August 2014,

Units produced are 20,000 units.

Budgeted quantity of materials input for each output unit is 6 pounds.

Efficiency variance is $75,900.

Budgeted price of input is $11.50.

c.

To determine

To compute: Variable manufacturing overhead spending variance.

Given information:

August 2014,

Variable overhead efficiency variance is $18,100.

Variable overhead flexible budget variance is $10,400.

d.

To determine

To compute: Total number of actual direct manufacturing labor-hours used.

Given information:

August 2014,

Direct manufacturing labor cost incurred is $535,500.

Budgeted direct labor cost at 50,000 budgeted direct manufacturing labor-hour level for August is $1,250,000.

e.

To determine

To compute: Total number of standard direct manufacturing labor-hours allowed for the units produced.

Given information:

August 2014,

Total number of actual labor hours used as computed is 21,000 hours

Efficiency variance is $40,000.

Budgeted price of input is $25.

f.

To determine

To compute: Production-volume variance.

Given information:

August 2014,

Budgeted fixed overheads are $1,000,000.

Budgeted fixed overhead rate is $200 per hour($1,000,00050,000 labor hours)

Labor hours allocated for actual output is 19,400 hours.

2.

To determine

G’s control of variable manufacturing overhead items differs from its control of fixed manufacturing overhead items.

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Sp25 ACCT X CengageNOWv2 | Online teaching X exhibit 6.4.jpg 71x399) x + bw.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 < 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illust first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER un Check My Work 3 more Check My Work uses remaining Q Search hp

PLEASE HELP! NOTICE. THERE ARE FIVE CELLS ON THE LEFT SIDE TO FILL. THE DROPDOWN SHOWS THE OPTIONS FOR THESE CELLS.

Calm Ltd has the following data relating tò two investment projects, only one of which mayb e s e l e c t e d :The cost of capital is 10 per cent, and depreciation is calculated using straight line method.a . Calculate for each of the project:i. Average annual accounting rate of return on average capital investedi i . Net Present Valuei l l . I n t e r n a l R a t e o f Returnb. Discuss the relative merits of the methods of evaluation mentioned above in (a).Q.4a . In the context of process costing, discuss the following concepts briefly, i . Equivalent unitsNormal lossill. Abnormal lossi v. Joint productsV . By productsb . Discuss the different types of standard costing and objectives of standard costing.

Answer 2

Question

Chapter 8, Problem 8.38P

1.a

To determine

To compute: Total pounds of direct materials purchased.

Given information:

August 2014,

Direct material price variance is $179,300.

Direct material price variance per pound is $1.10.

b.

To determine

To compute: Total number of pounds of excess direct materials used.

Given information:

August 2014,

Units produced are 20,000 units.

Budgeted quantity of materials input for each output unit is 6 pounds.

Efficiency variance is $75,900.

Budgeted price of input is $11.50.

c.

To determine

To compute: Variable manufacturing overhead spending variance.

Given information:

August 2014,

Variable overhead efficiency variance is $18,100.

Variable overhead flexible budget variance is $10,400.

d.

To determine

To compute: Total number of actual direct manufacturing labor-hours used.

Given information:

August 2014,

Direct manufacturing labor cost incurred is $535,500.

Budgeted direct labor cost at 50,000 budgeted direct manufacturing labor-hour level for August is $1,250,000.

e.

To determine

To compute: Total number of standard direct manufacturing labor-hours allowed for the units produced.

Given information:

August 2014,

Total number of actual labor hours used as computed is 21,000 hours

Efficiency variance is $40,000.

Budgeted price of input is $25.

f.

To determine

To compute: Production-volume variance.

Given information:

August 2014,

Budgeted fixed overheads are $1,000,000.

Budgeted fixed overhead rate is $200 per hour($1,000,00050,000 labor hours)

Labor hours allocated for actual output is 19,400 hours.

2.

To determine

G’s control of variable manufacturing overhead items differs from its control of fixed manufacturing overhead items.

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Answer 3

Question

Chapter 8, Problem 8.38P

1.a

To determine

To compute: Total pounds of direct materials purchased.

Given information:

August 2014,

Direct material price variance is $179,300.

Direct material price variance per pound is $1.10.

b.

To determine

To compute: Total number of pounds of excess direct materials used.

Given information:

August 2014,

Units produced are 20,000 units.

Budgeted quantity of materials input for each output unit is 6 pounds.

Efficiency variance is $75,900.

Budgeted price of input is $11.50.

c.

To determine

To compute: Variable manufacturing overhead spending variance.

Given information:

August 2014,

Variable overhead efficiency variance is $18,100.

Variable overhead flexible budget variance is $10,400.

d.

To determine

To compute: Total number of actual direct manufacturing labor-hours used.

Given information:

August 2014,

Direct manufacturing labor cost incurred is $535,500.

Budgeted direct labor cost at 50,000 budgeted direct manufacturing labor-hour level for August is $1,250,000.

e.

To determine

To compute: Total number of standard direct manufacturing labor-hours allowed for the units produced.

Given information:

August 2014,

Total number of actual labor hours used as computed is 21,000 hours

Efficiency variance is $40,000.

Budgeted price of input is $25.

f.

To determine

To compute: Production-volume variance.

Given information:

August 2014,

Budgeted fixed overheads are $1,000,000.

Budgeted fixed overhead rate is $200 per hour($1,000,00050,000 labor hours)

Labor hours allocated for actual output is 19,400 hours.

2.

To determine

G’s control of variable manufacturing overhead items differs from its control of fixed manufacturing overhead items.

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Answer 4

Question

Chapter 8, Problem 8.38P

1.a

To determine

To compute: Total pounds of direct materials purchased.

Given information:

August 2014,

Direct material price variance is $179,300.

Direct material price variance per pound is $1.10.

b.

To determine

To compute: Total number of pounds of excess direct materials used.

Given information:

August 2014,

Units produced are 20,000 units.

Budgeted quantity of materials input for each output unit is 6 pounds.

Efficiency variance is $75,900.

Budgeted price of input is $11.50.

c.

To determine

To compute: Variable manufacturing overhead spending variance.

Given information:

August 2014,

Variable overhead efficiency variance is $18,100.

Variable overhead flexible budget variance is $10,400.

d.

To determine

To compute: Total number of actual direct manufacturing labor-hours used.

Given information:

August 2014,

Direct manufacturing labor cost incurred is $535,500.

Budgeted direct labor cost at 50,000 budgeted direct manufacturing labor-hour level for August is $1,250,000.

e.

To determine

To compute: Total number of standard direct manufacturing labor-hours allowed for the units produced.

Given information:

August 2014,

Total number of actual labor hours used as computed is 21,000 hours

Efficiency variance is $40,000.

Budgeted price of input is $25.

f.

To determine

To compute: Production-volume variance.

Given information:

August 2014,

Budgeted fixed overheads are $1,000,000.

Budgeted fixed overhead rate is $200 per hour($1,000,00050,000 labor hours)

Labor hours allocated for actual output is 19,400 hours.

2.

To determine

G’s control of variable manufacturing overhead items differs from its control of fixed manufacturing overhead items.

Expert Solution & Answer

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See solution

Answer 5

Chapter 8, Problem 8.38P

1.a

To determine

To compute: Total pounds of direct materials purchased.

Given information:

August 2014,

Direct material price variance is $179,300.

Direct material price variance per pound is $1.10.

b.

To determine

To compute: Total number of pounds of excess direct materials used.

Given information:

August 2014,

Units produced are 20,000 units.

Budgeted quantity of materials input for each output unit is 6 pounds.

Efficiency variance is $75,900.

Budgeted price of input is $11.50.

c.

To determine

To compute: Variable manufacturing overhead spending variance.

Given information:

August 2014,

Variable overhead efficiency variance is $18,100.

Variable overhead flexible budget variance is $10,400.

d.

To determine

To compute: Total number of actual direct manufacturing labor-hours used.

Given information:

August 2014,

Direct manufacturing labor cost incurred is $535,500.

Budgeted direct labor cost at 50,000 budgeted direct manufacturing labor-hour level for August is $1,250,000.

e.

To determine

To compute: Total number of standard direct manufacturing labor-hours allowed for the units produced.

Given information:

August 2014,

Total number of actual labor hours used as computed is 21,000 hours

Efficiency variance is $40,000.

Budgeted price of input is $25.

f.

To determine

To compute: Production-volume variance.

Given information:

August 2014,

Budgeted fixed overheads are $1,000,000.

Budgeted fixed overhead rate is $200 per hour($1,000,00050,000 labor hours)

Labor hours allocated for actual output is 19,400 hours.

2.

To determine

G’s control of variable manufacturing overhead items differs from its control of fixed manufacturing overhead items.

Answer 6

Chapter 8, Problem 8.38P

1.a

To determine

To compute: Total pounds of direct materials purchased.

Given information:

August 2014,

Direct material price variance is $179,300.

Direct material price variance per pound is $1.10.

Answer 7

Chapter 8, Problem 8.38P

1.a

To determine

To compute: Total pounds of direct materials purchased.

Given information:

August 2014,

Direct material price variance is $179,300.

Direct material price variance per pound is $1.10.

Answer 8

b.

To determine

To compute: Total number of pounds of excess direct materials used.

Given information:

August 2014,

Units produced are 20,000 units.

Budgeted quantity of materials input for each output unit is 6 pounds.

Efficiency variance is $75,900.

Budgeted price of input is $11.50.

Answer 9

b.

To determine

To compute: Total number of pounds of excess direct materials used.

Given information:

August 2014,

Units produced are 20,000 units.

Budgeted quantity of materials input for each output unit is 6 pounds.

Efficiency variance is $75,900.

Budgeted price of input is $11.50.

Answer 10

c.

To determine

To compute: Variable manufacturing overhead spending variance.

Given information:

August 2014,

Variable overhead efficiency variance is $18,100.

Variable overhead flexible budget variance is $10,400.

Answer 11

c.

To determine

To compute: Variable manufacturing overhead spending variance.

Given information:

August 2014,

Variable overhead efficiency variance is $18,100.

Variable overhead flexible budget variance is $10,400.

Answer 12

d.

To determine

To compute: Total number of actual direct manufacturing labor-hours used.

Given information:

August 2014,

Direct manufacturing labor cost incurred is $535,500.

Budgeted direct labor cost at 50,000 budgeted direct manufacturing labor-hour level for August is $1,250,000.

Answer 13

d.

To determine

To compute: Total number of actual direct manufacturing labor-hours used.

Given information:

August 2014,

Direct manufacturing labor cost incurred is $535,500.

Budgeted direct labor cost at 50,000 budgeted direct manufacturing labor-hour level for August is $1,250,000.

Answer 14

e.

To determine

To compute: Total number of standard direct manufacturing labor-hours allowed for the units produced.

Given information:

August 2014,

Total number of actual labor hours used as computed is 21,000 hours

Efficiency variance is $40,000.

Budgeted price of input is $25.

Answer 15

e.

To determine

To compute: Total number of standard direct manufacturing labor-hours allowed for the units produced.

Given information:

August 2014,

Total number of actual labor hours used as computed is 21,000 hours

Efficiency variance is $40,000.

Budgeted price of input is $25.

Answer 16

f.

To determine

To compute: Production-volume variance.

Given information:

August 2014,

Budgeted fixed overheads are $1,000,000.

Budgeted fixed overhead rate is $200 per hour($1,000,00050,000 labor hours)

Labor hours allocated for actual output is 19,400 hours.

Answer 17

f.

To determine

To compute: Production-volume variance.

Given information:

August 2014,

Budgeted fixed overheads are $1,000,000.

Budgeted fixed overhead rate is $200 per hour($1,000,00050,000 labor hours)

Labor hours allocated for actual output is 19,400 hours.

Answer 18

2.

To determine

G’s control of variable manufacturing overhead items differs from its control of fixed manufacturing overhead items.

Answer 19

2.

To determine

G’s control of variable manufacturing overhead items differs from its control of fixed manufacturing overhead items.

Answer 20

Expert Solution & Answer

Answer 21

Expert Solution & Answer

Answer 22

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Answer 23

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Total pounds of direct materials purchased. Given information: August 2014, Direct material price variance is $179,300. Direct material price variance per pound is $1.10.

To compute: Total pounds of direct materials purchased. Given information: August 2014, Direct material price variance is $179,300. Direct material price variance per pound is $1.10.

To compute: Total number of pounds of excess direct materials used. Given information: August 2014, Units produced are 20,000 units. Budgeted quantity of materials input for each output unit is 6 pounds. Efficiency variance is $75,900. Budgeted price of input is $11.50.

To compute: Variable manufacturing overhead spending variance. Given information: August 2014, Variable overhead efficiency variance is $18,100. Variable overhead flexible budget variance is $10,400.

To compute: Total number of actual direct manufacturing labor-hours used. Given information: August 2014, Direct manufacturing labor cost incurred is $535,500. Budgeted direct labor cost at 50,000 budgeted direct manufacturing labor-hour level for August is $1,250,000.

To compute: Total number of standard direct manufacturing labor-hours allowed for the units produced. Given information: August 2014, Total number of actual labor hours used as computed is 21,000 hours Efficiency variance is $40,000. Budgeted price of input is $25.

To compute: Production-volume variance. Given information: August 2014, Budgeted fixed overheads are $1,000,000. Budgeted fixed overhead rate is $200 per hour($1,000,00050,000 labor hours) Labor hours allocated for actual output is 19,400 hours.

G’s control of variable manufacturing overhead items differs from its control of fixed manufacturing overhead items.

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Chapter 8 Solutions

To compute: Total pounds of direct materials purchased.

Given information:

August 2014,

Direct material price variance is $179,300.

Direct material price variance per pound is $1.10.

To compute: Total number of pounds of excess direct materials used.

Given information:

August 2014,

Units produced are 20,000 units.

Budgeted quantity of materials input for each output unit is 6 pounds.

Efficiency variance is $75,900.

Budgeted price of input is $11.50.

To compute: Variable manufacturing overhead spending variance.

Given information:

August 2014,

Variable overhead efficiency variance is $18,100.

Variable overhead flexible budget variance is $10,400.

To compute: Total number of actual direct manufacturing labor-hours used.

Given information:

August 2014,

Direct manufacturing labor cost incurred is $535,500.

Budgeted direct labor cost at 50,000 budgeted direct manufacturing labor-hour level for August is $1,250,000.

To compute: Total number of standard direct manufacturing labor-hours allowed for the units produced.

Given information:

August 2014,

Total number of actual labor hours used as computed is 21,000 hours

Efficiency variance is $40,000.

Budgeted price of input is $25.

To compute: Production-volume variance.

Given information:

August 2014,

Budgeted fixed overheads are $1,000,000.

Budgeted fixed overhead rate is $200 per hour($1,000,00050,000 labor hours)

Labor hours allocated for actual output is 19,400 hours.