Direct MaterialDirect LaborStandard Cost Data per 1 UnitQuantity Price3 lbs $2.00/lb2 hrs$4.00/hrActual Data:Units producedMaterial purchase & usageDirect LaborShow all computations.25100 lbs at $2.20 per lb30 hrs; total cost $129a) Compute price variance, quantity variance, direct material varianceb) Compute rate variance, efficiency variance, direct labor variance

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Description: Direct MaterialDirect LaborStandard Cost Data per 1 UnitQuantity Price3 lbs $2.00/lb2 hrs$4.00/hrActual Data:Units producedMaterial purchase & usageDirect LaborShow all computations.25100 lbs at $2.20 per lb30 hrs; total cost $129a) Compute price va

The variance is the difference between the actual data and standard output of the production. The…

Business

Accounting

Direct Material Direct Labor Actual Data: Units produced Standard Cost Data per 1 Unit Quantity Price 3 lbs 2 hrs Material purchase & usage Direct Labor Show all computations. $2.00/lb $4.00/hr 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance

Direct Material Direct Labor Actual Data: Units produced Standard Cost Data per 1 Unit Quantity Price 3 lbs 2 hrs Material purchase & usage Direct Labor Show all computations. $2.00/lb $4.00/hr 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 3PA: Direct materials, direct labor, and factory overhead cost variance analysis Mackinaw Inc. processes...

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Direct materials, direct labor, and factory overhead cost variance analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product were as follows: Each unit requires 0.3 hour of direct labor. Instructions Determine (A) the direct materials price variance, direct materials quantity variance, and total direct materials cost variance; (B) the direct labor rate variance, direct labor time variance, and total direct labor cost variance; and (C) the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.
Breakaway Companys labor information for May is as follows: A. What is the actual direct labor rate per hour? B. What is the standard direct labor rate per hour? C. What was the total standard direct labor cost for May? D. What was the direct labor rate variance for May?
(Appendix) Calculating factory overhead: three variances Using the data given in E8-17, calculate the following overhead variances: a. Spending variance. b. Production-volume variance. c. Efficiency variance. d. Was the factory overhead under- or overapplied? By what amount? In all problems involving variances, use F and U to indicate favorable and unfavorable variances, respectively.
Kamen Manufacturing Co. estimates the following labor and overhead costs for the period: Required: Use the four-variance method for overhead analysis. Calculate the variances for direct labor and overhead. Prove that the overhead variances equal over- or underapplied factory overhead for the period.
Direct Labor Actual Data: Units produced Direct Labor Standard Cost Data per 1 Unit Quantity Price 2 hrs $41/hr SHOW ALL COMPUTATIONS. 20 units 39 hrs; total cost $1560 Compute rate variance, efficiency variance, direct labor variance
Print Item Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 90 Actual quantity purchased and used in production 110 Standard quantity for units produced Actual labor rate per hour $15 Standard labor rate per hour $16 Actual hours 200 230 Standard hours for units produced A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance 2$ B. What are some possible causes for this combination of favorable and unfavorable variances?
Assume the following information (the quantity of materials purchased the quantity used): Actual total cost of direct materials Direct materials price variance Standard quantity of materials allowed per unit Standard price per pound of material Standard rate per direct labor hour Actual total direct labor hours Direct labor efficiency variance Standard number of direct labor hours allowed per unit. Direct labor spending variance What is the standard price (SP) per pound of materials? $ 65,560 $ 5,960 U 3 pounds $ 4.00 $ 5.00 6,500 $ 3,500 F 2 hours $ 400 U
A company reports the following information for its direct labor. Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced ! AH = Actual Hours SH= Standard Hours AR= Actual Rate SR Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Q F1 Actual Cost @ 2 W F2 # 3 E 80 F3 $ $ 4 0 Ơ F4 R $ % 5 0 0 * DII 8 F8 Standard Cost ( 9 F9 ) U I O F1
A company reports the following Information for its direct labor. Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = 59,000 $ 16 $ 14 60,100 Compute the direct labor rate and efficiency variances and Identify each as favorable or unfavorable. Actual Cost Standard Cost
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ $4 per pound) Direct labor (3 hours @ $14 per hour) During May the company incurred the following actual costs to produce 8,200 units. Direct materials (117,700 pounds @ $3.80 per pound) Direct labor (29,400 hours @ $14.10 per hour) AR Actual Rate SR Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Actual Cost Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variar AR Actual Rate SR Standard Rate Direct materials (117, 700 pounas @ 5.00 per pouna) Direct labor (29,400 hours @ $14.10 per hour)…
Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $15 Standard labor rate per hour $17 Actual hours 200 Standard hours for units produced 230 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance
Subject - Acounting The following data relate to direct labor costs for the current period: Line Item Description Value Standard costs 7,500 hours at $11.80 Actual costs 6,300 hours at $10.70 The direct labor rate variance is a. $21,090 unfavorable b. $6,930 favorable c. $21,090 favorable d. $14,160 favorable