Marvel Company uses a standard costing system. During the past month, the following variances were identified: Variable overhead efficiency variance $1,500 U Direct labor efficiency variance $6,000 U Marvel applies variable overhead using a standard variable overhead rate of $3 per direct labor hour. 4 hours of direct labor are allowed per unit produced. During the month, Marvel used 20% more direct labor hours than should have been used. What is the standard hourly rate (SR) for direct labor? O $13 per DLH O $12 per DLH O $10 per DLH O $15 per DLH

Q: Sheldon Company manufactures only one product and uses a standard cost system. During the past…

A: Solution: Let nos of units produced  = X Standard hours allowed = 4X hours Actual hours used =…

Q: Hardigree Corporation makes a product that has the following direct labor standards: hours per 0.3…

A: Labor efficiency variance = (Actual hours worked - Standard hours allowed)*Standard rate per hour

Q: Sheldon Company manufactures only one product and uses a standard cost system. During the past…

A: Formula  Direct labor flexible budget variance =  Direct labor rate variance + Direct labor…

Q: Ellis Company’s labor information for September is as follows: Direct labor hourly rate paid $31.00…

A: Standard costing means where standard is set for various cost element and actual cost is then…

Q: Rizwan Manufacturing Corporation has a standard cost system in which it applies manufacturing…

A: Variable overhead are those overhead which is not fixed at the time of manufacturing of the good.…

Q: he following information summarizes the standard cost for producing one metal tennis racket frame at…

A: MPV = (Standard Price – Actual Price) x Actual Quantity

Q: During December, Wards Company’s actual costs incurred in the production of 2,000 units were as…

A: The actual cost details and standard cost details are given and we have to compute different…

Q: Stanford Company makes a single product and uses standard costing. Some data concerning this product…

A: Labor efficiency variance = (standard direct labor hours allowed - actual direct labor…

Q: Bellingham Company produced 15,000 units of product that required 4 standard direct labor hours per…

A: Fixed Overhead volume variance = Budgeted Fixed Overhead - Absorbed/Applied Fixed overhead  where,…

Q: How would i solve this problem

A: Standard costs are usually associated with a manufacturing company's costs of direct material,…

Q: The data below relate to the standards for the sole product of Marshal Corporation in August:…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Juhasz Corporation makes a product with the following standards for direct labor and variable…

A: Variable overhead variance - it is the difference between the budgeted variable overhead and the…

Q: Misterio Company uses a standard costing system. During the past quarter, the following vari-ances…

A: Answer 1) Calculation of Standard Direct Labor hours allowed Variable Overhead Efficiency variance =…

Q: Dvorak Company produced 1,000 units of product that required 3 standard hours per unit. The standard…

A: Factory overhead volume variances:Factory overhead volume variances refers to the difference between…

Q: Stanford Company makes a single product and uses standard costing. Some data concerning this product…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Ipad Man Inc. has provided the following standard direct labor cost for its product: Standard…

A: Standard rate of labor = P15 per direct labor hour Actual rate of labor = P36,000 / 1800 = P20 per…

Q: Misterio Company uses a standard costing system. During the past quarter, the following variances…

A: Solution: Let standard hours = X Actual hours = X*130% = 1.30X Variable overhead efficiency variance…

Q: Ellis Company's labor information for September is as follows: Direct labor hourly rate paid $31.00…

A: Variance: It is the difference between the actual cost and  the standard cost. Direct Labour Rate…

Q: Misterio Company uses a standard costing system. During the past quarter, the following variances…

A: Variable overhead efficiency variance = Standard rate x (Standard Hours - Actual Hours)

Q: Misterio Company uses a standard costing system. During the past quarter, the following variances…

A: Excess hours than allowed = Unfavorable Variable overhead efficiency variance / variable overhead…

Q: Misterio Company uses a standard costing system. During the past quarter, the following variances…

A: Let standard labor hours = X Actual labor hours = (1 + 0.30)X = 1.3X Variable overhead efficiency…

Q: Bondi Corporation makes automotive engines. For the most recent month, budgeted production was 3,500…

A: Answer Variable overhead rate variance =Actual hours worked×(Standard overhead rate-Actual overhead…

Q: Nisqually Corporation has established the following labor standards for a particular product:…

A: Variance is considered as a change between the expected value and actual results. It may be labor…

Q: Queen Industries uses a standard costing system in the manufacturing of its single product. It…

A: Direct labor cost variance refers to the variance in actual cost of labor concerning the budgeted…

Q: What is the total variable overhead variance for March for Harry?

A: Given information is: Harry Company's standard variable overhead rate is $6.00 per direct labor…

Q: Shaw Company produced 860 units. Its overhead allocation base is DLH and its standard amount per…

A: Volume variance is the formula used in comparing the actual overheads with the standard set by the…

Q: Standard labor-hour per unit of output     8.5 hours Standard labor rate ₱15.00 per hour The…

A: In the given case, variable overhead is labour cost. Hence we need to find out the labour rate…

Q: Descamps Incorporated has provided the following data concerning one of the products in its standard…

A: Variable overhead rate variance = Actual overhead - (Actual hours * Standard rate)

Q: A manufacturing company that has only one product has established the following standards for its…

A: Variable overhead efficiency variance = (Actual labor hours - Standard labor hours) x Standard VO…

Q: Descamps Incorporated has provided the following data concerning one of the products in its standard…

A: Variable overheads are those indirect costs in the business that changes with change in level of…

Q: Beverly Company has determined a standard variable overhead rate of $3.40 per direct labor hour and…

A:

Q: Wham Berhad operates a standard costing system and analysis of variances is made every month. The…

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: Mindanao Enterprises uses standard costing. For the month company reported the following data: I.…

A: Labor efficiency variance = (Actual hours worked - Standard hours allowed)*Standard rate per hour…

Q: The following standards for variable manufacturing overhead have been established for a company that…

A: Variable overhead efficiency variance= (Actual Hours - Standard Hours) X Standard Rate…

Q: A manufacturing company is expected to complete a task in 45 minutes.  During a recent accounting…

A: Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked Labor…

Q: I am struggling to solve this problem

A: Meaning of Fixed Overhead Spending Variance:Fixed Overhead spending variance is also known as fixed…

Q: The following information summarizes the standard cost for producing one metal tennis racket frame…

A: The question is based on the concept of Cost Accounting. When compared to the industry or setting…

Q: Olsen Company uses a standard cost system for its production process. Olsen Company applies overhead…

A: Spending Variance = Actual Overhead - Budget OH/Actual Use Spending…

Q: Standish Company manufactures consumer products and provided the following information for the month…

A: Overhead represents the indirect cost involved in the production process of the company.

Q: Harry Company's standard variable overhead rate is $6 per direct labor hour, and each unit requires…

A: Standard variable overhead =2900 units× $6 /hours× 2DL Hours=$34800  Total variable overhead…

Q: Venneman Company produced 14,000 units of product that required 4 standard hours per unit. The…

A: Factory Overhead volume variance = (Actual hours - Budgeted hours) x  Standard fixed overhead cost

Q: he data below relate to the month of November for Badong, Inc. which uses a standard cost system:…

A: A standard costing system is a tool used in accounting to create budgets, manage and control…

Q: Misterio Company uses a standard costing system. During the past quarter, the following variances…

A: Solution: Let standard direct labor hours = X Actual labor hours used = X*130% = 1.30 X Variable…

Q: Titus Company produced 6,800 units of a product that required 3 standard hours per unit. The…

A: Fixed overhead volume variance = Absorbed fixed overhead - Budgeted fixed overhead If the absorbed…

Q: What is the variable overhead efficiency​ variance?

A: Variable overhead efficiency variance:   Variable overhead rate variance is the difference between…

Q: a.   Calculate ALL variances and prepare and operating statement for the month ending 31 January…

A: Particulars Formulae Calculation Amount (in $) Favourable/ Unfavourable Material Usage…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.