12 COTB MC Qu. 10-97 (Algo) Assume that a company uses a... Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following excerpt from the standard cost card of its only product: Standard Hours 2 hours Fixed manufacturing overhead During the most recent period, the following additional information was available: The total budgeted fixed overhead was $285,000 The fixed overhead volume variance was $4,200 F How many units were produced during the period? Standard Rate $6.35 per hour Standard Cost $ 12.70

12 COTB MC Qu. 10-97 (Algo) Assume that a company uses a... Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following excerpt from the standard cost card of its only product: Standard Hours 2 hours Fixed manufacturing overhead During the most recent period, the following additional information was available: The total budgeted fixed overhead was $285,000 The fixed overhead volume variance was $4,200 F How many units were produced during the period? Standard Rate $6.35 per hour Standard Cost $ 12.70

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Description: 10 12COTB MC Qu. 10-97 (Algo) Assume that a company uses a...Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following excerptfrom the standard cost card of its only pr

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 20E: Calculating amount of factory overhead applied to work in process The overhead application rate for...

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Direct materials and direct labor variance analysis Faucet Industries Inc. manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Faucet Industries has 60 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Instructions Determine (a) the standard cost per unit for direct materials and direct labor; (h) the price variance, quantity variance, and total direct materials cost variance; and (c) the rate variance, time variance, and total direct labor cost variance.
Calculating amount of factory overhead applied to work in process The overhead application rate for a company is 2.50 per unit, made up of 1.00 for fixed overhead and 1.50 for variable overhead. Normal capacity is 10,000 units. In one month, there was an unfavorable flexible budget variance of 200. Actual overhead for the month was 27,000. What was the amount of the budgeted overhead for the actual level of production?
Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours Actual direct labor-hours Standard direct labor-hours allowed for the actual output What is the fixed overhead volume variance? Multiple Choice O $20,000 U $20,000 F $9,000 U $9,000 F $ 300,000 $ 276,000 60,000 56,000 58, 200
A company uses a standard costing system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year. $300,000 $276,000 60,000 56,000 56,500 Budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours (denominator hours) Actual direct labor-hours Standard direct labor-hours al1lowed for actual output What is the fixed overhead volume variance? Multiple Cholce $20,000 F $17,500 U $20,000 U MacBook Air 吕口豐

Ch. 10-Caterpillar Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHs). The company has provided the following data for the most recent month: Budgeted level of activity Actual level of activity Standard variable manufacturing overhead rate Actual total variable manufacturing overhead Actual Variable Overhead Rate What was the variable overhead rate variance for the month? A) $1400 Unfavorable C) $980 Favorable OB) $2380 Favorable D) $1429 Favorable $ $ 57,120 $ 6.72 per MH 8300 8500 7.00 per MH MHs MHs
E-6 The following data to labor cost standard system were taken from the books of Camotes Foundry Shop. Payroll Actual labor hours used Standard labor hours allowed Standard rate per hour P 1,596 1,520 hours 1,480 hours P 1.45 Required: Determine the labor cost variance under the following methods Gr A. Two-Way Variance Analysis -1.4
Standard Costing and Variance Analysis Standard Price or Rate P6.00 per meter Direct Materials Direct Labor Variable Factory Overhead P3.00 direct labor hour per Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to customers. Th following are the selected production data for the month: Materials Direct Variable used Labor FOH P52,500 Standard Cost allowed Actual cost incurred P84,000 P75,000 P6,000 U P21,000 P18,000 ? Materials Quantity variance Actual direct labor hours 7,500 hours Standard FOH rate per direct labor hour Standard Price per meter P3.00/hr. P6.00 /m. The difference between the standard and actual cost per unit produced is P0.15 favorable. Required: Compute the following: 1. The standard cost per unit of product. 2. The actual cost per unit of product. Standard Quantity per unit. 4. Material Price variance. 3. 5. 6. Labor Rate variance. Standard direct labor rate per hour. 7. Labor…
The Illustrative Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-Line of products Standard fixed overhead per direct labor hour Standard direct labor hours per unit Budgeted production Budgeted fixed overhead costs $3 0.75 3,400 $7.650.00 Actual production in units Actual fixed overhead costs incurred What is Illustrative's fixed manufacturing overhead volume variance? A. $2.025.00 favorable OB. $4.950.00 favorable OC. $2,025.00 unfavorable D. $4.950.00 unfavorable 4,300 $2.700.00
Use the following information for Questions 18 & 19 18. 19. The Maxit Corporation has a standard costing system in which variable manufacturing overhead is assigned to production on the basis of standard machine-hours. The following data are available for July: C. d. The variable overhead efficiency variance for July is: a. $600 U b. $540 U $540 F $600 F ● a. b. Actual variable manufacturing overhead cost incurred: $11,310 Actual machine-hours worked: 1,600 hours Variable overhead rate variance: $1,710 U Total variable overhead spending variance: $2,310 U The standard number of machine-hours allowed for July production is closest to: 1,600 hours 1,700 hours C. d. 1,300 hours 1,500 hours
QUESTION 3 The Royale Company has a standard cost system in which manufacturing overhead is applied to units of product on the basis of direct labor-hours (DLHS). The company recorded the following data relating to manufacturing overhead for September: Number of units completed. hours per unit Quantity variance. applied fixed overhead cost in the company's overhead budget for September was: O $45,900 O $54,768 O $49,920 O $47,703 31,200 units: Standard direct labor- $51,300; $0.85 per DLH. The amount of 1.6 DLHS; Denominator activity 54,000 DLHS; Actual fixed overhead costs incurred $3,468 Unfavorable; Fixed portion of the predetermined overhead rate
ook int Print rences Primara Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours (denominator level of activity) Actual direct labor-hours, Standard direct labor-hours allowed for the actual output $ 515,900 $ 509,000 1. Fixed portion of the predetermined overhead rate 2. Budget variance 2 Volume variance Saved 67,000 68,000 65,000 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round Fixed portion of the predetermined overhead rate to 2 decimal places.) per DLH 2. Compute the fixed overhead budget variance and volume variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.).…
4 Records at the Farnsworth Corporation contained the following data for the most recent period of activity: Actual total direct labor cost Actual direct labor-hours worked $ 550,750 15,480 ints Standard direct labor-hours allowed for actual output (flexible budget) Direct labor price variance Actual variable overhead 14,960 $49,100 F $ 351,100 Standard variable overhead rate per standard direct labor-hour $ 21 Variable overhead is applied based on standard direct labor-hours allowed. Required: Compute the labor and variable overhead price and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct labor: Price variance Efficiency variance Variable overhead: Price variance Answer is not complete. F U Efficiency variance U a. It does not indicate completion.