Cost standards for one unit of product no. C77: Direct material 3 pounds at $2.50 per pound $7.50 Direct labor 5 hours at $7.50 per hour 37.50 Actual results: Units produced 8,100 units Direct material purchased 26,600 pounds at $71,820 $2.70 Direct material used 24,000 pounds at $2.70 64,800 Direct labor 41,100 hours at $7.30 300,030 47. Assume that the company computes variances at the earliest point in time. The direct-material price variance is: $5,320F. None of these. $5,120F. $5,120U. $5,320U.

Q: The Eagle Machine Company averaged $2 million in inventory last year, and the cost of goods sold was…

A: Average Aggregate Inventory refers to the total average value of all items which are held in…

Q: Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye.

A:

Q: MacDowell Company manufactures 100 kg bags of fertilizer that have the following unit standard costs…

A: C. 1. Purchase of material at a higher cost than the budgeted cost. 2. Actual labor cost incurred is…

Q: Data Exhibit 10-1: Standard Cost Card Standard Quantity 2.9 pounds Inputs Standard Price $4.00 per…

A: Variance refers to the difference between the standards and the actual figures relating to…

Q: Cost system. The company has established the following standard for the materials costs of one unit…

A: Material price variance is the difference between actual price and standard price for the actual…

Q: Kent County Company produces a single product. The standard cost card for the product follows: 3…

A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…

Q: Input Cost/Block Direct materials 0.5 Ib. @ $12/lb. $ 6.00 Direct manufacturing labour 1.4 hours @…

A: Fixed overhead spending variance The calculation of fixed overhead spending variance is the actual…

Q: Exercise 6-14 Silva Plastics Company has established standard cost for a unit of manufactured…

A: Standard costing in simple terms can be defined as a system in which the standard costs and revenues…

Q: Question No. 7 During June HASF company material purchases amounted to 5,000 pounds at a price of 7…

A: Standard cost is the pre-determined cost and the techniques under which standards are set for costs…

Q: Q7. Suppose a company manufactures and sells a chemical product. The company processes the product…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Klumper Corporation is a diversified manufacturer of industrial goods. The company’s activitybased…

A: Activity-based costing is a costing method that identifies activities in an organization and assigns…

Q: Q1. During January, Microchem Ltd produced 1000 units of a special product called Stylex, and the…

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

Q: Standard Price or Rate Direct Materials P6.00 per meter Direct Labor Variable Factory Overhead P3.00…

A: The variance is the difference calculated between actual results and standard budget of the…

Q: Bullseye Company manufactures dartboards. Its standard cost information follows:    Standard…

A: 1. Compute direct materials price, quantity and total spending variance for Bullseye as shown below:…

Q: Describe two methods of setting standards (Hilton, p. 479, 9-3)  (2) (a) During June, Spenc

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Units started 100,000 20,000 14,500 97,000 Work in process, beginning (35% complete) Work in…

A:

Q: Neelopak Berhad prepared the standard cost data for one of their products. Direct Labour (0.65…

A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…

Q: Second-Stage Allocation Klumper Corporation is a diversified manufacturer of industrial goods. The…

A: Activity-based costing is a costing method that identifies activities in an organization and assigns…

Q: Input Cost/Block Direct materials 0.5 Ib. @ $12/lb. $ 6.00 Direct manufacturing labour 1.4 hours @…

A: Variances mean the difference in the budgeted and actual figures. These can have both favorable (F)…

Q: 8. Bose Earbuds has the following equivalent units for July: materials 20,000 and conversion costs…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Kent County Company produces a single product. The standard cost card for the product follows:…

A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…

Q: Fordham Corporation produces a single product. The standard costs for one unit of its Concourse…

A: Following are the computation of variable overhead efficiency variance:

Q: 47. The following standard data are available for ABC Corp to produce one unit of product X: ·…

A: Material cost per unit = 3 Yards at 5 per yard = 3*5 = 15 Direct labor cost per unit = 2 hours at 10…

Q: Calculate the total standard direct material costs and direct labour costs for January. 2. For the…

A: Direct labour cost variance: direct labour variance is variance analysis done by the company to know…

Q: Raw materials consumed =15,000 Direct labour charges =9,000 Machine hours worked -900 hrs Machine…

A: Cost per unit can be calculated based on total sales and total cost incurred. Total cost incurred…

Q: Wangsgard Manufacturing has the following standard cost sheet for one of its products: $ 10 Direct…

A: Variance is computed as difference between actual cost and standard cost.

Q: Direct materials cost $10 per unit, direct labour is $7 per unit, and overhead cost is applied at…

A: Equivalent units for labor and overhead = Beginning inventory x % of completion            = 6,000 x…

Q: Required: Compute for the following: 1. actual material used 3. Labor rate variance

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: You are required to calculate: vii) Variance of fixed overhead expenses viii) Variance of fixed…

A: vii) Fixed Overhead Expense Variance = Budgeted Fixed Overhead - Actual Fixed Overhead Actual Fixed…

Q: Standard Price or Rate Direct Materials Direct Labor Variable Factory Overhead P6.00 per meter ?…

A: Direct material cost variance = Standard cost for actual production - Actual cost = P84,000 -…

Q: Blue Company makes three products in a single facility. Data concerning these products follow:…

A: The following computations are done for Blue Company.

Q: Percent of capacity 90% 100% 110% Direct labor hours 3,600 4,000 4,400 Units of output 720 800 880…

A: A flexible budget is prepared on the basis of the budgeted rate and on the basis of different…

Q: Cost standards for one unit of product no. C77: Direct material $ 7.50 3 pounds at $2.50 per pound 5…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Exhibit 10-1: Standard Cost Card Inputs Standard Quantity Standard Price 5 Direct materials Direct…

A: The variance is the difference between the actual data and standard output.

Q: Calculate the direct labor rate, efficiency, and total spending variances for Bullseye.

A: Calculate the direct labor rate, efficiency, and spending variances.

Q: PROBLEM 6 The following information pertains to BBM Company's production of one unit of product A:…

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

Q: Direct material (6 kgs at RM4 per kg) Direct labour | (1 hour at RM7 per hour) Variable production…

A: A Variance is a difference between a budgeted, planned, or standard cost and the actual amount…

Q: Standard Quantity 15 sq. ft. 10 hrs. Standard Price (Rate) $ 5 per sq. ft. $15 per hr. Standard Unit…

A: Standard costing: Under this costing method, the expected costs are used in the accounting records…

Q: Exercise 6-14 Silva Plastics Company has established standard cost for a unit of manufactured…

A: Budgets are prepared by the organization to estimate the level of sales that can be made, the amount…

Q: Kent County Company produces a single product. The standard cost card for the product follows:…

A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…

Q: Details Product J Product G Product P Total Direct $25 $20 $11 $12,38,000 Material Cost Direct Labor…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: Neelopak Berhad prepared the standard cost data for one of their products. Direct Labour (0.65 hours…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Activity Rates $ 5.00 per direct labor-hour ivity Cost Pool Labor-related Machine-related Machine…

A: First we need to calculate Total Activity Cost.

Q: Y Units to be produced 10,000 5,000 2,000 Orders to be shipped 1,000 500 200 Number of parts per…

A: Under activity based costing, pool rates are calculated to allocate the cost of that particular…

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.