--/1Question 17View PoliciesCurrent Attempt in ProgressCoronado Industries manufactures a product with astandard direct labor cost of two hours at $18 per hour.During July, 1400 units were produced using 3200 hours at$18.30 per hour. The labor price variance wasoportO $8160 F.O $7200 U.O $8160 U.O $960 U.hpinsprt scf12f11f10f9f8f7f6f56.0806.нTO96

Given:Standard rate = $18 per hourActual Hours = 3200 hoursActual rate = $18.3 per hour

Answered: --/1 Question 17 View Policies Current…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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#21 ToolTime has a standard of 2 hours of labor per unit, at P12 per hour. In producing 2,000 units, ToolTime used 3,850 hours of labor at a total cost of P46,970. ToolTime’s labor price variance is Group of answer choices P770 U. P800 U. P1,030 F. P1,930 F. 22. ToolTime has a standard of 2 hours of labor per unit, at P12 per hour. In producing 2,000 units, ToolTime used 3,850 hours of labor at a total cost of P46,970. ToolTime’s labor quantity variance is Group of answer choices P770 U. P1,030 F. P1,800 F. P1,930 F.
< Prev A company uses the following standard costs to produce a single unit of output. Direct materials Direct Manufacturing pounds at $0.70 per pound- 0.4 hour at $8.00 per hour labor $ 5.60 $ 3.20 $ 1.96 overhead 53 0.4 hour at $4.90 per hour - During the latest month, the company purchased and used 77,000 pounds of direct materials ata price of $0.90 per pound to produce 10,000 units of output Direct le month totaled $29,100 based on 3,880 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $15 600 and fixed manufacturing overhee $10,000. Based on this information, the direct materials price variace for the month was: Multiple Choice $2,000 favorable $15,400 unfavorable $5,600 unfavorable $6,400 unfavorable Ne $5,600 favorable 23 of 25
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Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the following six activity cost pools and activity rates: Activity Rates Activity Cost Pool Labor-related Machine-related Machine setups Production orders Shipments General factory ME $ 5.00 per direct labor-hour $ 4.00 per machine-hour $ 60.00 per setup $ 100.00 per order $ 120.00 per shipment $ 4.00 per direct labor-hour Cost and activity data have been supplied for the following products: 378 852 Direct materials cost per unit Direct labor cost per unit $ 3.50 $ 20.00 $ 3.75 Number of units produced per year $9.00 400 2,000 Direct labor-hours Machine-hours Machine setups Production orders Chinmante Total Expected Activity 378 852 1,200 40 2,800 20 4 4 A 7 7 4
--/1 Question 22 View Policies Current Attempt in Progress The predetermined overhead rate for Coronado Industries is $5, comprised of a variable overhead rate of $3 and a fixed rate of $2. The amount of budgeted overhead costs at normal capacity of $150000 was divided by normal capacity of 30000 direct labor hours, to arrive at the predetermined overhead rate of $5. Actual overhead for June was $12680 variable and $8040 fixed, and standard hours allowed for the product produced in June was 4000 port hours. The total overhead variance is O $720 F. O $4040 F. O $4040 U. O $720 U. hp ins f12 f11 f10 prt sc f9 144 f8 f7 f6 f5 4+ 8 %3D C 60 To 96
Print Item Penny Company manufactures only one product and uses a standard cost system. The following information is from Penny's records for May: Direct labor rate variance $15,000 favorable Direct labor time variance $29,700 unfavorable Standard hours per unit produced 2.00 Standard rate per hour $27 During May, the company used 12.50% more hours than the standard allowed. A. What were the total standard hours allowed for the units manufactured during the month? standard hours B. What were the actual hours worked? actual hours C. How many actual units were produced during May? units produced
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