9. Martin Company uses 625 units of a part each year. The cost of placing one order is $8; the costof carrying one unit in inventory for a year is $4.What is the EOQ for Martin?50100203010. Fixed overhead was budgeted at $200,000, and 25,000 direct labor hours were budgeted. If thefixed overhead volume variance was $8,000 favorable and the fixed overhead spending variancewas $6,000 unfavorable, fixed overhead applied must beO $194,000.Os202,000.$206,000.$208,000.OO O O

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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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Greyson Company produced 8,300 units of product that required 4.25 standard hours per unit. Determine the fixed factory overhead rate at 27,000 hours, which is 100% of normal capacity, if the favorable fixed factory overhead volume variance is $14,895.
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $4 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 23,000 units, incurring the following costs: Direct material Direct labor $ 8.00 $13.00 50,000 gallons @ $3.90 per gallon 23,500 hours @ $12.75 per hour The direct material usage variance was:
Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $21 per hour. In November the company produced 7,000 units using 5,800 direct labor-hours. The actual direct labor cost was $121,800. The labor efficiency variance for November is: $11,500. F $10,500. F $10,500. U $11,500. U
Frosty Snow Removal's cost formula for its vehicle operating cost is $1,900 per month plus $395 per snow-day. For the month of January, the company planned for activity of 14 snow-days, but the actual level of activity was 15 snow-days. The actual vehicle operating cost for the month was $7,550. The activity variance for vehicle operating cost in January would be closest to: O $395 F O $249 U O $395 U O $249 F
Edgar, Inc. has a materials price standard of $1.75 per pound. eight thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4,000 pounds, although the standard quantity allowed for the output was 5,400 pounds. Calculate the materials price variance
7. Lonely Mountain Company uses standard costing. The standard cost of its product is as follows: Direct Materials P14.50 Direct labor (2direct labor hours X P8) 16.00 Manufacturing overhead (2 direct labor hours X P11) 22.00 The manufacturing overhead rate is based upon a normal activity level of 600,000 direct labor hours. Lonely Mountain planned to produce 25,000 units each month during the year. The budgeted annual manufacturing overhead is: Variable P3,600,000 Fixed 3,000,000 During March Lonely Mountain produced 26,000 units. Lonely Mountain used 53,500 direct labor hours in March at a cost of P433,350. Actual manufacturing overhead for the month was P250,000 fixed and P325,000 variable. What is the the manufacturing overhead volume variance for March ?
Use this information for St. Augustine Corporation to answer the question that follow.St. Augustine Corporation originally budgeted for $360,000 of fixed overhead at 100% of normal production capacity. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units.The variable factory overhead controllable variance is
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My Company produced 26,000 units during February. Direct materials costs are $4.25 per unit and direct labor is $5.75 Pper unit. Variable overhead is applied at $3.50 per unit and fixed overhead is $78,000 per month. Sales commissions are $0.75 per unit sold. Sales salaries for the month are $65,000 and fixed administrative expenses are $80,000. Required: a. Calculate production cost per unit under variable and absorption costing. b. Prepare an income statement under variable costing and under absorption costing for February assuming all 26,000 units produced were sold for $25 each. c. During March, My Company produced 26,000 units and sold 22,000 units. Prepare an income statement under variable and under absorption costing for March assuming each unit sold for $25 each. d. Is the February net income different under each method? Why or why not? What about March, is the net income different? Why or why not? Reconcile net income under both methods.
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Petrus Framing's cost formula for its supplies cost is $1,790 per month plus $10 per frame. For the month of March, the company planned for activity of 619 frames, but the actual level of activity was 624 frames. The actual supplies cost for the month was $8,500. The activity variance for supplies cost in March would be closest to:
Flounder Company estimates that it will produce 6,000 units of product IOA during the current month. Budgeted variable manufacturing costs per unit are direct materials $8, direct labor $13, and overhead $19. Monthly budgeted fixed manufacturing overhead costs are $7,700 for depreciation and $3,700 for supervision. In the current month, Flounder actually produced 6,500 units and incurred the following costs: direct materials $44,976, direct labor $76,400, variable overhead $122,094, depreciation $7,700, and supervision $3,959. Prepare a static budget report. Hint: The Budget column is based on estimated production while the Actual column is the actual cost incurred during the period. (List variable costs before fixed costs.) FLOUNDER COMPANY Static Budget Report ÷ Budget Actual $ +A Difference Favorable Unfavorabl

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