(a) Calculate the direct materials price and quantity variances for November. (If variance is zero, select "Not Applicable and enter O for theamounts)Direct material price varianceDirect material quantity variance$Direct labor rate variance$(b) Calculate the direct labor rate and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero,select "Not Applicable and enter O for the amounts.)$Direct labor efficiency variance $(c) Calculate the variable overhead spending and efficiency variances for November. (Round answers to 0 decimal places, eg. 125. Ifvariance is zero, select "Not Applicable and enter O for the amounts.)Variable overhead spending varianceVariable overhead efficiency varianceFixed overhead spending variance$(d) Calculate the fixed overhead spending variance for November. (Round answer to 0 decimal places, eg. 125. If variance is zero, select"Not Applicable" and enter 0 for the amounts)$$ Marigold, Ltd. manufactures shirts, which it sells to customers for embroidering with various slogans and emblems. The standard costcard for the shirts is as follows.Direct materialsDirect laborVariable overheadFixed overheadIndirect materialIndirect laborEquipment repairEquipment powerTotalSupervisory salariesInsuranceProperty taxesDepreciationStandard Price$3 per yard$14 per DLH$3.20 per DLH$3 per DLHUtilitiesQuality inspectionTotalSandy Robison, operations manager, was reviewing the results for November when he became upset by the unfavorable variances hewas seeing. In an attempt to understand what had happened, Sandy asked CFO Suzy Summers for more information. She provided thefollowing overhead budgets, along with the actual results for November.Annual Budget$449,000The company purchased 82,000 yards of fabric and used 93,600 yards of fabric during the month. Fabric purchases during the monthwere made at $2.80 per yard. The direct labor payroll ran $459,375, with an actual hourly rate of $12.25 per direct labor hour. Theannual budgets were based on the production of 600,000 shirts, using 450,000 direct labor hours. Though the budget for Novemberwas based on 45.500 shirts, the company actually produced 42,000 shirts during the month.Variable Overhead Budget295,000195,00051,000Standard Quantity200 yards0.75 DLH0.75 DLH$990,0000.75 DLH75,000320,000207,000278,000$1,491,000$1.200.750.300.15Fixed Overhead BudgetAnnual Budget November-Actual$256,000355,000Per Shirt November-Actual$2.40$21,90027,000Standard Cost6,60025,60020,90025,300$127,300$6.00$21.15$49,30010.5030,90020,8007,4002.40$108,4002.25

Name: (a) Calculate the direct materials price and quantity variances for N
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Description: (a) Calculate the direct materials price and quantity variances for November. (If variance is zero, select "Not Applicable and enter O for theamounts)Direct material price varianceDirect material quantity variance$Direct labor rate variance$(b) Calc

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(a) Calculate the direct materials price and quantity variances for November. (If variance is zero, select "Not Applicable and enter O for the amounts) Direct material price variance Direct material quantity variance $ Direct labor rate variance $ (b) Calculate the direct labor rate and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter O for the amounts.) $ Direct labor efficiency variance $ (c) Calculate the variable overhead spending and efficiency variances for November. (Round answers to 0 decimal places, eg. 125. If variance is zero, select "Not Applicable and enter O for the amounts) Variable overhead spending variance Variable overhead efficiency variance Fixed overhead spending variance $ (d) Calculate the fixed overhead spending variance for November. (Round answer to 0 decimal places, eg. 125. If variance is zero, select "Not Applicable and enter 0 for the amounts) $ $

(a) Calculate the direct materials price and quantity variances for November. (If variance is zero, select "Not Applicable and enter O for the amounts) Direct material price variance Direct material quantity variance $ Direct labor rate variance $ (b) Calculate the direct labor rate and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter O for the amounts.) $ Direct labor efficiency variance $ (c) Calculate the variable overhead spending and efficiency variances for November. (Round answers to 0 decimal places, eg. 125. If variance is zero, select "Not Applicable and enter O for the amounts) Variable overhead spending variance Variable overhead efficiency variance Fixed overhead spending variance $ (d) Calculate the fixed overhead spending variance for November. (Round answer to 0 decimal places, eg. 125. If variance is zero, select "Not Applicable and enter 0 for the amounts) $ $

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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Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the (1) direct materials price variance and (2) direct materials quantity variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places. $ GA Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $17 per DLH 3 DLH @ $12 per DLH 0 $ Actual Results 47,400 pounds @ $8.10 per pound 23,100 hours @ $17.50 per hour $ 286,100 0 0 7,800 units S $ 0 Standard Cost
For each of the following independent cases, fill in the missing amounts: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your per unit rates to 2 decimal places. Round your other final answers to the nearest whole numbers. Units produced Standard hours per unit Standard hours Standard rate per hour Actual hours worked Actual labor cost Direct labor rate variance Direct labor efficiency variance Casey Company 2,800 5.10 $ $ 31.70 13,500 5,200 F Kevin, Incorporated $ $ 1.70 2,890 3,005 2,900 F 1,518 U $ $ $ Jess Company 200 660 10.00 6,500 200 U Valerie, Incorporated $ 1,000 10.00 15,200 $ 140,000 $ 5,800 U
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Question 2 Answer the questions from the information provided. INFORMATION The following information was extracted from the accounting records of Alpha Enterprises for the month ended 31 March 2022: Sales Selling price per unit Finished products on 01 March 2022 Products manufactured during the month Variable manufacturing costs per unit Variable selling and administrative costs per unit sold Fixed manufacturing costs Fixed selling and administrative costs 3 200 units R100 400 units 3 600 units R26 R12 R25 200 R12 400
Aaha Inc. produces premium protective automotive covers. The direct materials and direct labour standards for one car cover are as follows: Standard Quantity or Hours Direct materials Direct labour 7.00 metres of cloth 0.30 hours Standard Price or Rate $8 per metre $ 16 per hour Standard Cost $56.00 $4.80 In September, the following activity was recorded: 17,500 metres of cloth were purchased at a cost of $7.50 per metre All of the purchased material was used to produce 2,500 car covers. 520 direct labour-hours were recorded at a total labour cost of $8,320. Required: 1. Compute all direct materials variances for September (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (ie., zero variance).) Answer is complete and correct. Direct materials price variance Direct materials quantity variance Total direct material cost variance $ 8,750 F $ $ 8,750 ( 0 None F 000
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