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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.
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- ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Fixed manufacturing overhead (R81,000/2,550 units)R31.76Unit product cost for the month under absorption costingR100.26 Prepare an income statement for the month using the Marginal costing methodHow can I do this problem? Required: Calculate the cost per equivalent unit for materials, labor and manufacturing overhead and in total Cost per equivalent unit-Weighted-Average Method Material Labor Overhead Working in process, May 1…. $18,000 $5,500 $27,500 Cost Added during May 238,900 $80,300 $401,500 Equivalent units of production 35,000 33,000 33,000services XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR41,000 overhead for the year? What was the estimated man turi Select one: O a. OMR49,200 O b.OMR39,600 O c. None of the answers given O d. OMR46,800 e OMRS1,600 ge Next page
- Assume the following information from a schedule of cost of goods manufactured: Beginning work in process inventory $ 30,000Direct materials used in production $ 50,000Direct labor $ 60,000Total manufacturing costs to account for $ 207,000Ending work in process inventory $ 72,000 What is the manufacturing overhead applied to work in process?services SQU Libraries SQU Portal Attendance English (en O b. OMR605 O c. OMR545 O d. OMR635 O e. OMR575 XYZ Company provided the following information regarding Product XY: Direct material costs OMR3 per unit of product; Direct labor costs OMR5 per direct labor hour; Predetermined overhead rate OMR10 per direct labor hour. The cost of a job for 550 units of product XY, which uses a total of 100 direct labor hours, is: Select one: Oa. OMR5,400 Ob. OMR3,300 Oc. OMR3,150 Od. None of the answers given e. OMR9,900 Total manutacturing costs assioned inclucted 10 units heom ofs tota manaThe following cost relate to COBEED for the year: Distribution Cost 123,000Direct Materials 234,000Conversion cost 456,000Factory overhead 111,000Compute for total prime cost:
- Sheffield Company had the following department information for the month: Total materials costs Equivalent units of production for materials Total conversion costs Equivalent units of production for conversion costs What is the total manufacturing cost per unit? O $3.20. O $7.90. O $4.70. O $3.63. $47000 10000 $80000 25000nttps:25A%252F%252HM..mh A company allocates materials handling cost to the company's two products using the below data: Product A Product B Total expected units produced 5,400 11,800 Total expected material 530 470 moves Expected direct labor-hour 670 150 per unit The total materials handling cost for the year is expected to be $182,000. If the materials handling cost is allocated on the basis of direct labor-hours, how much of the total materials handling cost would be allocated to the Product B? (Round your intermediate calculations to 5 decimal places.) Multiple Choice $97,944 $74,263 $35,671 $59.791Production costs incurred in the manufacture of 2,400 units of a product in a period are: $ Direct costs 19,680 Variable overheads 3,120 Fixed overheads 14,640 What would be the expected total cost of manufacturing 2,300 units of the product in a period? $35,880 $36,490 $36,620 $37,310
- Here are selected data for Wilson Company Estimated manufacturing overhead Estimated labor hours Actual direct labor hours Estimated direct labor cost Actual direct labor cost Factory depreciation $257,750 35,000 36,000 $330,400 $320,300 $65,400 If the company allocates overhead based on direct labor cost, what is the predetermined manufacturing overhead rate? OA. 78% of direct labor cost OB. 80 % of direct labor cost OC. 128% of direct labor cost OD. 103% of direct labor cost Factory utilities Indirect labor Sales commissions Factory rent Factory property taxes. Indirect materials COS $30,200 $22,400 $53,700 $47,700 $28,100 $33,000A company manufacturing two products furnishes the following data Annual output Product Output units Machine Hours Purchase Orders Machine set-ups A 5000 20000 160 20 B 60000 120000 384 44 Total 65000 140000 544 64 The annual overheads are as under. Rs Volume related activity costs 4,50,000 Set up related costs 9,20,000 Purchase related costs 5,18,000 Total 1,888,000 You are required to calculate the overheads cost per unit of each product A and B based on Activity based costing method.TB MC Qu. 5-124 (Algo) The controller of Hendershot Corporation estimates... The controller of Hendershot Corporation estimates the amount of materials handling overhead cost that should be allocated to the company's two products using the data that are given below: Total expected units produced Total expected material moves Expected direct labor-hours per unit The total materials handling cost for the year is expected to be $17,345.40. If the materials handling cost is allocated on the basis of direct labor-hours, the total materials handling cost allocated to the wall mirrors is closest to: Note: Round your intermediate calculations to 4 decimal places. Multiple Choice Wall Specialty Mirrors Windows $14,246 14,500 1,450 13 1,140 1,040 13