Direct materials (cork board) Direct labor Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Price (Rate) Standard Unit Cost $ 6.90 Standard Quantity 3.00 sq. ft. 1 hrs. $ 2.30 per sq. ft. $10.00 per hr. 10.00 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead 1 hrs. $ 0.55 per hr. 0.55 ($58,000 145,000 units) 0.40 Bullseye has the following actual results for the month of September: Number of units produced and sold. Number of square feet of corkboard used Cost of corkboard used Number of labor hours worked Direct labor cost 125,000 390,000 $ 936,000 135,000 $1,228,500 Variable overhead cost Fixed overhead cost $ 71,000 $ 53,000 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye.

Direct materials (cork board) Direct labor Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Price (Rate) Standard Unit Cost $ 6.90 Standard Quantity 3.00 sq. ft. 1 hrs. $ 2.30 per sq. ft. $10.00 per hr. 10.00 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead 1 hrs. $ 0.55 per hr. 0.55 ($58,000 145,000 units) 0.40 Bullseye has the following actual results for the month of September: Number of units produced and sold. Number of square feet of corkboard used Cost of corkboard used Number of labor hours worked Direct labor cost 125,000 390,000 $ 936,000 135,000 $1,228,500 Variable overhead cost Fixed overhead cost $ 71,000 $ 53,000 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye.

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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