Direct materials Direct labor Factory overhead Standard Costs 2,250 pounds. at $22 8,500 hrs. at $12 Rates per labor hour, based on 100% of normal capacity of 11,000 labor hrs. Variable cost, $5.50 Fixed cost, $5.15 hufacture of the coolers were as follows: Actual Costs 2,750 pounds at $21.00 9,500 hrs. at $13 $28,810 variable cost $56,650fixed cost REQUIRED: 1. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. 2. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. 3. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.

Direct materials Direct labor Factory overhead Standard Costs 2,250 pounds. at $22 8,500 hrs. at $12 Rates per labor hour, based on 100% of normal capacity of 11,000 labor hrs. Variable cost, $5.50 Fixed cost, $5.15 hufacture of the coolers were as follows: Actual Costs 2,750 pounds at $21.00 9,500 hrs. at $13 $28,810 variable cost $56,650fixed cost REQUIRED: 1. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. 2. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. 3. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.

Name: manufactures coolers. The standard costs for the manufacture of the c
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: manufactures coolers. The standard costs for the manufacture of the coolers were as follows:Standard CostsActual CostsDirectmaterials2,250 pounds. at $22Direct labor 8,500 hrs. at $12FactoryoverheadRates per labor hour, based on 100% of normalcapaci

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Single plantwide factory overhead rate Bach Instruments Inc. makes three musical instruments: flutes, clarinets, and oboes. The budgeted factory overhead cost is $105,000. Overhead is allocated to the three products on the basis of direct labor hours. The products have the following budgeted production volume and direct labor hours per unit: Budgeted Production Volume Direct Labor Hours Per Unit Flutes 2,300 units 0.6 Clarinets 700 1.6 Oboes 1,000 1.0 If required, round all per unit answers to the nearest cent. a. Determine the single plantwide overhead rate.$fill in the blank 1 per direct labor hour b. Use the overhead rate in (a) to determine the amount of total and per-unit overhead allocated to each of the three products. TotalFactory Overhead Cost Per UnitFactory Overhead Cost Flutes $fill in the blank 2 $fill in the blank 3 Clarinets fill in the blank 4 fill in the blank 5 Oboes fill in the blank 6 fill in the blank 7 Total…
Answer question D
Test and Pack Department 120,000 Total $306,000 The direct labor information for the production of 7,500 units of each product is as follows: Assembly Department Test and Pack Department Blender 750 dlh 2,250 dlh Toaster oven 2,250 750 Total 3,000 dlh 3,000 dlh Four Finger Appliance used direct labor hours to allocate production department factory overhead to products. If required, round all per unit answers to the nearest cent. a. Determine the two production department factory overhead rates. Assembly Department per direct labor hour Test and Pack Department per direct labor hour b. Determine the total factory overhead and the factory overhead per unit allocated to each product. Product Total Factory Overhead Factory Overhead Per Unit Blender Toaster oven
Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $10.75 per hour Overhead allocated at $5.00 per direct labor hour Actual: 2,300 yards of cloth were purchased at $1.20 per yard Employees worked 1,700 hours and were paid $10.25 per hour Actual variable overhead was $1,600 Actual fixed overhead was $6,700 Direct materials cost variance $115 U Direct materials efficiency variance 805 F Direct labor cost variance 850 F Direct labor efficiency variance 3,225 F Variable overhead cost variance 1,600 U Variable overhead efficiency variance 1,600 F Fixed overhead cost variance 700 U Fixed overhead volume variance 2,400 F Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit
Smythe Co. makes furniture. The following data are taken from its production plans for the year. Direct labor costs Hazardous waste disposal costs $5,860,000 625,000 Chairs Expected production 207,000 units Direct labor hours required Hazardous waste disposed Tables 18,000 units 15,400 DLH 1,200 pounds 256,000 DLH 700 pounds Required: 1. Determine the hazardous waste disposal cost per unit for chairs and for tables if costs are assigned using a single plantwide overhead rate based on direct labor hours. Overhead costs 0 Product Activity Driver OH $ per direct labor hour Units Produced OH Cost per unit Chairs Total Overhead Cost 0.00 $ 0.00 $ 254,000 $ 16,400 $ 0 Tables 0 0 2. Determine hazardous waste disposal costs per unit for chairs and for tables if costs are assigned based on the number of pounds disposed of. -- ************ H 0
Please do not give solution in image format thanku
Single plantwide factory overhead rate Platzer Instruments Inc. makes three musical instruments: flutes, clarinets, and oboes. The budgeted factory overhead cost is $104,040. Overhead is allocated to the three products on the basis of direct labor hours. The products have the following budgeted production volume and direct labor hours per unit: Instruments BudgetedProductionVolume Direct LaborHours Per Unit Flutes 2,300 units 0.5 Clarinets 400 1.6 Oboes 1,000 1.1 If required, round all per unit answers to the nearest cent. a. Determine the single plantwide overhead rate.fill in the blank 1 of 1$ per direct labor hour b. Use the overhead rate in (a) to determine the amount of total and per-unit overhead allocated to each of the three products, Instruments TotalFactory Overhead Cost Per UnitFactory Overhead Cost Flutes fill in the blank 1 of 7$ fill in the blank 2 of 7$ Clarinets fill in the blank 3 of 7 fill in the blank 4 of 7 Oboes fill in the blank 5…
2
ssment Tool iFrame A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $15 per DLH 3 DLH @ $12 per DLH Actual Results 59,200 pounds @ $8.10 per pound 24,900 hours @ $15.50 per hour $ 308,700 8,400 units Exercise 23-8 (Algo) Standard cost per unit, total budgeted and actual costs, and total cost variance LO P2 (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total $ 0
I need c and d part
Max Company has developed the following standards for one of its products: Direct materials 15 pounds ´ £16 per poundDirect labour 4 hours ´ £24 per hourVariable overhead 4 hours ´ £14 per hour The following activities occurred during the month of October: Materials purchased 10,000 pounds costing £170,000Materials used 7,200 poundsUnits produced 500 unitsDirect labour 2,300 hours at £23.60 per hourActual variable overhead £30,000 The company records materials price variances at the time of purchase. Refer to Figure 17-1. Max's variable standard cost per unit would be
Gail Cleaners produces a commercial cleaning compound known as Carpex. The direct materials and direct labour standards for one unit of Carpex follow: Direct materials Direct labour Variable overhead Standard Quantity or Hours 4.10 kilograms 0.40 hour 0.40 hour Standard Price or Rate $ 2.20 per kilogram $10.00 per hour $ 1.30 per hour Standard Cost $9.02 4.00 0.52 The budgeted fixed overhead cost is $14,614 per month. The denominator activity level of the allocation base is 800 direct labour- hours. Materials price variance Materials quantity variance During the most recent month, the following activity was recorded: a. 9,900 kilograms of material were purchased at a cost of $2.22 per kilogram. b. A total of 850 hours of direct labour time was recorded at a total labour cost of $9,110. c. The variable overhead cost was $1,580, and the fixed overhead cost was $14,704. Assume that the company produced 1,600 units during the month, using 6,600 kilograms of material in the production…