$6.00 per hour. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variance Amount Favorable/Unfavorable Controllable variance Volume variance Total factory overhead cost variance %24 %24 %24

$6.00 per hour. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variance Amount Favorable/Unfavorable Controllable variance Volume variance Total factory overhead cost variance %24 %24 %24

Name: $6.00 per hour. Enter a favorable variance as a negative number using
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: $6.00 per hour. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.VarianceAmountFavorable/UnfavorableControllable varianceVolume varianceTotal factory overhead cost variance%24%24%24

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 23E: (Appendix) Calculating factory overhead: three variances Using the data given in E8-17, calculate...

See similar textbooks

Similar questions

Recompute the variances from the second Acme Inc. exercise using $0.0725 as the standard cost of the material and $14 as the standard labor cost per hour. How has your explanation of the variances changed?
1 S 3. Compute the variable manufacturing overhead spending and efficiency variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Book Variable overhead sponding variance S Variable overhead efficiency variance 1 U 1 F Print 4. Compute the fixed overhead budget and volume variances. (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (I.e., zero variance).) Fixed overhead budget variance $ Fixed overhead volumne variance $ 1U 0 Nono
Antuan Company set the following standard costs per unit for its product. Direct materials (6 pounds @ $5 per pound) $ 30 Direct labor (2 hours @ $17 per hour) 34 Overhead (2 hours @ $18.50 per hour) 37 Standard cost per unit $ 101 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs $ 45,000 Indirect materials Indirect labor 180,000 Power 45,000 Maintenance 90,000 costs 360,000 Total var ble ove Fixed overhead costs. 24,000 80,000 Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries. 12,000 79,000 Total fixed overhead costs 195,000 Total overhead costs $ 555,000 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (91,000 pounds @ $5.10 per pound) $…
Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $4.00 per pound) Direct labor (1.8 hours @ $12.00 per hour) $ 12.00 21.60 33.30 Overhead (1.8 hours @ $18.50 per hour) Standard cost per unit $ 66.90 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 15,000 Indirect labor 75,000 Power 15,000 Maintenance 30,000 135,000 Total variable overhead costs Fixed overhead costs Depreciation-Building 24,000 70,000 Depreciation-Machinery Taxes and insurance 16,000 Supervisory salaries 254,500 Total fixed overhead costs 364,500
Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a customer, the order is forwarded to Logistics Solutions, which pulls the item from storage, packs it, and ships it to the customer. The company uses a predetermined variable overhead rate based on direct labor-hours. In the most recent month, 175,000 items were shipped to customers using 7,400 direct labor-hours. The company incurred a total of $24,790 in variable overhead costs. k According to the company's standards, 0.04 direct labor-hours are required to fulfill an order for one item and the variable overhead rate is $3.40 per direct labor-hour. nt Required: 1. What is the standard labor-hotfs allowed (SH) to ship 175,000 items to customers? 2. What is the standard variable overhead cost allowed (SH x SR) to ship 175,000 items to customers? 3. What is the variable overhead spending…
11 21 To produce 1,000 units of the product, the standard prime costs are as follows : Direct materials Materials Kilos 500 Direct labor Per kilo Amount Type Hours Per hour P 5 Amount P 150 A P.10 P. 50 30 20 .30 B 350 400 70 120 Y 20 50 3 2 60 100 310 1,250 240 100 Factory overhead has been estimated at the normal capacity of 1,200 hours as follows : Eixed P 1,200 In producing 10,000 units of the product the company incurred factory overhead of Variable P 2,400 P3.320 and the prime costs of; Direct Materials Per Kilo P.09 Direct labor Type Hours Per hour 275 Amount P 1,402.50 650.70 Materials Kilos Amount P 5.10 540 440 A 6,000 2,000 3,000 11,000 B .22 Y 241 2.70 .33 990 594 1.95 P 1,970 1,158.30 P 3,211.50 1,110
Complete the table below for the missing variances. 1(Click the icon to view the table.) Calculate the variances and identify whether the variance is favorable (F) or unfavorable (U). (b) Total Direct Materials Variance $125 F (c) Total Direct Labor Variance $255 F (e) Total Variable Overhead Variance $175 F (f) Total Fixed Overhead Variance (1) F (d) Total Manufacturing Overhead Variance (2) F (a) Total Flexible Budget Product Cost Variance (3) F 1: Data Table Total Flexible Budget Product Cost Variance (a) Total Direct Total Direct Total Manufacturing Materials Variance Labor Variance Overhead Variance (b) (c) (d) Direct Materials Direct Materials Direct Labor Direct Labor…
2.2 Use the information provided below to calculate the following manufacturing variances for March2022. Note: Each answer must state whether the variance is favourable or unfavourable2.2.1 Labour rate variance 2.2.2 Labour efficiency variance 2.2.3 Variable overheads efficiency variance Variable overheads expenditure variance INFORMATIONNevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 perlabour hour.Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurredwas R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours.
Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 1,030 hours each month to produce 2,060 sets of covers. The standard costs associated with this level of production are: Per Set Total of Covers Direct materials $39,140 $ 19.00 Direct labor $ 9,270 4.50 Variable manufacturing overhead (based on direct labor-hours) $ 3,502 1.70 $25.20
1.What is the labor rate variance ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 2. What is the variable overhead efficiency variance ? ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 3. what is the variable overhead rate variance?
11 21 To produce 1,000 units of the product, the standard prime costs are as follows : Direct materials Materials Kilos 500 Direct labor Per kilo Amount Type Hours Per hour P 5 Amount P 150 A P.10 P. 50 30 20 .30 B 350 400 70 120 Y 20 50 3 2 60 100 310 1,250 240 100 Factory overhead has been estimated at the normal capacity of 1,200 hours as follows : Eixed P 1,200 In producing 10,000 units of the product the company incurred factory overhead of Variable P 2,400 P3.320 and the prime costs of; Direct Materials Per Kilo P.09 Direct labor Type Hours Per hour 275 Amount P 1,402.50 650.70 Materials Kilos Amount P 5.10 540 440 A 6,000 2,000 3,000 11,000 B .22 Y 241 2.70 .33 990 594 1.95 P 1,970 1,158.30 P 3,211.50 1,110
Fritz Corp. manufactures and sells a single product. The company uses a standard cost system. The standard cost per unit of product follows: Materials-1 Ib plastic @ $3.00 $ 3.00 Direct labor-1.6 hr @ $10.00. 16.00 Factory overhead. 4,45 Total. . $23.45 The charges to the manufacturing department for November, when 5,000 units were produced, follow: Materials-5,300 lb @ $3.00. $ 15,900 Direct labor-8,200 hr @ $9.80. 80,360 Factory overhead 23,815 Total. $120,075 The Purchasing department normally buys about the same quantity as is used in production during a month. In November, 5,500 Ib were purchased at a price of $2.90 per pound. Critical Thinking Problem REQUIRED: Calculate the following from standard costs for the data given, using the formulas in Determination of Variances on pages 421-422 and 424: 1. Materials quantity variance. 2. Materials purchase price variance (at time of purchase). 3. Labor efficiency variance. 4. Labor rate variance. 5. Give some reasons as to why both the…