HKmilk Co. has budgeted fixed manufacturing overheadof $14, 275 and budgeted production of 2,049 units forApril. In April, the fixed overhead volume variance wasfavorable $2,502,and overhead was underapplied by $1,894?What was the actual amount of fixed manufacturingoverhead that HKmilk Co. incurred in April?

In cost accounting, the fixed manufacturing overhead refers to the set costs associated with…

Answered: HKmilk Co. has budgeted fixed…

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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Addo Plc owns many subsidiaries and 25% of Vivian Plc. In the year ended 31 December 2018, Addo Plc sold goods to Vivian for GH¢200,000, earning a gross profit margin of 20%. Vivian Plc held GH¢60,000 of them in its inventories at the year end. By what amount should Addo Plc’s cost of sales be increased when preparing its consolidated statement of profit or loss?
Sheffield Company's standard labor cost per unit of output is $22.00 (2.00 hours x $11 per hour). During August, the company incurs 2,340 hours of direct labor at an hourly cost of $9.90 per hour in making 1,300 units of finished product. Compute the total, price, and quantity labor variances. (Round answers to 2 decimal places, e.g. 52.75.) Total labor variance Labor price variance $ $ Labor quantity variance $
Elm Industries uses a standard cost accounting system. During the month of May, Elm's actual total direct labor costs are $51,450. The direct labor rate variance is $1,800 unfavorable, and the direct labor efficiency variance is $750 favorable. What is the total amount of direct labor costs that Elm applies to its work in process inventory for the month of May? O $50,400 O $51,450 O $52,500 $53,250 O None of the above
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Ryle Manufacturing had worked on two jobs, Job 101 and job 102 last year. The estimated manufacturing overhead for last year was 30,000 fixed and 5 per direct labor hour (variable) and estimated direct labor hours of 2000. The factory overhead control account has a balance of 37,000. Actual hours used for Job 101 was 1200 and Job 102 was 1000. What is the total spending variance?
The standard cost of product 5252 includes 1.9 hours of direct labor at $12.00 per hour. The predetermined overhead rate is $22 per direct labor hour. During July, the company incurred 4,000 hours of direct labor at an average rate of $12.30 per hour and $80,700 of manufacturing overhead costs. It produced 2,000 units. (a) Compute the total, price, and quantity variances for labor. Total labor variance 3160 Unfavorable Labor price variance 800 Unfavorable Labor quantity variance $ 2360 Unfavorable (b) Compute the total overhead variance. Total overhead variance $ 7300 Favorable
The Diamond Manufacturing Company uses a standard cost system for and applies overhead based on machine hours. The following information is available for June: Standard: Machine hours (MH) per unit 2 Fixed overhead rate per MH $5.00 Budgeted fixed overhead $25,000 Actual: Machine hours 4,800 Fixed overhead $26,200 Units produced 2,600 Calculate the fixed overhead budget variance and volume variance for the month of June.
For the stamping department of a manufacturing firm, the standard cost for direct labor is $16 per hour, and the production standard calls for 2,400 stampings per hour. During February, 148 hours were required for actual production of 350,400 stampings. Actual direct labor cost for the stamping department for June was $2,220. Required: a. Complete the performance report for February. b. Calculate the direct labor efficiency and rate variances for February. c. Could reporting the efficiency and rate variances to the appropriate managers improve control over the stamping department's direct labor? Complete this question by entering your answers in the tabs below. Required A Required B Required C Complete the following performance report for February: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct labor Flexed Budget Actual Budget Variance
Annie's Homemade's cost formula for salaries and wages includes managers' salaries of $7,000 per month plus wages of $8.00 per employee labor-hour. In August, Annie's expected to staff 700 employee labor-hours, but actually staffed 780 labor-hours. Required: Calculate the salaries and wages activity variance for August. X Answer is not complete. Salaries and wages activity variance would be Unfavorable
Lucky Company's direct labor information for the month of February is as follows: Actual direct labor hours worked (AQ) Standard direct labor hours allowed (SQ) Total payroll for direct labor Direct labor efficiency variance The direct labor flexible-budget variance for February (rounded to the nearest dollar) was: O $42,300 unfavorable. $44,500 unfavorable. $46,350 unfavorable. $54,900 unfavorable. $18,900 unfavorable. 61,500 63,000 $ 774,900 $ 18,000

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