FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Topic Video
Question
Inputs | Standard Quantity | Standard Price | ||||
Direct materials | 3.0 | pounds | $4.00 | per pound | ||
Direct labor | 0.50 | hours | $22.00 | per hour | ||
Variable manufacturing |
0.50 | hours | $6.00 | per hour | ||
Actual results: | ||||||
Actual output | 2,000 | units | ||||
Actual variable |
$7,140 | |||||
Actual Quantity | Actual price | |||||
Actual direct materials cost | 6,500 | pounds | $3.80 | per pound | ||
Actual direct labor cost | 1,050 | hours | $21.60 | per hour | ||
Enter a formula into each of the cells marked with a ? below | ||||||
Main Example: Chapter 10 | ||||||
Exhibit 10-4: |
||||||
Standard Quantity Allowed for the Actual Output, at Standard Price | ? | pounds × | ? | per pound = | ||
Actual Quantity of Input, at Standard Price | ? | pounds × | ? | per pound = | ? | |
Actual Quantity of Input, at Actual Price | ? | pounds × | ? | per pound = | ? | |
Direct materials variances: | ||||||
Materials quantity variance | ? | U | ||||
Materials price variance | ? | |||||
Materials spending variance | ? | U | ||||
Exhibit 10-6: Standard Cost Variance Analysis–Direct Labor | ||||||
Standard Hours Allowed for the Actual Output, at Standard Rate | ? | hours × | ? | per hour = | ? | |
Actual Hours of Input, at Standard Rate | ? | hours × | ? | per hour = | ? | |
Actual Hours of Input, at Actual Rate | ? | hours × | ? | per hour = | ? | |
Direct labor variances: | ||||||
Labor efficiency variance | ? | |||||
Labor rate variance | ? | |||||
Labor spending variance | ? | |||||
Exhibit 10-8: Standard Cost Variance Analysis–Variable Manufacturing Overhead | ||||||
Standard Hours Allowed for the Actual Output, at Standard Rate | ? | hours × | ? | per hour = | ? | |
Actual Hours of Input, at Standard Rate | ? | hours × | ? | per hour = | ? | |
Actual Hours of Input, at Actual Rate | ? | hours × | ? | per hour = | ? | |
Variable overhead variances: | ||||||
Variable overhead efficiency variance | ? | |||||
Variable overhead rate variance | ? | |||||
Variable overhead spending variance | ? |
Will you put the Equations too?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Bowie Inc., a manufacturer of earnings, has accumulated the following cost information for products A and B: Production volume Engineering costs incurred Engineering costs per batch Batch size Total direct manufacturing labor hours Direct manufacturing labor hours/unit A $2.67 $4.00 $1.60 B $2.14 $3.00 500 $1.50 $2,000 $800 200 750 1.5 B 1,000 Assuming activity-based costing (ABC) is used, what is the engineering cost per unit for products A and B? $3,000 $1,500 500 1,400 Total $5,000 2,150arrow_forwardCompute conversion costs given the following data: direct materials, $356,600; direct labor, $196,300; factory overhead, $194,500 and selling expenses, $40,900. a.$390,800 b.$153,600 c.$551,100 d.$747,400arrow_forwardCompute conversion costs given the following data: direct materials, $351,300; direct labor, $207,800; factory overhead, $189,700 and selling expenses, $46,300. a. $748,800 b. $143,400 c. $541,000 d. $397,500arrow_forward
- Activity Rates and Product Costs using Activity-Based Costing Lonsdale Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity bases are as follows: Budgeted Activity Activity Cost Activity Base Casting $215,160 Machine hours Assembly 189,550 Direct labor hours Inspecting 30,520 Number of inspections Setup 39,730 Number of setups Materials handling 36,960 Number of loads Corporate records were obtained to estimate the amount of activity to be used by the two products. The estimated activity-base usage quantities and units produced follow: Activity Base Entry Dining Total Machine hours 5,180 4,600 9,780 Direct labor hours 4,460 6,690 11,150 Number of inspections 1,660 520 2,180 Number of setups 230 60 290 Number of loads 700 180 880 Units produced 10,400 5,200 15,600 a. Determine the activity rate for each activity. If required, round the rate to the…arrow_forwardI want to correct answer for this questionarrow_forwardI need c and d partarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education