Jaguar Company uses a standard cost system. The following information pertains to direct labor for product B for the month of October:Standard hours allowed for actual productionActual rate paid per hourStandard rate per hourDL Efficiency VarianceWhat were the actual hours worked?O 1,800O 2,810O 3,200O 3,1903,000$8.40$8.00$1,600 U

Step 1: Use the formula for Direct Labor Efficiency Variance DL Efficiency Variance = (Actual Hours…

Answered: Jaguar Company uses a standard cost…

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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A company has the following information for the month of October. The company applies overhead (OH) costs using standard machine hours as the allocation base. Actual Results Actual variable OH costs Actual fixed OH costs Actual machine hours Actual output Budget (for 1,000 units) Variable OH Fixed OH Budgeted machine hours 1-1 AP $2,500 $4,700 V $1,280 MHS 1,100 units $2,000 $4,400 1,000 MHS Q. What was the company's FMOH volume variance for October? Answer. (Click to select) (Click to select) $440 Favorable $640 Favorable None of the answers are correct $640 Unfavorable $440 Unfavorable
Montana Company uses a standard costing system. The following information pertains to direct labor costs for the month of February: Standard direct labor rate per hour $15.00 Actual direct labor rate per hour $13.50 Labor rate variance $16,500 favorable Actual output 1,000 units Standard hours allowed for actual production 10,000 hours How many actual labor hours were worked during February for Montana Company? a. 10,000 b. 12,000 c. 11,000 d. 9,000
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The following labour standards have been established for a particular product: Standard labour hours per unit of 8.3 output SINOy Standard labour rate $12.10 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 6,100 hours Actual total labour cost $71,370 Actual output 900 units What is the labour rate variance for the month? Select one: search ■ 童 0 2) acer BAR DO
Compute for Requirement #1,2,3
Standard Price or Rate P6.00 per meter Direct Materials Direct Labor Variable Factory Overhead P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to custorners. The following are the selected production data for the month: Materials Direct Labor P52,500 Variable used P84,000 P75,000 P6,000 U FOH P21,000 P18,000 Standard Cost allowed Actual cost incurred Materials Quantity variance Actual direct labor hours Standard FOH rate per direct labor hour Standard Price per meter 7,500 hours P3.00/hr. P6.00 /m. The difference between the standard and actual cost per unit produced is PO.15 favorable. Required: Compute the following: 1. The standard cost per unit of product. 2. The actual cost per unit of product. 3. Standard Quantity per unit. 4. Material Price variance. 5. Standard direct labor rate per hour. 6. Labor Rate variance. 7. Labor Efficiency variance 8. Variable Factory…
Compute for Requirements #7,8,9
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Question 1: The following information relating to production and mixed costs are extracted from the book of a manufacturing fırm: Months Production (Units) Mixed costs January 6,800 $31,580 February 6,400 $30,420 March 7,200 $32,740 April 8,000 $35,060 May 6,600 $31,000 June 7,000 $32,160 Requirements: 1. Using high and low method, estimate the variable cost per unit and the fixed costs elements from the above information 2. Express the variable and fixed costs in the form Y=a+bx
Vala
Question Content Area The standard costs and actual costs for factory overhead for the manufacture of 2,900 units of actual production are as follows: Standard Costs Line Item Description Value Fixed overhead (based on 10,000 hours) 3 hours per unit at $0.70 per hour Variable overhead 3 hours per unit at $1.93 per hour Actual Costs Total variable cost, $18,000 Total fixed cost, $8,200 The fixed factory overhead volume variance is a. $0 b. $728 unfavorable c. $910 unfavorable d. $728 favorable
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