Jse The following information to compute all of the material variances and labour variances:- Standard cost per unit: Material 50kg @50 per kg Labour 400hours @$1 per hour Actual cost for month: Material 4900kgs @$52 per kg Labour 39600 hours @$1.10 per hour Actual Production 100 units

Jse The following information to compute all of the material variances and labour variances:- Standard cost per unit: Material 50kg @50 per kg Labour 400hours @$1 per hour Actual cost for month: Material 4900kgs @$52 per kg Labour 39600 hours @$1.10 per hour Actual Production 100 units

Name: Use The following information to computeall of the material variances
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Description: Use The following information to computeall of the material variances and labourvariances:-Standard cost per unit:Material 50kg @50 per kgLabour 400hours @$1 per hourActual cost for month:Material 4900kgs @$52 per kgLabour 39600 hours @$1.10 per hou

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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The following actual and standard cost data for direct material and direct labor relate to the production of 4,00 Actual Costs Standard Costs Direct Material 7,700 lb. $2.65 8,000 lb. @ $2.50 Direct Labor 3,470 hrs. @ $19.90 3,500 hrs. @ $20.00 Determine the materials price variance. Select one: a. $1,200 F b. $1,200 U c. $1,155 U d. $1,155 F e. None of the above
Wham Berhad operates a standard costing system and analysis of variances is made every month. The standard cost card is as follows for a unit of product: RM Direct materials 0.5kg at RM 4/kg 2.00 Direct labour 2 hours at RM 2/hour 4.00 Variable overheads 2 hours at RM 0.30/hour 0.60 Fixed overhead 2 hours at RM 3.70/hour 7.40 Standard cost 14.00 Standard profit 6.00 Standard selling price 20.00 Budgeted output for the month of January 2021 was 5,100 units. Actual results were as follows: Production of 4,850 units were sold for RM95,600 Materials consumed in production amounted to 2,300 kgs at a total cost of RM9,800 Labour hours paid amounted to 8,500 hours at a cost of RM16,800 Actual hours worked amounted to…
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required a. Material Price Variance and Material Quantity Variance b. Labor Rate Variance and Labor Efficiency Variance
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Wham Berhad operates a standard costing system and analysis of variances is made every month The standard cost card is as follows for a unit of product: RM 2.00 0.5kg at RM 4/kg 2 hours at RM 2/hour Direct materials 4.00 Direct labour Variable overheads 2 hours at RM 0.30/hour 0.60 7.40 14.00 Fixed overhead 2 hours at RM 3.70/hour Standard cost Standard profit Standard selling price 6.00 20.00 Budgeted output for the month of January 2021 was 5,100 units. Actual results were as follows: Production of 4,850 units were sold for RM95,600 Materials consumed in production amounted to 2,300 kgs at a total cost of RM9.800 Labour hours paid amounted to 8,500 hours at a cost of RM16,800 Actual hours worked amounted to 8,000 hours Variable overheads amounted to RM2,600 Fixed overheads amounted to RM42,300 I Required: a. Calculate ALL variances and prepare and operating statement for the month ending 31 January 2021. b. Critically evaluate the importance of setting standards in management…
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required Material Price Variance and Material Quantity Variance Labor Rate Variance and Labor Efficiency Variance Entries in general journal to record the above information What do you realize whether the overall variation is in favorable or unfavorable?
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Upon your review of Shalom Company's standard cost card. You found the following information: Standards: Material Labor Actual: Production Material Labor 5.0 feet per unit @ P4.00 per foot 3.0 hours per unit @ 35.00 per hour 2,800 units produced during the month 14,500 feet used; 15,100 feet purchased @ P3.70 per foot 8,150 direct labor hours @ P36.00 per hour Determine the variances based on the information above. Indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit costs be in whole numbers. Example: 88 Format of percentages: 88% Words must be in capital letters. What is the labor efficiency variance?
ActualProduced = 5,000 unitsMaterials = 15,000 yards purchased and used @ 3.00 per yardLabor = 12,000 DLH @ 4.5 per hourStandardMaterials = 3.5 yards/unit @ 2.00 per yardLabor = 2.5 yards/unit @ 5.5 per hourSolve for the material usage variance