FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- he following data are given for Bahia Company: Budgeted production 1,032 units Actual production 954 units Materials: Standard price per pound $1.816 Standard pounds per completed unit 10 Actual pounds purchased and used in production 9,254 Actual price paid for materials $18,971 Labor: Standard hourly labor rate $14.44 per hour Standard hours allowed per completed unit 4.3 Actual labor hours worked 4,913.1 Actual total labor costs $74,925 Overhead: Actual and budgeted fixed overhead $1,062,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $137,567 Overhead is applied on standard labor hours. The variable factory overhead controllable variance is a.$80,267.44 unfavorable b.$80,267.44 favorable c.$35,012.00 unfavorable d.$35,012.00 favorablearrow_forwardMerlyn Company has the following budgeted variable costs per unit produced: DIRECT MATRERIALS $5.50 direct labour 2.8 Variable overhead supplies 0.65 maitenance 0.25 power 0.17 Budgeted fixed overhead costs per month include supervision of $60,000, depreciation of $71,000, and other overhead of $175,000. Required: 1. Prepare a flexible budget for all costs of production for the following levels of production: 150,000 units, and 185,000 units.arrow_forwardCalculate the total, fixed, and variable predetermined manufacturing overhead rates. (Round answers to 2 decimal places, e.g. 15.25.) Variable manufacturing overhead $ Fixed manufacturing overhead Total manufacturing overhead $ Total overhead variance Budget overhead variance Volume overhead variance Rate Calculate the total, budget, and volume overhead variances.arrow_forward
- Subject: acountingarrow_forwardDogarrow_forwardThe following data is given for the Bahia Company: Budgeted production 1,093 units Actual production 930 units Materials: Standard price per pound $1.884 Standard pounds per completed unit 11 Actual pounds purchased and used in production 9,923 Actual price paid for materials $20,342 Labor: Standard hourly labor rate $14.83 per hour Standard hours allowed per completed unit 4.7 Actual labor hours worked 4,789.5 Actual total labor costs $73,040 Overhead: Actual and budgeted fixed overhead $1,001,000 Standard variable overhead rate $26.00 per standard labor hour Actual variable overhead costs $134,106 Overhead is applied on standard labor hours. The variable factory overhead controllable variance isarrow_forward
- Answer both/allarrow_forwardThe following data are given for Stringer Company: Budgeted production 930 units Actual production 1,042 units Materials: Standard price per ounce $1.94 Standard ounces per completed unit 12 Actual ounces purchased and used in production 12,879 Actual price paid for materials $26,402 Labor: Standard hourly labor rate $14.40 per hour Standard hours allowed per completed unit 4.4 Actual labor hours worked 5,366.3 Actual total labor costs $81,836 Overhead: Actual and budgeted fixed overhead $1,110,000 Standard variable overhead rate $28.00 per standard labor hour Actual variable overhead costs $150,256 Overhead is applied on standard labor hours. The direct materials quantity variance is O a. 1,416.74 favorable Ob. 1,416.74 unfavorable Oc. 727.50 unfavorable Od. 727.50 favorablearrow_forwarddo not give solution in image formatarrow_forward
- The following data are given for Stringer Company: Line Item Description Value Budgeted production 940 units Actual production 1,045 units Materials: Standard price per ounce $1.78 Standard ounces per completed unit 11 Actual ounces purchased and used in production 11,840 Actual price paid for materials $24,272 Labor: Standard hourly labor rate $14.00 per hour Standard hours allowed per completed unit 4.4 Actual labor hours worked 5,381.75 Actual total labor costs $82,072 Overhead: Actual and budgeted fixed overhead $1,099,000 Standard variable overhead rate $24.00 per standard labor hour Actual variable overhead costs $150,689 Overhead is applied on standard labor hours. The direct materials quantity variance is a. 3,196.80 favorable b. 3,196.80 unfavorable c. 614.10 unfavorable d. 614.10 favorablearrow_forwardhharrow_forwardRoget Factory has budgeted factory overhead for the year at $15,500,000. It plans to produce 2,000,000 units of product. Budgeted direct labor hours are 1,050,000, and budgeted machine hours are 750,000. Using a single plantwide factory overhead rate based on direct labor hours, the factory overhead rate for the year is a. $20.67 b. $77.50 c. $7.75 Od. $14.76arrow_forward
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