May you help me with this please rObj. 3, 4Road Gripper Tire Co. manufactures automobile tires. Standard costs and actualcosts for direct materials, direct labor, and factory overhead incurred for themanufacture of 4,160 tires were as follows:Direct materialsDirect laborFactory overheadStandard Costs100,000 lb. at $6.402,080 hrs. at $15.75Rates per direct labor hr.,based on 100% of normalcapacity of 2,000 directlabor hrs.:Variable cost, $4.00Fixed cost, $6.00Each tire requires 0.5 hour of direct labor.Actual Costs101,000 lb. at $6.502,000 hrs. at $15.40$8,200 variable cost$12,000 fixed costExcel A32 b.333435363738394041424344454647484950 c.C.5152535455>BRate variance:сActual rate per hourStandard rate per hourVarianceActual hoursDirect labor rate varianceTime variance:Actual direct labor hoursStandard direct labor hoursVarianceStandard rate per hourDirect labor time varianceTotal direct labor cost variancePr. 23-3BD E F GDirect Labor Cost VarianceVariable factory overhead controllable variance:Actual variable FO cost incurredBudgeted variable FO cost for 2,080 hrs.Variance+Factory Overhead Cost VarianceHJK LMNOIPAlternative Computation of Overhead Variances:Actual costsBalance◄QR STUV W X YZ AAFactory OverheadApplied costsAIACA▲

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Description: May you help me with this please rObj. 3, 4Road Gripper Tire Co. manufactures automobile tires. Standard costs and actualcosts for direct materials, direct labor, and factory overhead incurred for themanufacture of 4,160 tires were as follows:Direct

A direct labor cost variance is a variance with the help of ascertaining such type of variance a…

Business

Accounting

Rate variance: Actual rate per hour Standard rate per hour Variance Actual hours Direct labor rate variance Time variance: Actual direct labor hours Standard direct labor hours Variance Standard rate per hour Direct labor time variance Total direct labor cost variance Direct Labor Cost Variance Factory Overhead Cost Variance Variable factory overhead controllable variance: Actual variable FO cost incurred Budgeted variable FO cost for 2,080 hrs. Variance Pr. 23-3B

Rate variance: Actual rate per hour Standard rate per hour Variance Actual hours Direct labor rate variance Time variance: Actual direct labor hours Standard direct labor hours Variance Standard rate per hour Direct labor time variance Total direct labor cost variance Direct Labor Cost Variance Factory Overhead Cost Variance Variable factory overhead controllable variance: Actual variable FO cost incurred Budgeted variable FO cost for 2,080 hrs. Variance Pr. 23-3B

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
Neelopak Berhad prepared the standard cost data for one of their products.Direct Labour (0.65 hours @ RM11) RM7.15Direct Materials (5 meters @ RM5) RM25Variable Overhead (0.65 hours @ RM7) RM4.55Fixed Overhead (0.65 hours @ RM3) RM1.95Standard cost per unit RM38.65There is the actual cost data information:Production 7,500 unitDirect materials used (23500 meter) RM124,550Direct materials purchasing (24,000 meter) RM132,000Direct labor (3000 hours) RM34,500Variable overhead RM21,600Fixed overhead RM7,800Budgeted activities are 2,600 hours.You are required to calculate:iv) Variance of direct labors’ efficiencyv) Variance of variable overhead expensesvi) Variance of variable overhead’s efficiencyvii) Variance of fixed overhead expensesviii) Variance of fixed overhead volume
Neelopak Berhad prepared the standard cost data for one of their products.Direct Labour (0.65 hours @ RM11) RM7.15Direct Materials (5 meters @ RM5) RM25Variable Overhead (0.65 hours @ RM7) RM4.55Fixed Overhead (0.65 hours @ RM3) RM1.95Standard cost per unit RM38.65There is the actual cost data information:Production 7,500 unitDirect materials used (23500 meter) RM124,550Direct materials purchasing (24,000 meter) RM132,000Direct labor (3000 hours) RM34,500Variable overhead RM21,600Fixed overhead RM7,800Budgeted activities are 2,600 hours.You are required to calculate:vii) Variance of fixed overhead expensesviii) Variance of fixed overhead volume
Road Gripper Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,160 tires were as follows: Standard Costs Actual Costs Direct materials 100,000 lbs. at $6.40 101,000 lbs. at $6.50 Direct labor 2,080 hrs. at $15.75 2,000 hrs. at $15.40 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 2,000 direct labor hrs.: Variable cost, $4.00 $8,200 variable cost Fixed cost, $6.00 $12,000 fixed cost Each tire requires 0.5 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance $ Quantity variance $ Total direct materials cost variance $ b. Determine the direct…
Neelopak Berhad prepared the standard cost data for one of their products.Direct Labour (0.65 hours @ RM11) RM7.15Direct Materials (5 meters @ RM5) RM25Variable Overhead (0.65 hours @ RM7) RM4.55Fixed Overhead (0.65 hours @ RM3) RM1.95Standard cost per unit RM38.65There is the actual cost data information:Production 7,500 unitDirect materials used (23500 meter) RM124,550Direct materials purchasing (24,000 meter) RM132,000Direct labor (3000 hours) RM34,500Variable overhead RM21,600Fixed overhead RM7,800Budgeted activities are 2,600 hours.You are required to calculate:i) Variance of direct materials priceii) Variance of direct materials usediii) Variance of direct labor charge rateiv) Variance of direct labors’ efficiencyv) Variance of variable overhead expensesvi) Variance of variable overhead’s efficiencyvii) Variance of fixed overhead expensesviii) Variance of fixed overhead volume
XYZ Company provided the following information regarding Product XY: Direct material costs OMR3 unit of product; Direct labor costs OMR5 per direct labor hour, Predetermined overhead rate OMR10 per direct per labor hour. The cost of a job for 550 units of product XY, which uses a total of 150 direct labor hours, is: Select one: O a. OMR4,050 O b. OMR3,900 O c. OMR9,900 O d. None of the answers given O e. OMR5,900
A Company establishes the following standards for the costs of one unit of its product. The standard production overhead costs per unit are bascd on direct-labor hours. Calculation for standard per unit cost is as follows: Std Cost Std Qty 3.00 kg | Direct Material Direct Labor Variable Overhead Fixed Overhead* |Total *based on practical capacity of 20,000 direct-labor hour per month Std Price/Rate $ 8.25 per kg $ 10.00 per hour $ 10.00 per hour $ 7.50 per hour 24.75 $ 20.00 2.00 hour $ 20.00 2.00 hour 15.00 2.00 hour 79.75 During December 2020, the Company purchased 30,000 kg of direct material at a total cost of $246,000. The total wages for December were $260,000, 75% of which were for direct labor. The Company manufactured 9,500 units of product during December 2020, using 28,400 kg of the direct material purchased in December and 18,900 direct-labor hours. Actual variable and fixed overhead cost were $200,000 and $150,000, respectively. The scheduled production for the month was…
Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (cork board) 4.50 sq. ft. $ 2.60 per sq. ft. $ 11.70 Direct labor 1 hrs. $ 10.00 per hr. 10.00 Variable manufacturing overhead (based on direct labor hours) 1 hrs. $ 0.75 per hr. 0.75 Fixed manufacturing overhead ($22,000 ÷ 110,000 units) 0.20 Bullseye has the following actual results for the month of September: Number of units produced and sold 90,000 Number of square feet of corkboard used 420,000 Cost of corkboard used $ 1,134,000 Number of labor hours worked 100,000 Direct labor cost $ 910,000 Variable overhead cost $ 74,000 Fixed overhead cost $ 56,000 Required:1. Calculate the direct materials price, quantity, and total spending variances for Bullseye.2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye.3. Calculate…
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