esEnter your answers in the tabs below.Required A Required BCompute the total overhead variance and identify it as favorable or unfavorable.Total Overhead VarianceActual total overheadStandard overhead appliedTotal overhead variance< Required ARequired A Required BTextEnter your answers in the tabs below.Compute the controllable variance and identify it as favorable or unfavorable.Controllable varianceRequired B >Actual total overheadBudgeted (flexible) overheadBudgeted variable overheadBudgeted fixed overhead (unchanged)Budgeted (flexible) overheadControllable variance< Required ARequired B !Required informationUse the following information for the Quick Study below. (Algo)[The following information applies to the questions displayed below.]AirPro Corporation reports the following for this period.Actual total overhead.Standard overhead appliedBudgeted (flexible) variable overhead rateBudgeted fixed overhead.Predicted activity levelActual activity level.$ 28,625$ 31,000Enter your answers in the tabs below.$ 2.10 per unit$ 11,30011,300 units10,000 unitsQS 21-15 (Algo) Total overhead and controllable variances LO P4

Name: esEnter your answers in the tabs below.Required A Required BCompute t
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Description: esEnter your answers in the tabs below.Required A Required BCompute the total overhead variance and identify it as favorable or unfavorable.Total Overhead VarianceActual total overheadStandard overhead appliedTotal overhead variance< Required ARequi

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Business

Accounting

Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] AirPro Corporation reports the following for this period. Actual total overhead Standard overhead applied. Budgeted (flexible) variable overhead rate Budgeted fixed overhead Predicted activity level Actual activity level $ 28,625 $ 31,000 $ 2.10 per unit $ 11,300 11,300 units 10,000 units QS 21-15 (Algo) Total overhead and controllable variances LO P4 4

Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] AirPro Corporation reports the following for this period. Actual total overhead Standard overhead applied. Budgeted (flexible) variable overhead rate Budgeted fixed overhead Predicted activity level Actual activity level $ 28,625 $ 31,000 $ 2.10 per unit $ 11,300 11,300 units 10,000 units QS 21-15 (Algo) Total overhead and controllable variances LO P4 4

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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I. PROBLEM SOLVINGAnswer the following items on the space provided. Show your computations.At the beginning of 201A, ABC Company had the following standard costs for one (1) of its chemical products:Direct material (3 pounds at P3.20) P9.60Labor standard (0.9 hours at P9.00) 8.10Variable overhead (0.9 hours at P1.50) 1.35Fixed overhead (0.9 hours at P4.00) 3.60Total P22.65ABC computes its overhead rates using budgeted capacity, which is 144,000 units. Actual results for 201Aare:Units produced 140,000 unitsMaterials purchased 421,175 lbs. at P3.30Materials used 421,000 lbs.Direct labor 128,750 hrs at P8.90Fixed overhead P517,525Variable overhead 218,000Required: Indicate whether conditions are favorable or unfavorable. 1. Material purchase price variance (MPPV)2. Material price usage variance (MPUV)3. Material quantity variance (MQV)4. Labor rate variance (LRV)5. Labor efficiency variance (LEV)6. Variable overhead (VOH) rate variance7. VOH efficiency variance8. Fixed overhead (FOH)…
I. PROBLEM SOLVINGAnswer the following items on the space provided. Show your computations.At the beginning of 201A, ABC Company had the following standard costs for one (1) of its chemical products:Direct material (3 pounds at P3.20) P9.60Labor standard (0.9 hours at P9.00) 8.10Variable overhead (0.9 hours at P1.50) 1.35Fixed overhead (0.9 hours at P4.00) 3.60Total P22.65ABC computes its overhead rates using budgeted capacity, which is 144,000 units. Actual results for 201Aare:Units produced 140,000 unitsMaterials purchased 421,175 lbs. at P3.30Materials used 421,000 lbs.Direct labor 128,750 hrs at P8.90Fixed overhead P517,525Variable overhead 218,000Required: Indicate whether conditions are favorable or unfavorable. 4. Labor rate variance (LRV)5. Labor efficiency variance (LEV)6. Variable overhead (VOH) rate variance7. VOH efficiency variance8. Fixed overhead (FOH) spending variance9. FOH volume variance
Problem 5A-8 (Algo) High-Low Method; Predicting Cost [LO5 - 10] Nova Company's total overhead cost at various levels of activity are presented below: Month Machine - Hours Total Overhead Cost April 47,000 $ 201, 500 May 37,000 $ 175, 500 June 57,000 S 227, 500 July 67,000 $ 253, 500 Assume the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 37,000 machine - hour level of activity is: Utilities (variable) S 51, 800 Supervisory salaries (fixed) 66, 000 Maintenance ( mixed) 57,700 Total overhead cost $ 175, 500 Nova Company's management wants to break down the maintenance cost into its variable and fixed cost elements. Required: Estimate how much of the $253, 500 of overhead cost in July was maintenance cost. (Hint: To do this, it may be helpful to first determine how much of the $253, 500 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs.) Using the high-low…
(1) calculate the overhead assigned rate (note their order from above): Overhead Cost Items Estimated Overhead Cost Driver Activity Levels Activity Rate Purchasing $70,000 ? ? ? Handling materials $33,350 ? ? ? Machine setups $70,500 ? ? ? Inspections $25,500 ? ? ? Utilities $45,000 ? ? ? (2) calculate the total order cost (again, note their order from above): Activity Cost Drivers Activity Levels Activity Rate Assigned Costs ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Total Order Cost ?
ngageNOWv2 | Online teachin X + om/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... € Compute conversion costs given the following data: direct materials, $363,600; direct labor, $192,400; factory overhead, $204,500 and selling expenses, $35,600. Oa. $396,900 Ob. $568.100 Oc. $168,900 Od. $760,500 8 5/2
From your readings and videos, you learned about cost estimation using the high low method. A company has captured two sets of data to estimate maintenance cost. Using the information below, estimate total maintenance should activity level reach 8,700 machine hours. Machine Maintenance Hours Cost per Machine Hour 10,000 8,000 $0.20 $0.25 Hi Low Select one: O a, $3,450 O b. $2,450 O c. $1,000 O d. $2,000 O e. $500
CLASS ACTIVITY:CASE PROBLEM The Overland Company wants to develop a cost estimating equation for its monthly cost of electricity. It has the following data: Month Electricity Cost Direct Labor January April July October P6,750 7,500 8,500 7,250 Hours 1,500 1,700 2,000 1,600 Required: Determine the following using the high-low method. a. Variable cost per hour b. Fixed Cost Cost equation/function d. How much is the total cost with 2,200 labor hours? C.
B NOWv2 | Online teachir X + ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... Ⓒ Thomlin Company forecasts that total factory overhead for the current year will be $17,280,000 with 180,000 total machine hours. Year to date, the actual overhead is $8,220,000, and the actual machine hours are 82,200 hours. If Thomlin Company uses a predetermined factory overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is a. $328,800 underapplied Ob. $391,200 overapplied Oc. $328,800 overapplied Od. $391,200 underapplied 8:15 A 5/2/202 H U a 1 C
! Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Trini Company set the following standard costs per unit for its single product $ 153.00 Direct materials (30 pounds @ $5.10 per pound) Direct labor (4 hours @ $15 per hour) Variable overhead (4 hours @ $6 per hour) Fixed overhead (4 hours @ $11 per hour) 60.00 24.00 44.00 Standard cost per unit $ 281.00 Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 68,000 units per quarter. The following additional information is available. Operating Levels 80% 54,400 217,600 70% 90% Production (in units) Standard direct labor hours (4 DLH/unit) Budgeted overhead (flexible budget) 47,600 190,400 61, 200 244,800 $ 2,393,600 $ 1,142,400 $ 2,393, 600 $ 1,305, 600 $ 2,393,600 $ 1,468,800 Fixed overhead Variable overhead During the current quarter, the…
Deidoro Company has provided the following data for maintenance cost: Machine hours Maintenance cost Multiple Choice Maintenance cost is a mixed cost with variable and fixed components. The fixed and variable components of maintenance cost are closest to: (Round your intermediate calculations to 2 decimal places.) O O Prior Year 17,100 20,100 $ 29,400 $ 34,200 $29,400 per year; $1.701 per machine hour Current Year $2,040 per year; $1.701 per machine hour $2,040 per year; $1.600 per machine hour $29,400 per year; $1.600 per machine hour
O & https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%25 E pter 1 Assignment i Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Variable cost per unit sold W 90% Save & E= Che
Required information (The following information applies to the questions displayed below.) Textra produces parts for a machine manufacturer. Parts go through two departments, Molding and Trimming. The company budgets overhead cost of $243,750 in the Molding department and $203,750 in the Trimming department. The company budgets 16,000 machine hours (MH) in Molding and 25,000 direct labor hours (DLH) in Trimming. Actual production information follows. Number of Units 3,000 4,000 Molding Department Hours per Unit 2.0 MH per unit 2.5 MH per unit Trimming Department Total Hours 6,000 MH 10,000 MH 16,000 MH Hours per Unit 3 DLH per unit 4 DLH per unit Total Hours 9,000 DLH 16,000 DLH 25,000 DLH Part z Part X Totals Required: 1. Compute the plantwide overhead rate using direct labor hours as the allocation base. 2. Determine the overhead cost per unit for each part using the plantwide rate.