StandardActual6 lbs. @ $8 per lb.2 hrs. @ $16 per hr.2 hrs. @ $13 per hr.42,400 lbs. @ $8.10 per lb.13,700 hrs. @ $16.50 per hr.$188,0007,000Direct materialsDirect laborOverheadUnits manufactured(1) Compute the standard cost per unit.(2) Compute the total cost variance for June.Complete this question by entering your answers in the tabs below.Required 1Required 2Compute the total cost variance for June. (Indicate the effect of each variance by selecting for favorable, unfavorable, and novariance.)Total cost variance< Required 1Required 2 >

Name: StandardActual6 lbs. @ $8 per lb.2 hrs. @ $16 per hr.2 hrs. @ $13 per
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Description: StandardActual6 lbs. @ $8 per lb.2 hrs. @ $16 per hr.2 hrs. @ $13 per hr.42,400 lbs. @ $8.10 per lb.13,700 hrs. @ $16.50 per hr.$188,0007,000Direct materialsDirect laborOverheadUnits manufactured(1) Compute the standard cost per unit.(2) Compute the

Variance refers to the difference what firm have expected and the actual result. This term is…

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Standard 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $13 per hr. Actual 42,400 lbs. @ $8.10 per lb. 13,700 hrs. @ $16.50 per hr. $188,000 7,000 Direct materials Direct labor Overhead Units manufactured (1) Compute the standard cost per unit. (2) Compute the total cost variance for June.

Standard 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $13 per hr. Actual 42,400 lbs. @ $8.10 per lb. 13,700 hrs. @ $16.50 per hr. $188,000 7,000 Direct materials Direct labor Overhead Units manufactured (1) Compute the standard cost per unit. (2) Compute the total cost variance for June.

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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Direct Materials and Direct Labor Variance Analysis Abbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has 30 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Standard wage per hour $12 Standard labor time per unit 15 min. Standard number of lbs. of brass 1.5 lbs. Standard price per lb. of brass $11.25 Actual price per lb. of brass $11.5 Actual lbs. of brass used during the week 9,734 lbs. Number of units produced during the week 6,300 Actual wage per hour $12.36 Actual hours for the week (30 employees × 40 hours) 1,200 hrs. Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit $fill in the blank 1 Direct labor standard cost per unit $fill in the blank 2 Total standard cost per unit $fill in…
Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 40 employees. Each employee presently provides 32 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $10.80 Standard labor time per faucet 10 min. Standard number of lb. of brass 1.30 lb. Standard price per lb. of brass $9.75 Actual price per lb. of brass $10.00 Actual lb. of brass used during the week 11,600 lb. Number of faucets produced during the week 8,700 Actual wage per hr. $11.10 Actual hrs. per week 1,280 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places. b. 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…
Direct materials Direct labor Variable overhead 6.5 ounces 0.2 hours 0.2 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost ➡ 2,700 2,800 19,380 21,400 x 500 $ 40,660 $ 12,050 $3,100 The variable overhead Efficiency variance for June is: $360 F $360 U $372 U $372 F $ 2.00 per ounce $23.00 per hour $6.00 per hour The company applies variable overhead on the basis of direct labor-hours. units units ounces ounces hours $ 13.00 $4.60 $1.20
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Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $13.80 Standard labor time per faucet 15 min. Standard number of lb. of brass 1.80 lb. Standard price per lb. of brass $10.00 Actual price per lb. of brass $10.25 Actual lb. of brass used during the week 12,800 lb. Number of faucets produced during the week 6,900 Actual wage per hr. $14.20 Actual hrs. per week 1,800 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit $ Direct labor standard cost per unit $ Total standard cost per unit $ b. Determine the direct materials price variance, direct…
MC Qu. 10-65 Assume that... Cost standards for one unit of product no. C77: Direct material Direct labor 3 pounds at $2.70 per pound 7 hours at $7.50 per hour Actual results: Units produced 5,900 units Direct material purchased Direct material used 27,000 pounds at $2.90 17,400 pounds at $2.90 41,500 hours at $7.30 Direct labor Assume that the company computes variances at the earliest point in time. The standard hours allowed for the work performed are: Multiple Choice O 40,250. 41,450. 41,300. 41,200. None of the answers is correct. O $ 8.10 52.50 $ 78,300 50,460 302,950
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