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Standard Costs materials t labor 192,400 lbs. at $5.10 per lb. 18,500 hrs. at $16.90 per hr. Actual Costs 190,500 lbs. at $5.00 per lb. 18,930 hrs. at $17.30 per hr. ry overhead Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.: $67,770 variable cost $111,998 fixed cost Variable cost, $3.70 Fixed cost, $5.80 unit requires 0.25 hour of direct labor. uired: etermine 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. ct Materials Price Variance ect Materials Quantity Variance Direct Materials Cost Variance Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. ect Labor Rate Variance ect Labor Time Variance al Direct Labor Cost Variance Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as

Standard Costs materials t labor 192,400 lbs. at $5.10 per lb. 18,500 hrs. at $16.90 per hr. Actual Costs 190,500 lbs. at $5.00 per lb. 18,930 hrs. at $17.30 per hr. ry overhead Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.: $67,770 variable cost $111,998 fixed cost Variable cost, $3.70 Fixed cost, $5.80 unit requires 0.25 hour of direct labor. uired: etermine 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. ct Materials Price Variance ect Materials Quantity Variance Direct Materials Cost Variance Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. ect Labor Rate Variance ect Labor Time Variance al Direct Labor Cost Variance Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter9: Evaluating Variances From Standard Costs
Section: Chapter Questions
Problem 3PA: Direct materials, direct labor, and factory overhead cost variance analysis Mackinaw Inc. processes...
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Santiago Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows: Actual Costs Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Standard Costs Direct materials 192,400 lbs. at $5.10 per lb. 190,500 lbs. at $5.00 per lb. Direct labor 18,500 hrs. at $16.90 per hr. 18,930 hrs. at $17.30 per hr. Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $3.70 Fixed cost, $5.80 $67,770 variable cost $111,998 fixed cost Each unit requires 0.25 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. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance c. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance 1
Transcribed Image Text:Santiago Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows: Actual Costs Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Standard Costs Direct materials 192,400 lbs. at $5.10 per lb. 190,500 lbs. at $5.00 per lb. Direct labor 18,500 hrs. at $16.90 per hr. 18,930 hrs. at $17.30 per hr. Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $3.70 Fixed cost, $5.80 $67,770 variable cost $111,998 fixed cost Each unit requires 0.25 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. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance c. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance 1
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