Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Standard Cost Per Hours Standard Price or Rate Unit $ 13.00 $ 4.60 $ 1.20 6.5 ounces $ 2.00 per ounce $ 23.00 per hour $6.00 рer hour Direct materials Direct labor 0.2 hours Variable overhead 0.2 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output 2,700 units 2,800 units Raw materials used in production 19,380 ounces Purchases of raw materials 21,400 ounces Actual direct labor-hours 500 hours $ 40,660 $ 12,050 $ 3,100 Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for June is:

Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Standard Cost Per Hours Standard Price or Rate Unit $ 13.00 $ 4.60 $ 1.20 6.5 ounces $ 2.00 per ounce $ 23.00 per hour $6.00 рer hour Direct materials Direct labor 0.2 hours Variable overhead 0.2 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output 2,700 units 2,800 units Raw materials used in production 19,380 ounces Purchases of raw materials 21,400 ounces Actual direct labor-hours 500 hours $ 40,660 $ 12,050 $ 3,100 Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for June is:

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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James Corporation produces products A, B, and C from a single raw material input in a joint production process. Budgeted data for the next month is as follows: Units produced Per unit sales value at split-off Added processing costs per unit Per unit sales value if processed further Product Product A 1800 2300 B $13.00 $17.00 $ 3.00 $21.00 $5.00 $21.00 Product C 3300 $18.00 $5.00 $26.00 The cost of the joint raw material input is $81,000. Which of the products should be processed beyond the spilt-off point? O All Products A, B, and C O Only Products A and B O Only Products B and C O Only Products A and C Click Save and Submit to save and submit. Click Save All Answers to save all answers
The following data is give for the Walker Company: Budgeted production 1,000 units Actual production 980 units Materials: Standard price per lb $2.00 Standard pounds per completed unit 12 Actual pounds purchased and used in production 11,800 Actual price paid for materials $23,000 Labor: Standard hourly labor rate $14 per pound Standard hours allowed per completed unit 4.5 Actual labor hours worked 4,560 Actual total labor costs $62,928 Overhead: Actual and budgeted fixed overhead…
Sample Problems: 1. A company produces a single product that has the following standard costs: Materials Labor Variable overhead 5 pieces at P4 per piece 3 hours at P10 per hour 3 hours at P15 per hour 3 hours at P5 per hour P20 30 45 15 Fixed overhead Total manufacturing cost P110 The budgeted fixed overhead is P15,000. This is for the budgeted production (the normal capacity level) of 1,000 units requiring total budgeted time of 3,000 hours. During the period, the company produced 1,100 units and incurred the following costs: Materials Labor Variable overhead Fixed overhead Total 5,600 pieces at P3.80 per piece 3,250 hours at P11 per hour 3,250 hours at 14.50 per hour P21,280 35,750 47,125 16,000 P120,155 Prepare variance analysis for materials, labor and overhead.
Computing unit costs at different levels of production Scentsation, Inc., budgeted for 12,000 bottles of perfume Oui during the month of May. The unit cost of Oui was $20, consisting of direct materials, $7; direct labor, $8; and factory overhead,$5 (fixed, $2; variable, $3).a. What would be the unit cost if 10,000 bottles were manufactured? (Hint: You must first determine the total fixed costs.)b. What would be the unit cost if 20,000 bottles were manufactured?c. Explain why a difference occurs in the unit costs.
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A company makes wine glasses for which the following standards have Standard Price Expected Per Unit of Input $2 per ounce $8 per hour Production of 400 glasses was expected in July, but 440 were actually made. Direct materials purchased and used were 2,100 ounces at an actual price of $2.30 per ounce. Direct labor cost for the month was $5,310, and the actual pay per hour was $9.00. been developed: Direct Materials Direct Labor Standard Inputs Expected For Each Unit of Output 5 ounces 1.5 hours Calculate: a) The direct materials variances b) The direct labor variances
Belinda Company has the following budgeted variable costs per unit produced: Direct materials $ 7.50 Direct labour 2.24 Variable overhead: Supplies 0.33 Maintenance 0.17 Power 0.18 Budgeted fixed overhead costs per month include supervision of $68,000, depreciation of $71,000, and other overhead of $205,000. Required: 1. Prepare a flexible budget for all costs of production for the following levels of production: 120,000 units, 130,000 units, and 145,000 units. 2. What is the per-unit total product cost for each of the production levels from Requirement 1? (Round each unit cost to the nearest cent.)
WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for the next month is as follows: Product X Product Y Product Z 1,800 2,300 3,300 $16.00 $19.00 $18.00 Added processing costs per unit $ 3.00 $5.00 $5.00 Per unit sales value if processed further $ 20.00 $ 20.00 $25.00 The cost of the joint raw material input is $71,000. Which of the products should be processed beyond the split-off point? Product XProduct Y Product Z A) yes yes Units produced Per unit sales value at split-off B) yes C) no D) no no yes yes no yes no yes
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A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 45,500 pounds @ $8.20 per pound Direct labor 2 DLH @ $15 per DLH 14,600 hours @ $15.60 per hour Overhead 2 DLH @ $12 per DLH $ 186,100 Units manufactured 7,500 units (1) Prepare the standard cost card showing standard cost per unit.(2) Compute total budgeted cost for June production.(3) Compute total actual cost for June production.(4) Compute total cost variance for June.