The following data are given for Bahia Company:Budgeted production (at 100% of normal capacity)Actual productionMaterials:Standard price per poundStandard pounds per completed unitActual pounds purchased and used in productionActual price paid for materialsLabor:Standard hourly labor rateStandard hours allowed per completed unitActual labor hours workedActual total labor costsOverhead:Actual and budgeted fixed overheadStandard variable overhead rateActual variable overhead costs1,054 units902 units$1.931210,499$21,523$14.67 per hour4.84,645.3$70,841$1,035,000$26.00 per standard labor hour$130,068Overhead is applied on standard labor hours. Round your final answer to the nearest dollar. Do not round intThe fixed factory overhead volume variance is

Name: The following data are given for Bahia Company:Budgeted production (a
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Description: The following data are given for Bahia Company:Budgeted production (at 100% of normal capacity)Actual productionMaterials:Standard price per poundStandard pounds per completed unitActual pounds purchased and used in productionActual price paid for m

The variance is the difference between the costs estimated and the actual costs incurred. If the…

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The following data are given for Bahia Company: Budgeted production (at 100% of normal capacity) Actual production Materials: Standard price per pound Standard pounds per completed unit Actual pounds purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs Overhead: 1,054 units 902 units $1.93 12 10,499 $21,523 $14.67 per hour 4.8 4,645.3 $70,841 $1,035,000 $26.00 per standard labor hour Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs $130,068 Overhead is applied on standard labor hours. Round your final answer to the nearest dollar. Do not round The fixed factory overhead volume variance is

The following data are given for Bahia Company: Budgeted production (at 100% of normal capacity) Actual production Materials: Standard price per pound Standard pounds per completed unit Actual pounds purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs Overhead: 1,054 units 902 units $1.93 12 10,499 $21,523 $14.67 per hour 4.8 4,645.3 $70,841 $1,035,000 $26.00 per standard labor hour Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs $130,068 Overhead is applied on standard labor hours. Round your final answer to the nearest dollar. Do not round The fixed factory overhead volume variance 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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The following data is given for the Bahia Company: Budgeted production 1,094 units Actual production 919 units Materials: Standard price per pound $1.861 Standard pounds per completed unit 12 Actual pounds purchased and used in production 10,697 Actual price paid for materials $21,929 Labor: Standard hourly labor rate $14.09 per hour Standard hours allowed per completed unit 4.5 Actual labor hours worked 4,732.85 Actual total labor costs $72,176 Overhead: Actual and budgeted fixed overhead $1,021,000 Standard variable overhead rate $28.00 per standard labor hour Actual variable overhead costs $132,520 Overhead is applied on standard labor hours. The variable factory overhead controllable variance is a.$163,322.67 unfavorable b.$163,322.67 favorable c.$16,726.00 unfavorable d.$16,726.00 favorable
Consider the following data for two products of Vigano Manufacturing. Activity Budgeted Cost Activity Driver Machine setup $ 19,000 (20 machine setups) Parts handling 15,200 (16,000 parts) Quality inspections 22,800 (100 inspections) Total budgeted overhead $ 57,000 Unit Information Product A Product B Units produced 1,900 units 380 units Direct materials cost $ 29 per unit $ 39 per unit Direct labor cost $ 49 per unit $ 59 per unit Direct labor hours 2 per unit 2.50 per unit 1. Using a plantwide overhead rate based on 4,750 direct labor hours, compute the total product cost per unit for each product.2. Consider the following additional information about these two products. If activity-based costing is used to allocate overhead cost, (a) compute overhead activity rates, (b) allocate overhead cost to Product A and Product B and compute overhead cost per unit for each, and (c) compute product cost per unit for each. Actual Activity Usage Product A…
Kirchoff.,manufactures a product with the following costs:Direct materials 18.00Direct labor 11.90Variable manufacturing overhead 2.10Fixed manufacturing overhead 1,422,000Variable SG&A expenses 3.60Fixed SG&A expenses 1,540,500The pricing are based on budgeted production and sales of 79,000 units per year. Required: Determine the selling price per unit, assuming a mark-up of 25% drsired under each of the following methods:1. Variable manufacturing cost2. Production cost3. Variable/marginal cost
Benson Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost $ 8.00 per unit $3.40 per unit $ 2,400 total $900 total Fixed manufacturing cost Fixed selling and administrative cost Bertson planned to produce and sell 2,700 units. Actual production and sales amounted to 3,000 units. Required a. Prepare the pro forma income statement in contribution format that would appear in a master budget. b. Prepare the pro forma income statement in contribution format that would appear in a flexible budget Complete this question by entering your answers in the tabs below. Required A Required Prepare the pro forma income statement in contribution format that would appear in a master budget. BENSON MANUFACTURING COMPANY Pro Forma Income Statement Master Budget 2,700 Units o
The following data is given for the Bahia Company: Budgeted production 1,093 units Actual production 930 units Materials: Standard price per pound $1.884 Standard pounds per completed unit 11 Actual pounds purchased and used in production 9,923 Actual price paid for materials $20,342 Labor: Standard hourly labor rate $14.83 per hour Standard hours allowed per completed unit 4.7 Actual labor hours worked 4,789.5 Actual total labor costs $73,040 Overhead: Actual and budgeted fixed overhead $1,001,000 Standard variable overhead rate $26.00 per standard labor hour Actual variable overhead costs $134,106 Overhead is applied on standard labor hours. The variable factory overhead controllable variance is
Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) 10,920 Master production budget Direct materials. Direct labor $ 240,372 203,952 278,613 Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead Direct materials Direct labor Variable overhead Fixed overhead $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.50 hour per unit $ 29.90 per direct labor-hour Variable overhead is applied on the basis of direct labor-hours. Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Price Variance $ 234,780 (60,200 liters) 181,260 (5,300 hours)…
Use this information for Harry Company to answer the question that follow.The following data are given for Harry Company: Budgeted production 26,000 units Actual production 27,500 units Materials: Standard price per ounce $6.50 Standard ounces per completed unit 8 Actual ounces purchased and used in production 228,000 Actual price paid for materials $1,504,800 Labor: Standard hourly labor rate $22.00 per hour Standard hours allowed per completed unit 6.6 Actual labor hours worked 183,000 Actual total labor costs $4,020,000 Overhead: Actual and budgeted fixed overhead $1,029,600 Standard variable overhead rate $24.50 per standard labor hour Actual variable overhead costs $4,520,000 Overhead is applied on standard labor hours. (Round interim calculations to the nearest cent.)The direct labor rate variance is a.$5,490 favorable b.$5,490 unfavorable c.$33,000 unfavorable d.$33,000 favorable
Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) Master production budget Direct materials Direct labor Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead 10,500 $ 237,600 201,600 267,000 $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.5 hour per unit $ 28.50 per direct labor-hour $ 207,480 (53,200 liters) 176,472 (5,160 hours) 272,000 (58% is variable) Variable overhead is applied on the basis of direct labor-hours Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variance- Note: Do not round intermediate calculations. Indicate the effect of each veriance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.
The following data is given for the Stringer Company: Budgeted production 969 units Actual production 1,062 units Materials: Standard price per ounce $1.88 Standard ounces per completed unit 11 Actual ounces purchased and used in production 12,032 Actual price paid for materials $24,666 Labor: Standard hourly labor rate $14.73 per hour Standard hours allowed per completed unit 4.4 Actual labor hours worked 5,469.3 Actual total labor costs $83,407 Overhead: Actual and budgeted fixed overhead $1,186,000 Standard variable overhead rate $26.00 per standard labor hour Actual variable overhead costs $153,140 Overhead is applied on standard labor hours. The direct materials quantity variance is a.2,045.84 favorable b.2,045.84 unfavorable c.658.00 unfavorable d.658.00 favorable
Craftmore Machining reports the following budgeted overhead cost and related data for this year. Activity Budgeted Cost Activity Cost Driver Budgeted Activity Usage Assembly $ 399,750 Direct labor hours (DLH) 13,000 Product design 61,500 Engineering hours (EH) 1,230 Electricity 20,500 Machine hours (MH) 10,000 Setup 51,250 Setups 410 Total $ 533,000 Required:1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours.2. Job 31 used 240 direct labor hours and Job 42 used 520 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1.3. Compute an activity rate for each activity using activity-based costing.4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. Activity Cost Driver Activity Usage Job 31 Job 42 Direct labor hours (DLH) 240 520 Engineering hours (EH) 27 33 Machine hours (MH) 60 60 Setups 5 7
The following data are given for Zoyza Company: Budgeted production (at 100% of normal capacity) 26,000 units Actual production 27,500 units Materials: Standard price per ounce $6.50 Standard ounces per completed unit 8 Actual ounces purchased and used in production 228,000 Actual price paid for materials $1,504,800 Labor: Standard hourly labor rate $22.00 per hour Standard hours allowed per completed unit 6.6 Actual labor hours worked 183,000 Actual total labor costs $4,020,000 Overhead: Actual and budgeted fixed overhead $1,029,600 Standard variable overhead rate $24.50 per standard labor hour Actual variable overhead costs $4,520,000 Overhead is applied on standard labor hours. The fixed factory overhead volume variance is a.$73,250 unfavorable b.$73,250 favorable c.$59,400 favorable d.$59,400 unfavorable
The following data are given for Stringer Company: Budgeted production 930 units Actual production 1,042 units Materials: Standard price per ounce $1.94 Standard ounces per completed unit 12 Actual ounces purchased and used in production 12,879 Actual price paid for materials $26,402 Labor: Standard hourly labor rate $14.40 per hour Standard hours allowed per completed unit 4.4 Actual labor hours worked 5,366.3 Actual total labor costs $81,836 Overhead: Actual and budgeted fixed overhead $1,110,000 Standard variable overhead rate $28.00 per standard labor hour Actual variable overhead costs $150,256 Overhead is applied on standard labor hours. The direct materials quantity variance is O a. 1,416.74 favorable Ob. 1,416.74 unfavorable Oc. 727.50 unfavorable Od. 727.50 favorable