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…

Business

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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 are given for Zoyza Company: Line Item Description Value 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 favorable b. $59,400 favorable c. $59,400 unfavorable
The following information was taken from the annual manufacturing overhead cost budget of SCM Company
The following data are given for Stringer Company: Budgeted production 963 units Actual production 1,070 units Materials: Standard price per ounce $1.78 Standard ounces per completed unit 12 Actual ounces purchased and used in production 13,225 Actual price paid for materials $27,111 Labor: Standard hourly labor rate $14.12 per hour Standard hours allowed per completed unit 5.0 Actual labor hours worked 5,510.5 Actual total labor costs $84,035 Overhead: Actual and budgeted fixed overhead $1,192,000 Standard variable overhead rate $28.00 per standard labor hour Actual variable overhead costs $154,294 Overhead is applied on standard labor hours. Do not round interim calculations. Round your final answer to the nearest dollar. The direct materials price variance is Oa. S8,927 unfavorable Ob. $3,571 unfavorable Oc. $3,571 favorable Od. $8,927 favorable
Dhapa
The Gathering Sound, Inc. collected the following data regarding production of one of its products. Budgeted units 20,000 units Standard direct labor hours per unit of output 3.0 DL hours per unit Predetermined variable factory overhead rate $1.90 Per DL hour Predetermined fixed factory overhead rate $4.50 Per DL hour Actual finished units produced 21,000 units Actual direct labor hours 58,000 hrs. Actual variable overhead costs incurred $ 101,500 Actual fixed overhead costs incurred $ 262,160 Compute the fixed overhead volume variance. a. $21,340F b. $13,500U c. $7,840F d. $21,340U e. $13,500F
Management at Marvin Limited has provided the following budgeted and actual annual figures for one of its products based on variable costing: Output (production and sales) Sales revenue Direct materials Direct labour Variable overheads Fixed overheads Required: a) b) c) Budget 18,000 units £ Calculate the following: 576,000 (27,000 metres) 132,300 (28,800 hours) 273,600 (28,800 hours) 115,200 8,000 Construct a flexed budget for the actual units made and sold. i. ii. iii. iv. Use your answer to a) above to calculate the sales volume contribution margin variance and interpret this result. Actual 20,200 units £ 828,200 (27,270 metres) 136,350 (40,400 hours) 391,880 (40,400 hours) 193,920 12,150 Sales price variance; Direct materials price and usage variances; Direct labour wage rate and efficiency variances; and Fixed overhead expenditure variance. d) Briefly explain how standard costing and variance analysis support budgetary control within an organisation.
Use this information for Stringer Company to answer the question that follow. The following data are given for Stringer Company: Budgeted production 930 units Actual production 1,013 units Materials: Standard price per ounce $1.85 Standard ounces per completed unit 10 Actual ounces purchased and used in production 10,434 Actual price paid for materials $21,390 Labor: Standard hourly labor rate $14.60 per hour Standard hours allowed per completed unit 4.7 Actual labor hours worked 5,216.95 Actual total labor costs $79,558 Overhead: Actual and budgeted fixed overhead $1,015,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $146,075 Overhead is applied on standard labor hours. Round your intermediate calculations and final answer to the nearest cent. The direct materials price variance is a.$5,217.00 favorable b.$2,086.80 favorable c.$2,086.80…
Use this information for Stringer Company to answer the question that follow. The following data are given for Stringer Company: Budgeted production 911 units Actual production 1,080 units Materials: Standard price per ounce $1.89 Standard ounces per completed unit 10 Actual ounces purchased and used in production 11,124 Actual price paid for materials $22,804 Labor: Standard hourly labor rate $14.32 per hour Standard hours allowed per completed unit 4.3 Actual labor hours worked 5,562 Actual total labor costs $84,821 Overhead: Actual and budgeted fixed overhead $1,082,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $155,736 Overhead is applied on standard labor hours. The direct materials quantity variance is a.$1,779.64 favorable b.$1,779.64 unfavorable c.$612.36 unfavorable d.$612.36 favorable
Perez Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost $ 8.98 per unit $ 3.40 per unit Fixed manufacturing cost Fixed selling and administrative cost $ 2,000 total $ 600 total Perez planned to produce and sell 2,300 units. Actual production and sales amounted to 2,600 units. Required a. Prepare the pro forma income statement in contribution format that would appear in a master budget. b. Prepare the proforma 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 B Prepare the pro forma income statement in contribution format that would appear in a master budget. PEREZ MANUFACTURING COMPANY Pro Forma Income Statement Master Budget 2,300 Units
The following data are given for Stringer Company: Budgeted production Actual production Materials: Standard price per ounce Standard ounces per completed unit Actual ounces 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 907 units 1,033 units $1.91 11 11,704 $23,993 $14.84 per hour 4.6 5,319.95 $81,129 Overhead: Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs Overhead is applied on standard labor hours. Do not round interim calculations. Round your final answer to the nearest dollar. The direct materials price variance is $1,071,000 $28.00 per standard labor hour $148,959
he following data is given for the Bahia Company: Budgeted production 1,091 units Actual production 974 units Materials: Standard price per pound $1.846 Standard pounds per completed unit 10 Actual pounds purchased and used in production 9,448 Actual price paid for materials $19,368 Labor: Standard hourly labor rate $14.80 per hour Standard hours allowed per completed unit 4.8 Actual labor hours worked 5,016.1 Actual total labor costs $76,496 Overhead: Actual and budgeted fixed overhead $1,055,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $140,451 Overhead is applied on standard labor hours. The variable factory overhead controllable variance is
Required information [The following information applies to the questions displayed below.] Manuel Company predicts it will operate at 80% of its productive capacity. Its overhead allocation base is DLH and its standard amount per allocation base is 0.5 DLH per unit. The company reports the following for this period. Production (in units). Overhead. Variable overhead Fixed overhead Total overhead Flexible Budget at 80% Capacity 52,750 $ 290, 125 52,750 $ 342,875 Standard overhead rate 2. Standard overhead applied 3. Overhead variance Actual Results 48,400 $341,300 1. Compute the standard overhead rate. Hint: Standard allocation base at 80% capacity is 26,375 DLH, computed as 52,750 units x 0.5 DLH per unit. 2. Compute the standard overhead applied. 3. Compute the total overhead variance. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)