The variable overhead expenditure andefficiency variances are:PQR has prepared the following standard cost information for one unit ofproduct X:Direct materials2 kg @ $13/kgDirect labour3.3 hours @ $12/hourVariable overheads3.3 hours @ $2.50Actual results for the period were recorded as follows:12,000 unitsProductionMaterials - 26,400 kgLabour - 40,200 hoursVariable overheads$336,600$506,520$107,250*$26.00$39.60$8.25

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Description: The variable overhead expenditure andefficiency variances are:PQR has prepared the following standard cost information for one unit ofproduct X:Direct materials2 kg @ $13/kgDirect labour3.3 hours @ $12/hourVariable overheads3.3 hours @ $2.50Actual r

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The variable overhead expenditure and efficiency variances are: PQR has prepared the following standard cost information for one unit of product X: Direct materials 2 kg @ $13/kg 3.3 hours @ $12/hour 3.3 hours @ $2.50 Direct labour Variable overheads Actual results for the period were recorded as follows: 12,000 units $336,600 $506,520 $107,250 Production Materials - 26,400 kg Labour - 40,200 hours Variable overheads * $26.00 $39.60 $8.25

The variable overhead expenditure and efficiency variances are: PQR has prepared the following standard cost information for one unit of product X: Direct materials 2 kg @ $13/kg 3.3 hours @ $12/hour 3.3 hours @ $2.50 Direct labour Variable overheads Actual results for the period were recorded as follows: 12,000 units $336,600 $506,520 $107,250 Production Materials - 26,400 kg Labour - 40,200 hours Variable overheads * $26.00 $39.60 $8.25

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 58E: At the beginning of the year, Lopez Company had the following standard cost sheet for one of its...

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Mulliner Company showed the following information for the year: Required: 1. Calculate the standard direct labor hours for actual production. 2. Calculate the applied variable overhead. 3. Calculate the total variable overhead variance.
At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
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The standard and actual cost data of Ali & Company are as follows;STANDARD ACTUALMaterial 8,000 kg @ Rs. 6 7,600 kg @ 5.6Labour 4,000 Hours @ Rs. 20 5,500 Hours @ 22Factory Overhead 60% of Direct Labour Rs. 40,000Required:a) Material price and Quantity variance b) Labour rate and efficiency variancec) Overhead variance d) Journal entries to record and to close the variance accounts.
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Upon your review of Shalom Company's standard cost card. You found the following information: Standards: Material Labor Actual: Production Material Labor 5.0 feet per unit @ P4.00 per foot 3.0 hours per unit @ 35.00 per hour 2,800 units produced during the month 14,500 feet used; 15,100 feet purchased @ P3.70 per foot 8,150 direct labor hours @ P36.00 per hour Determine the variances based on the information above. Indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit costs be in whole numbers. Example: 88 Format of percentages: 88% Words must be in capital letters. What is the labor efficiency variance?
Upon your review of Shalom Company's standard cost card. You found the following information: Standards: Material Labor Actual: Production Material Labor 5.0 feet per unit @ P4.00 per foot 3.0 hours per unit @ 35.00 per hour 2,800 units produced during the month 14,500 feet used; 15,100 feet purchased @ P3.70 per foot 8,150 direct labor hours @ P36.00 per hour Determine the variances based on the information above. Indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit costs be in whole numbers. Example: 88 Format of percentages: 88% Words must be in capital letters. What is the labor rate variance?
Upon your review of Shalom Company's standard cost card. You found the following information: Standards: Material Labor Actual: Production Material Labor 5.0 feet per unit @ P4.00 per foot 3.0 hours per unit @ 35.00 per hour 2,800 units produced during the month 14,500 feet used; 15,100 feet purchased @ P3.70 per foot 8,150 direct labor hours @ P36.00 per hour Determine the variances based on the information above. Indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit costs be in whole numbers. Example: 88 Format of percentages: 88% Words must be in capital letters. What is the material price variance?