total cost variance

A manufactured product has the following information for June. Standard Actual 5 lbs. @ $7 per lb. 3 hrs. @ $17 per hr. 3 hrs. @ $12 per hr. 38,900 lbs. @ $7.10 per lb. 22,700 hrs. @ $17.40 per hr. $282,400 Direct materials Direct labor Overhead Units manufactured 7,700 Exercise 23-8 Standard unit cost; total cost variance LO P2 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the standard cost per unit. Direct materials Direct labor Overhead Total $

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.

Marigold Company has the following equivalent units of production for July: materials 23240 and conversion costs 18500. Production cost data are: Work in process, July 1 Costs added in July Materials $2.50 $2.50 $2.28 Materials Conversion The unit production costs for July are: $2.28 $5100 53000 Conversion Costs $2.22 $2.40 $2.40 $3400 $2.22 41000

Hardev

Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 7.1 ounces 0.2 hours 0.2 hours Standard Price or Rate Standard Cost Per Unit $ 28.40 $ 4.00 per ounce $ 11.00 per hour $ 2.20 $ 4.00 per hour $ 0.80 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,500 units 3,000 units 21,500 ounces Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 22,500 ounces 560 hours $ 45,100 $ 12,500 $ 3,250 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 labor rate variance for June is: Multiple Choice $306 F $6.340 U $306 U $6,340 F

The standards for one case of Springfever Tonic are as follows: Direct materials Direct labor Variable overhead (based on direct labor hours) 5.70 pound @ $4.70 per pound = $26.79 4.70 hour @ $11.70 per hour = $54.99 4.70 hour @ $5.70 per hour = $26.79 During the week ended March 13, the following activity took place: 19,500 pound of raw materials were purchased for inventory at a cost of $4.65 per pound. 2,900 cases of finished product were produced. 18,000 pound of raw materials were used. 13,500 direct labor hours were worked at a total cost of $178,200. $75,600 of actual variable overhead costs were incurred. ed: Calculate each of the following variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). a. Price variance for raw materials purchased. b. Raw materials usage variance. c. Direct labor rate variance. d. Direct labor efficiency variance.…

Just trying to figure out the standard hours!

Activity Rates and Product Costs using Activity-Based Costing Lonsdale Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity bases are as follows: Budgeted Activity Activity Cost Activity Base Casting $215,160 Machine hours Assembly 189,550 Direct labor hours Inspecting 30,520 Number of inspections Setup 39,730 Number of setups Materials handling 36,960 Number of loads Corporate records were obtained to estimate the amount of activity to be used by the two products. The estimated activity-base usage quantities and units produced follow: Activity Base Entry Dining Total Machine hours 5,180 4,600 9,780 Direct labor hours 4,460 6,690 11,150 Number of inspections 1,660 520 2,180 Number of setups 230 60 290 Number of loads 700 180 880 Units produced 10,400 5,200 15,600 a. Determine the activity rate for each activity. If required, round the rate to the…

Standard Standard Price Standard Quantity 15 sq. ft. (Rate) $ 5 per sq. ft. $15 per hr. Unit Cost Direct materials (fiberglass) $ 75.00 Direct labor 10 hrs. 150.00 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24, 000 + 300 units) 10 hrs. $ 6 per hr. 60.00 80.00 Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked 329 5,090 $27,995 3,230 $50,711 $14,090 $25,450 Direct labor cost Variable overhead cost Fixed overhead cost Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide. 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. 4. Calculate the fixed overhead spending (budget) and volume variances for Rip Tide.