Homework Answers
Material Price Variance = (Actual Price - Standard Price) x
Actual Quantity Used
= ($7.30 - $7) x 2100 = $630 (U)
Material Quantity Variance = (Actual Quantity - Standard
Quantity) x Standard price
= (2100 - 2200) x $7 = $700 (F)
Standard Quantity = 550 x 4 = 2200
Total Material Variance = $630 - $700 = $70 (F)
Labor rate variance = (Actual rate - Standard rate) x Actual
hours
= ($5.50 - $6) x 208000 = $104000 (F)
Actual Rate = $1144000 / 208000 = $5.50 per hour
Labor efficiency variance = (Actual hours - standard hours) x
Standard rate
= (208000 - 200000) x $6 = $48000 (U)
Total Labor variance = $104000 - $48000 = $56000 (F)
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Week M1 - Chapter 8 Homework Assignment Problem 1 (Textbook Reference: PS-1)...
please show your work oblem 3 (Textbook Reference: 8-6-Compute materials and labor variances Based on a...
please show your work
oblem 3 (Textbook Reference: 8-6-Compute materials and labor variances Based on a standard volume Tahoe Company consists of: Standard volume of 96,000 units per month, the standard cost of the product manufactured by $ $ Direct materials (0.25 pounds x $8 per pound) Direct labor (0.5 hours x $7.60 per hour) Variable manufacturing overhead per unit Fixed manufacturing overhead ($144,000 in total) 2.00 3.80 2.50 1.50 9.80 23.200 pounds of materials was purchased at $8.40 per...
please show your work e product manufactured by Problem 3 (Textbook Reference: P8-6) - Compute materials...
please show your work
e product manufactured by Problem 3 (Textbook Reference: P8-6) - Compute materials and labor variances Based on a standard volume of 96.000 units per month the standard cost of the pro Tahoe Company consists of Direct materials (0.25 pounds x 58 per pound) 2.00 Direct labor (0.5 hours x $7.60 per hour) 3.80 Variable manuthcturing overhead per unit 2.50 1.50 Fixed manufacturing overhead ($144,000 in total) 9.80 00 units were produced with the A total of...
please show your work. Problem 4(Supplemental Problem #1) - Compute materials and labor Zoller Company produces...
please show your work.
Problem 4(Supplemental Problem #1) - Compute materials and labor Zoller Company produces a dark chocolate candy bar. Recently, the compe of candy: Fials and labor variances . Recently, the company adopted the following standards for one bar Direct materials (6.3 oz. @ $0.20) Direct labor (0.08 hr. a $18.00) Standard prime cost $ $ 1.26 1.44 2.70 During the first week of operation, the company experienced the following actua a. Bars produced: 143.000 b. Ounces of...
Problem 3 (Textbook Reference: 8-6) - Compute materials and labor variances Based on standard volume of...
Problem 3 (Textbook Reference: 8-6) - Compute materials and labor variances Based on standard volume of 96,000 units per month, the standard cost of the product manufactured by Tahoe Company consists of Direct materials (0.25 pounds x 58 per pound) S 2.00 Direct labor (0.5 hours x 57.60 per hour) $ 3,80 Variable manufacturing overhead per unit S 250 Fixed manufacturing overhead ($144,000 in total) S 1.50 $ 9,80 A total of 25.200 pounds of materials was purchased at $8.40...
Section Alphabetical Narber Werk ll - Chapter Slemenark Assement Problemi (Textbook Referace -1) - Compute materiais...
Section Alphabetical Narber Werk ll - Chapter Slemenark Assement Problemi (Textbook Referace -1) - Compute materiais variances A product has a wandand materials age and cost of pounds ST.00 per pound. During the month. 2.400 pounds of materials were purchased at 7.30 per pound Production for the month old 350 is requiring 2.100 pounds of materials Required: circle or indir whither the value is w ar www a Compute the materias prie variance: Foru Compute the materials quantity usage variance...
The following data were drawn from the records of Solomon Corporation. Planned volume for year (static...
The following data were drawn from the records of Solomon Corporation. Planned volume for year (static budget) Standard direct materials cost per unit Standard direct labor cost per unit Total expected fixed overhead costs Actual volume for the year (flexible budget) Actual direct materials cost per unit Actual direct labor cost per unit Total actual fixed overhead costs 4,100 units 4.00 pounds @ $1.60 per pound 2.10 hours @ $5.00 per hour $ 18,450 4,500 units 3.60 pounds @ $2.00...
Standard Cost Sheet, Product XV-1 EXHIBIT 14.5 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions...
Standard Cost Sheet, Product XV-1 EXHIBIT 14.5 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Subtotal Total Direct materials: Aluminum $100 4 pounds $25/pound 1 pound PVC 40/pound 40 Direct labor 5 hours 40/hour 200 Variable factory overhead 5 hours 12/hour 60 Total variable manufacturing cost $400 Fixed factory overhead 24/hour 5 hours 120 120 Standard manufacturing cost per unit $520 50 Standard variable selling and administrative cost per unit *Budgeted fixed factory overhead cost $120,000....
EXHIBIT 14.5 Standard Cost Sheet, Product XV-1 Subtotal Total SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product:...
EXHIBIT 14.5 Standard Cost Sheet, Product XV-1 Subtotal Total SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Direct materials: Aluminum 4 pounds $25/pound PVC 1 pound 40/pound Direct labor 5 hours 40/hour Variable factory overhead 5 hours 12/hour Total variable manufacturing cost Fixed factory overhead* 5 hours 24/hour Standard manufacturing cost per unit Standard variable selling and administrative cost per unit $100 40 200 60 120 $400 120 $520 $ 50 *Budgeted fixed factory overhead cost...
The Donovan Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants....
The Donovan Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Donovan's purchased and used 99,000 pounds of potatoes at a price of $0.65 per pound. During the week, 2,100 direct labor hours were incurred in the plant at a rate of $12.35 per hour. The standard price per pound of potatoes is $0.85, and the standard direct labor rate is $12.10 per hour. Standards indicate that for the number of bags of...
work #7 - Chapter 10 Help Save & Exit Problem 10-15 Comprehensive Variance Analysis (L010-1, LO10-2,...
work #7 - Chapter 10 Help Save & Exit Problem 10-15 Comprehensive Variance Analysis (L010-1, LO10-2, LO10-3) Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Plexible actual Budget $ 675,000 $675,000 Sales (15,000 pools) Variable expenses: Variable cost of goods solde Variable selling expenses Total variable expenses Contribution margin Fixed expensest Manufacturing overhead Selling and administrative Total fixed expenses Net...
please show your work
oblem 3 (Textbook Reference: 8-6-Compute materials and labor variances Based on a standard volume Tahoe Company consists of: Standard volume of 96,000 units per month, the standard cost of the product manufactured by $ $ Direct materials (0.25 pounds x $8 per pound) Direct labor (0.5 hours x $7.60 per hour) Variable manufacturing overhead per unit Fixed manufacturing overhead ($144,000 in total) 2.00 3.80 2.50 1.50 9.80 23.200 pounds of materials was purchased at $8.40 per...
please show your work
e product manufactured by Problem 3 (Textbook Reference: P8-6) - Compute materials and labor variances Based on a standard volume of 96.000 units per month the standard cost of the pro Tahoe Company consists of Direct materials (0.25 pounds x 58 per pound) 2.00 Direct labor (0.5 hours x $7.60 per hour) 3.80 Variable manuthcturing overhead per unit 2.50 1.50 Fixed manufacturing overhead ($144,000 in total) 9.80 00 units were produced with the A total of...
please show your work.
Problem 4(Supplemental Problem #1) - Compute materials and labor Zoller Company produces a dark chocolate candy bar. Recently, the compe of candy: Fials and labor variances . Recently, the company adopted the following standards for one bar Direct materials (6.3 oz. @ $0.20) Direct labor (0.08 hr. a $18.00) Standard prime cost $ $ 1.26 1.44 2.70 During the first week of operation, the company experienced the following actua a. Bars produced: 143.000 b. Ounces of...
Problem 3 (Textbook Reference: 8-6) - Compute materials and labor variances Based on standard volume of 96,000 units per month, the standard cost of the product manufactured by Tahoe Company consists of Direct materials (0.25 pounds x 58 per pound) S 2.00 Direct labor (0.5 hours x 57.60 per hour) $ 3,80 Variable manufacturing overhead per unit S 250 Fixed manufacturing overhead ($144,000 in total) S 1.50 $ 9,80 A total of 25.200 pounds of materials was purchased at $8.40...
Section Alphabetical Narber Werk ll - Chapter Slemenark Assement Problemi (Textbook Referace -1) - Compute materiais variances A product has a wandand materials age and cost of pounds ST.00 per pound. During the month. 2.400 pounds of materials were purchased at 7.30 per pound Production for the month old 350 is requiring 2.100 pounds of materials Required: circle or indir whither the value is w ar www a Compute the materias prie variance: Foru Compute the materials quantity usage variance...
The following data were drawn from the records of Solomon Corporation. Planned volume for year (static budget) Standard direct materials cost per unit Standard direct labor cost per unit Total expected fixed overhead costs Actual volume for the year (flexible budget) Actual direct materials cost per unit Actual direct labor cost per unit Total actual fixed overhead costs 4,100 units 4.00 pounds @ $1.60 per pound 2.10 hours @ $5.00 per hour $ 18,450 4,500 units 3.60 pounds @ $2.00...
Standard Cost Sheet, Product XV-1 EXHIBIT 14.5 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Subtotal Total Direct materials: Aluminum $100 4 pounds $25/pound 1 pound PVC 40/pound 40 Direct labor 5 hours 40/hour 200 Variable factory overhead 5 hours 12/hour 60 Total variable manufacturing cost $400 Fixed factory overhead 24/hour 5 hours 120 120 Standard manufacturing cost per unit $520 50 Standard variable selling and administrative cost per unit *Budgeted fixed factory overhead cost $120,000....
EXHIBIT 14.5 Standard Cost Sheet, Product XV-1 Subtotal Total SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Direct materials: Aluminum 4 pounds $25/pound PVC 1 pound 40/pound Direct labor 5 hours 40/hour Variable factory overhead 5 hours 12/hour Total variable manufacturing cost Fixed factory overhead* 5 hours 24/hour Standard manufacturing cost per unit Standard variable selling and administrative cost per unit $100 40 200 60 120 $400 120 $520 $ 50 *Budgeted fixed factory overhead cost...
The Donovan Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Donovan's purchased and used 99,000 pounds of potatoes at a price of $0.65 per pound. During the week, 2,100 direct labor hours were incurred in the plant at a rate of $12.35 per hour. The standard price per pound of potatoes is $0.85, and the standard direct labor rate is $12.10 per hour. Standards indicate that for the number of bags of...
work #7 - Chapter 10 Help Save & Exit Problem 10-15 Comprehensive Variance Analysis (L010-1, LO10-2, LO10-3) Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Plexible actual Budget $ 675,000 $675,000 Sales (15,000 pools) Variable expenses: Variable cost of goods solde Variable selling expenses Total variable expenses Contribution margin Fixed expensest Manufacturing overhead Selling and administrative Total fixed expenses Net...
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