Homework Answers
| Variance analysis is a technical jargon to explain a situation where actual result differs from planned |
| or expected results. It is an act of comparing standards with actual. The study of variances help in |
| decision making and finding out the major areas which needs immediate attention. |
| MAckinaw Inc. |
| Variances |
| MPV = ( SP - AP ) * AQ purchased |
| MPV = ( 5.30 - 5.1 ) * 262500 = $ 52500 ( favourable ) |
| MQV = ( SQ - AQ ) SP |
| MQV = ( 265200 - 262500 ) * 5.30 = $ 14310 ( favourable ) |
| Total DM cost variance = MPV + MQV = 52500 + 14310 = 66810 ( favourable ) |
| LRV = ( SR - AR ) AH |
| LRV = ( 16.8 - 17.1 ) 19950 = $ 5985 (UN- Favourable) |
| LEV = ( SH - AH ) SR |
| LEV = ( 19500 - 19950 ) 16.8 = $ 7560 ( unfavourable) |
| Total DL cost variance = LRV + LEV = 5985+7560 =13545 ( unfavourable ) |
| VOH controllable varaince = Standard cost allowed - Actual variable OH cost |
| 78000 * 0.25 * 2.90 - 55980 = $ 570 ( favourable ) |
| FOH Volume Variance = ( SH for Actual output - Budgeted hours ) * SR |
| ( 78000 * 0.25 - 20350 ) * 4.60 = $ 3910 ( favourable ) |
| Total factory OH cost variance = VOH controllable variance + FOH volume variance |
| 570 + 3910 = 4480 ( favourable ) |
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Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct laborar Direct materials Direct labor Factory overhead Actual Costs 262,500 lbs. at $5.10 19,950 hrs. at $17.10 Standard Costs 265,200 lbs. at $5.30 19,500 hrs. at $16.80 Rates per direct labor hr. based on 100% of normal capacity of 20,350 direct labor hrs.: Variable cost, $2.90 Fixed cost, $4.60 $55,980 variable cost $93,610...
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Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 78,000 units of product were as follows: Standard Costs Actual Costs Direct materials 226,200 lbs. at $5.30 223,900 lbs. at $5.10 Direct labor 19,500 hrs. at $16.60 19,950 hrs. at $17.00 Factory overhead Rates per direct labor hr., based on 100% of normal capacity...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical...
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Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 70,000 units of product were as follow Actual Costs Direct materials Direct labor Factory overhead Standard Costs 224,000 lbs. at $4.90 17,500 hrs. at $16.20 Rates per direct labor hr.. based on 100% of normal 221,800 lbs. at $4.70 17,900 hrs. at $16.60 capacity...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 6,400 units of product were as follows: Standard Costs Actual Costs 8,200 lb. at $5.70 1,640 hrs. at $16.90 Direct materials 8,300 lb. at $5.80 Direct labor 1,600 hrs. at $16.50 Factory overhead Rates per direct labor hr., based on 100% of normal capacity...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct laborar Direct materials Direct labor Factory overhead Actual Costs 262,500 lbs. at $5.10 19,950 hrs. at $17.10 Standard Costs 265,200 lbs. at $5.30 19,500 hrs. at $16.80 Rates per direct labor hr. based on 100% of normal capacity of 20,350 direct labor hrs.: Variable cost, $2.90 Fixed cost, $4.60 $55,980 variable cost $93,610...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 6,400 units of product were as follows: Standard Costs Actual Costs 8,200 lb. at $5.30 1,640 hrs. at $18.00 Direct materials 8,300 lb. at $5.40 Direct labor 1,600 hrs. at $17.70 Factory overhead Rates per direct labor hr., based on 100% of normal capacity...
Chapters Direct Materials Direct Labor and Factory Overhead Cost Variance Analysis Machine in Standard costs and actual costs for direct materials, direct labor and factory overhead incurred for the manufacture of 70,000 units processes a base chemical plast Standard Coats Direct mat Actual Costs 221.500 . 55.10 17,900 hrs. $1820 Director Factory overhead 24.000 55.20 17.500 h. a 17.30 Rates per direct labore based on 100% of normal capacity of 18,260 direct Variable cost, 4.40 Fixed cost. 17.00 $76,230 variable...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 70,000 units of product were as follow Actual Costs Direct materials Direct labor Factory overhead Standard Costs 224,000 lbs. at $4.90 17,500 hrs. at $16.20 Rates per direct labor hr.. based on 100% of normal 221,800 lbs. at $4.70 17,900 hrs. at $16.60 capacity...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 6,400 units of product were as follows: Standard Costs Actual Costs 8,200 lb. at $5.70 1,640 hrs. at $16.90 Direct materials 8,300 lb. at $5.80 Direct labor 1,600 hrs. at $16.50 Factory overhead Rates per direct labor hr., based on 100% of normal capacity...
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