Homework Answers
1. Direct material variance =
TUNA = (0.50-0.65)*5500 = $825 unfavorable
Cans = (0.35-0.45)*5000 = 500 unfavorable
2. Direct material quantity variance (tuna) = (5000*1 - 4900)*0.50 = 50 favorable
3. Labor rate variance = (7-8)*5000*0.10 = 500 unfavorable
4. Labor efficiency variance = (5000*0.20 - 5000*0.10)*7 = $3500 favorable
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Remember all variances must be designated as "Favorable" or "Unfavorable" The Cat's Meow manufactures gourmet cat...
Identify if favorable, unfavorable or neither for all of them. Levine Inc., which produces a single...
Identify if favorable, unfavorable or neither for all of
them.
Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. $15.00 $65.00 Direct materials (10 pounds at $1.50 per pound) Direct labor (5 hours at $13.00 per hour) During the month of April, the company manufactures 180 units and incurs the following actual costs. Direct materials purchased and used (2,500 pounds) $4,250 $11,904 Direct labor (930 hours) Compute the total,...
Required Indicate whether each of the following variances is favorable (F) or unfavorable (U). The first...
Required Indicate whether each of the following variances is favorable (F) or unfavorable (U). The first one has been done as an example. (Select "None" if there is no effect (i.e., zero variance).) Type of Variance Item to Classify Sales volume Sales price Materials cost Materials usage Labor cost Labor usage Fixed cost spending Fixed cost per unit (volume) Standard 40,900 units 3.69 per unit $ 3.80 per pound 91,900 pounds 10.90 per hour 61,900 hours $ 409,000 $ 3.29...
Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities...
Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced 27,000 lbs. at $4.75 per lb. 8,600 hours for a total of $172,860 51,000 Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.70 per pound and 10 minutes of direct labor at $21.00 per hour. AQ = Actual Quantity SQ = Standard...
Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable...
Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U). Item Budget Actual Variance For U Sales price $400 $390 Sales revenue $360,000 $390,000 $ 192,500 $180,000 Cost of goods sold Material purchases at 5,000 pounds $137,500 $140,000 Materials usage $90,000 $89,000 Production volume 950 units 900 units Wages at 4,000 hours $30,000 $29,350 Labor usage at $12 per hour $48,000 $48,500 Research and development expense $11,000 $12,500 Selling and administrative expenses $24,500...
Exercise 10-7 Direct Materials Variances (LO10-1] Huron Company produces a commercial cleaning compound known as Zoom....
Exercise 10-7 Direct Materials Variances (LO10-1] Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 5.70 pounds 0.50 hours Standard Price or Rate $2.50 per pound $7.50 per hour Standard Cost $14.25 $ 3.75 Direct materials Direct labor During the most recent month, the following activity was recorded: a. Eleven thousand pounds of material were purchased at a cost of...
Exercise 10-6 Direct Materials and Direct Labor Variances (LO10-1, LO10-2] Huron Company produces a commercial cleaning...
Exercise 10-6 Direct Materials and Direct Labor Variances (LO10-1, LO10-2] Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 7.90 pounds 0.50 hours Standard Price or Rate $2.10 per pound $5.00 per hour Standard Cost $16.59 $ 2.50 Direct materials Direct labor During the most recent month, the following activity was recorded: a. 14,850.00 pounds of material were purchased at...
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor...
Huron Company produces a
commercial cleaning compound known as Zoom. The direct materials
and direct labor standards for one unit of Zoom are given below:
Standard Quantity or Hours Standard Price or Rate Standard Cost
Direct materials 6.00 pounds $ 2.30 per pound $ 13.80 Direct labor
0.50 hours $ 10.00 per hour $ 5.00 During the most recent month,
the following activity was recorded: Eleven thousand pounds of
material were purchased at a cost of $2.10 per pound. All...
The drop down boxes ask if favorable, unfavorable or unapplicable Exercise b-13 The following information is...
The drop down boxes ask if favorable,
unfavorable or unapplicable
Exercise b-13 The following information is available for Coronado's Chocolates: Actual production 2,810 boxes Budgeted production 3,240 boxes Direct Materials Standard 1.5 pounds of chocolate per box @ $8.03 per pound Actual 6,050 pounds purchased @ $7.68 per pound 4,765 pounds used @ $7.68 per pound (a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable"...
Exercise 10-6 Direct Materials and Direct Labor Variances (LO10-1, LO10-2] Huron Company produces a commercial cleaning...
Exercise 10-6 Direct Materials and Direct Labor Variances (LO10-1, LO10-2] Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 6.00 pounds 0.50 hours Standard Price or Rate $ 2.30 per pound $10.00 per hour Standard Cost $13.80 $ 5.00 Direct materials Direct labor During the most recent month, the following activity was recorded: a. 11,000.00 pounds of material were purchased...
Problem 23-1A Rogen Corporation manufactures a single product. The standard cost per unit of product is...
Problem 23-1A Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. $5.00 5.50 Direct materials -1 pound plastica 55 per pound Direct labor -0.50 hours at $11.00 per hour Variable manufacturing overhead wed manufacturing overhead Total standard cost per unit The predetermined manufacturing overhead rate is $10 per direct laborur (55.00 +0.50). It was computed from a master manufacturing overhead budget based on normal production of 2,500 direct labor hours (5,000 units) for...
Identify if favorable, unfavorable or neither for all of
them.
Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. $15.00 $65.00 Direct materials (10 pounds at $1.50 per pound) Direct labor (5 hours at $13.00 per hour) During the month of April, the company manufactures 180 units and incurs the following actual costs. Direct materials purchased and used (2,500 pounds) $4,250 $11,904 Direct labor (930 hours) Compute the total,...
Required Indicate whether each of the following variances is favorable (F) or unfavorable (U). The first one has been done as an example. (Select "None" if there is no effect (i.e., zero variance).) Type of Variance Item to Classify Sales volume Sales price Materials cost Materials usage Labor cost Labor usage Fixed cost spending Fixed cost per unit (volume) Standard 40,900 units 3.69 per unit $ 3.80 per pound 91,900 pounds 10.90 per hour 61,900 hours $ 409,000 $ 3.29...
Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced 27,000 lbs. at $4.75 per lb. 8,600 hours for a total of $172,860 51,000 Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.70 per pound and 10 minutes of direct labor at $21.00 per hour. AQ = Actual Quantity SQ = Standard...
Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U). Item Budget Actual Variance For U Sales price $400 $390 Sales revenue $360,000 $390,000 $ 192,500 $180,000 Cost of goods sold Material purchases at 5,000 pounds $137,500 $140,000 Materials usage $90,000 $89,000 Production volume 950 units 900 units Wages at 4,000 hours $30,000 $29,350 Labor usage at $12 per hour $48,000 $48,500 Research and development expense $11,000 $12,500 Selling and administrative expenses $24,500...
Exercise 10-7 Direct Materials Variances (LO10-1] Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 5.70 pounds 0.50 hours Standard Price or Rate $2.50 per pound $7.50 per hour Standard Cost $14.25 $ 3.75 Direct materials Direct labor During the most recent month, the following activity was recorded: a. Eleven thousand pounds of material were purchased at a cost of...
Exercise 10-6 Direct Materials and Direct Labor Variances (LO10-1, LO10-2] Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 7.90 pounds 0.50 hours Standard Price or Rate $2.10 per pound $5.00 per hour Standard Cost $16.59 $ 2.50 Direct materials Direct labor During the most recent month, the following activity was recorded: a. 14,850.00 pounds of material were purchased at...
Huron Company produces a
commercial cleaning compound known as Zoom. The direct materials
and direct labor standards for one unit of Zoom are given below:
Standard Quantity or Hours Standard Price or Rate Standard Cost
Direct materials 6.00 pounds $ 2.30 per pound $ 13.80 Direct labor
0.50 hours $ 10.00 per hour $ 5.00 During the most recent month,
the following activity was recorded: Eleven thousand pounds of
material were purchased at a cost of $2.10 per pound. All...
The drop down boxes ask if favorable,
unfavorable or unapplicable
Exercise b-13 The following information is available for Coronado's Chocolates: Actual production 2,810 boxes Budgeted production 3,240 boxes Direct Materials Standard 1.5 pounds of chocolate per box @ $8.03 per pound Actual 6,050 pounds purchased @ $7.68 per pound 4,765 pounds used @ $7.68 per pound (a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable"...
Exercise 10-6 Direct Materials and Direct Labor Variances (LO10-1, LO10-2] Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 6.00 pounds 0.50 hours Standard Price or Rate $ 2.30 per pound $10.00 per hour Standard Cost $13.80 $ 5.00 Direct materials Direct labor During the most recent month, the following activity was recorded: a. 11,000.00 pounds of material were purchased...
Problem 23-1A Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. $5.00 5.50 Direct materials -1 pound plastica 55 per pound Direct labor -0.50 hours at $11.00 per hour Variable manufacturing overhead wed manufacturing overhead Total standard cost per unit The predetermined manufacturing overhead rate is $10 per direct laborur (55.00 +0.50). It was computed from a master manufacturing overhead budget based on normal production of 2,500 direct labor hours (5,000 units) for...
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