Homework Answers
1) Direct material purchase price variance = (Standard price-actual price)actual qty = (0.70-0.77)*4400 = 308 U
2) Labor efficiency variance = (Standard hour-actual hour)Standard rate = (17778-20000)*16.90 = 37552 U
3) Labor rate variance = (Standard rate-actual rate)actual hour = (16*20000-291000) = 29000 F
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QUESTION 1 2 p Garland Company uses a standard cost system. The standard for each finished...
QUESTION 1 2 points New Tone, Inc makes MP3 players and uses standard costing. They recently...
QUESTION 1 2 points New Tone, Inc makes MP3 players and uses standard costing. They recently used 20,000 labor hours to produce 8,000 units. They originally budgeted 21,000 hours to produce 9,000 units with payroll of $333,000. The company's actual payrol cost amounted to $305,000. What was the direct labor rate variance? Please round to the nearest dollar at the end of your calculations. Also, type "u' for unfavorable or "F for favorable to indicate the direction of the variance....
(1) Alex Company manufactures boats in bottles (to sell to rich people who don’t have the time to make them themselves)....
(1) Alex Company manufactures boats in bottles (to sell to rich people who don’t have the time to make them themselves). For their standard costing system they allow 4 hours of direct labor per bottle at a wage of $12 per hour. The last batch only took 4.5 hours per bottle. They made 12 bottles. However, they ended up paying employees $12 per hour. What is the standard cost for labor per bottle? (in dollars per bottle) (2) Garland Company...
NewTone, Inc makes MP3 players and uses standard costing. They recently used 20,000 labor hours to...
NewTone, Inc makes MP3 players and uses standard costing. They recently used 20,000 labor hours to produce 7,000 units. They originally budgeted 21,000 hours to produce 10,000 units with payroll of $332,000. The company’s actual payroll cost amounted to $308,000. What was the direct labor rate variance? Please round to the nearest dollar at the end of your calculations. Also, type "u" for unfavorable or "f" for favorable to indicate the direction of the variance.
QUESTION 4 Alex Company manufactures boats in bottles (to sell to rich people who don't have...
QUESTION 4 Alex Company manufactures boats in bottles (to sell to rich people who don't have the time to make them themselves). For their standard costing system they allow 5 hours of direct labor per bottle at a wage of $12 per hour. The last batch only took 4.5 hours per bottle. They made 12 bottles. However, they ended up paying employees $12 per hour. What is the standard cost for labor per bottle? (in dollars per bottle) QUESTION 5...
QUESTION 7 2 points A firm with a standard costing system budgets 5,000 direct labor hours...
QUESTION 7 2 points A firm with a standard costing system budgets 5,000 direct labor hours at $21 per hour to make 2,000 units. The firm actually produced 3,000 units using 7,000 direct labor hours at $23 per hour. When labor occurred during the period, what was the total dollar value of the debit to Work-In-Process Inventory? Garland Company uses a standard cost system. The standard for each finished unit of product allows for 3.5 pounds of plastic at $0.73...
QUESTION 7 Afirm with a standard costing system budgets 4,000 direct labor hours at $20 per...
QUESTION 7 Afirm with a standard costing system budgets 4,000 direct labor hours at $20 per hour to make 2,000 units. The firm actually produced 3,000 units using 7,000 direct labor hours at $24 per hour. When labor occurred during the period, what was the total dollar value of the debit to Work-in-Process Inventory? QUESTIONS 2 points Garland Company uses a standard cost system. The standard for each finished unit of product allows for 3.7 pounds of plastic at $0.71...
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...
1.A company produces widgets with budgeted standard direct materials of 2 pounds per widget at $5...
1.A company produces widgets with budgeted standard direct materials of 2 pounds per widget at $5 per pound. Standard direct labor was budgeted at 0.5 hour per widget at $15 per hour. The actual usage in the current year was 25,000 pounds (an actual cost of $4.75 per pound) and 3,000 hours (an actual rate of $17 per pound )to produce 10,000 widgets. What was the direct labor usage variance? A. $30,000 favorable. B. $25,000 favorable. C. $25,000 unfavorable. D....
(1) Tolton, Inc. is just shy of hitting its operating income target. The manager, K.T. Tolton,...
(1) Tolton, Inc. is just shy of hitting its operating income target. The manager, K.T. Tolton, decides to purchase inferior materials right before year end. The standard price for the materials is $14.00 per pound. K.T. buys 3,000 pounds of inferior product at $11.44 per pound. What is the effect on net income for the year? Please sign an increase as a positive number (e.g. 100) and a decrease as a negative number (e.g. -100). (2) Garland Company uses a...
QUESTION 1 2 points New Tone, Inc makes MP3 players and uses standard costing. They recently used 20,000 labor hours to produce 8,000 units. They originally budgeted 21,000 hours to produce 9,000 units with payroll of $333,000. The company's actual payrol cost amounted to $305,000. What was the direct labor rate variance? Please round to the nearest dollar at the end of your calculations. Also, type "u' for unfavorable or "F for favorable to indicate the direction of the variance....
QUESTION 4 Alex Company manufactures boats in bottles (to sell to rich people who don't have the time to make them themselves). For their standard costing system they allow 5 hours of direct labor per bottle at a wage of $12 per hour. The last batch only took 4.5 hours per bottle. They made 12 bottles. However, they ended up paying employees $12 per hour. What is the standard cost for labor per bottle? (in dollars per bottle) QUESTION 5...
QUESTION 7 2 points A firm with a standard costing system budgets 5,000 direct labor hours at $21 per hour to make 2,000 units. The firm actually produced 3,000 units using 7,000 direct labor hours at $23 per hour. When labor occurred during the period, what was the total dollar value of the debit to Work-In-Process Inventory? Garland Company uses a standard cost system. The standard for each finished unit of product allows for 3.5 pounds of plastic at $0.73...
QUESTION 7 Afirm with a standard costing system budgets 4,000 direct labor hours at $20 per hour to make 2,000 units. The firm actually produced 3,000 units using 7,000 direct labor hours at $24 per hour. When labor occurred during the period, what was the total dollar value of the debit to Work-in-Process Inventory? QUESTIONS 2 points Garland Company uses a standard cost system. The standard for each finished unit of product allows for 3.7 pounds of plastic at $0.71...
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...
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