Homework Answers
| calculation of direct material price variance: |
| = (Standard price per unit of material - Actual price per unit of material) × Actual quantity |
| = ($10 - $10.8 ) × 10000 = $6900 U F |
| * Actual Cost /Unit= $108000/10000=$10.8/Unit |
| Calculation of direct material quantity variance |
| =(standard quantity of material required for actual production - actual quantity used) × Standard price per unit |
| ((3Unit X 3000Unit)-8900 Unit )X $10 = $1000 F |
| Calculation of direct labor rate variance |
| = (Standard direct labor rate per hour - actual direct labor rate per hour) × Actual hours used |
| = ($8/hour - $8.75/hour) × 2800 Hours= $2100 UF |
| Calculation of direct labor efficiency variance: |
| = (standard hours required for actual production - actual hours used) × standard Rate |
| = (1 Hour × 3000 Unit - 2800) × $8 = $1600 F |
| Calculation of Variable OH rate variance |
| = (Standard Variable OH per hour - actual variable OH per hour) × Actual hours used |
| = ($5/hour - $6.25/hour) × 2800 Hours= $3500U F |
| * Actual Cost /Hour= $17500/2800=$6.25/Hour |
| Calculation of Variale OH efficiency variance: |
| = (standard hours required for actual production - actual hours used) × standard Rate |
| = (1 Hour × 3000 Unit - 2800) × $5= $1000 F |
| Fixed OH Spending Variannce = Budgeted OH- Actul OH |
| ((1 Hour X3500 X20)-$61200=$8800 F |
| Fixed OH Volume Variannce = Applied OH- Budgeted OH |
| ((1 Hour X3000 X20)-(1HourX 3500X20)=$10000 UF |
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REQUIRED: Calculate the following manufacturing cost variances for the company for the period. Show all supporting...
REQUIRED: Calculate the following manufacturing cost variances for the company Show all supporting calculations. Direct materials...
REQUIRED: Calculate the following manufacturing cost variances for the company Show all supporting calculations. Direct materials price variance (I) Direct materials quantity variance. (2) Direct labor price (rate) variance. (3) (4) Direct labor quantity (efficiency) variance. (5) Variable manufacturing spending (price) variance. Variable manufacturing efficiency (quantity) variance. (6) Fixed manufacturing spending (price) variance. (7) (8) Fixed manufacturing volume variance. od0 Brauklandsr Problem 1 as points Versailles Company prodaces peodoct that reies on a stdand eost yst for planming and control,...
need 5-8 REQUIRED: Calculate the following manufacturing cost variances for the company Show all supporting calculations...
need 5-8
REQUIRED: Calculate the following manufacturing cost variances for the company Show all supporting calculations Direct materials price variance (1) Direct materials quantity variance. (2) Direct labor price (rate) variance. (3) (4) Direct labor quantity (efficiency) variance. (5) Variable manufacturing spending (price) variance. Variable manufacturing efficiency (quantity) variance. (6) Fixed manufacturing spending (price) variance. (7) (8) Fixed manufacturing volume variance. od 0 Breukiandsr Problem 1 as points Versailles Company prodaces a peoduct that relies on a stadand cost syste...
managerial accounting, please help Versailles Company produces a product that relies on a standard cost system...
managerial accounting, please help
Versailles Company produces a product that relies on a standard cost system for planning and control. The following are the standards for producing one unit of product. VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Standard Standard Quantity of Price Cost Input of Input Per Unit Direct Materials 3 units S 10.00 S 30.00 Direct Labor 1.0 hours 8.00 8.00 Variable Manufacturing Overhead 1.0 hours 5.00 5.00 Fixed Manufacturing Overhead 1.0 hours 20.00...
having trouble with 5-8 Versailles Company produces a product that relies on a standard cost system for planning an...
having trouble with 5-8
Versailles Company produces a product that relies on a standard cost system for planning and control. The following are the standards for producing one unit of product. VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Standard Standard Quantity of Price Cost Input of Input Per Unit Direct Materials 3 units S 10.00 S 30.00 Direct Labor 1.0 hours 8.00 8.00 Variable Manufacturing Overhead 1.0 hours 5.00 5.00 Fixed Manufacturing Overhead 1.0 hours 20.00...
i would appreciate if it was done in a chart method and formula method if possible....
i
would appreciate if it was done in a chart method and formula
method if possible. thank you
Problem (25 points). Versailles Company produces a product that relies on a standard cost system for planning and control. The following are the standands for producing one unit of product. VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Quantity of Imput Standard Price of Input Standard Cost. Per Unit Direct Materials. 10.00 S 3 units 30.00 Direct Labor 1.0...
Versailles Company produces a product that is onderd control. The following are the standards for produc e nt of p...
Versailles Company produces a product that is onderd control. The following are the standards for produc e nt of peod len VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Standard Standard Quantity of Price Input of Input Per Unit Direct Materials 3 units 5 12.00S 36.00 Direct Labor 1.0 hours 10.00 10.00 Variable Manufacturing Overhead 1.0 hours 6.00 6.00 Fixed Manufacturing Overhead 1.0 hours 18.00 18.00 During the period, the company recorded the attached activity in connection...
rsailles Company produces a product that relies on a standard cost system for planning ntrol. The following are th...
rsailles Company produces a product that relies on a standard cost system for planning ntrol. The following are the standards for producing one unit of product. VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Standard Standard Quantity of Price Cost Input of Input Per Unit Direct Materials 3 units $ 12.00 S 36.00 Direct Labor 1.0 hours 10.00 10.00 Variable Manufacturing Overhead 1.0 hours I 6.00 6.00 Fixed Manufacturing Overhead 1.0 hours 18.00 18.00 During the period,...
Problem 1 (25 points). Versailles Company produces a product that relies on a standard cost system...
Problem 1 (25 points). Versailles Company produces a product that relies on a standard cost system for planning and control. The following are the standards for producing one unit of product VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Standard Standard Quantity of Price Cost Input of Input Per Unit Direct Materials 3 units 12.00 $ 36.00 Direct Labor 1.0 hours 10.00 10.00 Variable Manufacturing Overhead 1.0 hours 6.00 6.00 Fixed Manufacturing Overhead 1.0 hours 18.00 18.00...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come from material costs that are higher or lower than expected, material usage that is not what was expected, higher or lower labor costs than expected, or more or less time spent to produce an item than expected. Overhead cost and volume variances are another cause for costs to be higher or lower than what was expected. The total manufacturing variance can be broken down...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come from material costs that are higher or lower than expected, material usage that is not what was expected, higher or lower labor costs than expected, or more or less time spent to produce an item than expected. Overhead cost and volume variances are another cause for costs to be higher or lower than what was expected. The total manufacturing variance can be broken down...
REQUIRED: Calculate the following manufacturing cost variances for the company Show all supporting calculations. Direct materials price variance (I) Direct materials quantity variance. (2) Direct labor price (rate) variance. (3) (4) Direct labor quantity (efficiency) variance. (5) Variable manufacturing spending (price) variance. Variable manufacturing efficiency (quantity) variance. (6) Fixed manufacturing spending (price) variance. (7) (8) Fixed manufacturing volume variance. od0 Brauklandsr Problem 1 as points Versailles Company prodaces peodoct that reies on a stdand eost yst for planming and control,...
need 5-8
REQUIRED: Calculate the following manufacturing cost variances for the company Show all supporting calculations Direct materials price variance (1) Direct materials quantity variance. (2) Direct labor price (rate) variance. (3) (4) Direct labor quantity (efficiency) variance. (5) Variable manufacturing spending (price) variance. Variable manufacturing efficiency (quantity) variance. (6) Fixed manufacturing spending (price) variance. (7) (8) Fixed manufacturing volume variance. od 0 Breukiandsr Problem 1 as points Versailles Company prodaces a peoduct that relies on a stadand cost syste...
managerial accounting, please help
Versailles Company produces a product that relies on a standard cost system for planning and control. The following are the standards for producing one unit of product. VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Standard Standard Quantity of Price Cost Input of Input Per Unit Direct Materials 3 units S 10.00 S 30.00 Direct Labor 1.0 hours 8.00 8.00 Variable Manufacturing Overhead 1.0 hours 5.00 5.00 Fixed Manufacturing Overhead 1.0 hours 20.00...
having trouble with 5-8
Versailles Company produces a product that relies on a standard cost system for planning and control. The following are the standards for producing one unit of product. VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Standard Standard Quantity of Price Cost Input of Input Per Unit Direct Materials 3 units S 10.00 S 30.00 Direct Labor 1.0 hours 8.00 8.00 Variable Manufacturing Overhead 1.0 hours 5.00 5.00 Fixed Manufacturing Overhead 1.0 hours 20.00...
i
would appreciate if it was done in a chart method and formula
method if possible. thank you
Problem (25 points). Versailles Company produces a product that relies on a standard cost system for planning and control. The following are the standands for producing one unit of product. VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Quantity of Imput Standard Price of Input Standard Cost. Per Unit Direct Materials. 10.00 S 3 units 30.00 Direct Labor 1.0...
Versailles Company produces a product that is onderd control. The following are the standards for produc e nt of peod len VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Standard Standard Quantity of Price Input of Input Per Unit Direct Materials 3 units 5 12.00S 36.00 Direct Labor 1.0 hours 10.00 10.00 Variable Manufacturing Overhead 1.0 hours 6.00 6.00 Fixed Manufacturing Overhead 1.0 hours 18.00 18.00 During the period, the company recorded the attached activity in connection...
rsailles Company produces a product that relies on a standard cost system for planning ntrol. The following are the standards for producing one unit of product. VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Standard Standard Quantity of Price Cost Input of Input Per Unit Direct Materials 3 units $ 12.00 S 36.00 Direct Labor 1.0 hours 10.00 10.00 Variable Manufacturing Overhead 1.0 hours I 6.00 6.00 Fixed Manufacturing Overhead 1.0 hours 18.00 18.00 During the period,...
Problem 1 (25 points). Versailles Company produces a product that relies on a standard cost system for planning and control. The following are the standards for producing one unit of product VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Standard Standard Quantity of Price Cost Input of Input Per Unit Direct Materials 3 units 12.00 $ 36.00 Direct Labor 1.0 hours 10.00 10.00 Variable Manufacturing Overhead 1.0 hours 6.00 6.00 Fixed Manufacturing Overhead 1.0 hours 18.00 18.00...
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