Item to Classify Standard Actual Type of Variance Sales volume 42,700 uni ts 44, 600 uni...
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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).)
Homework Answers
| Item to Classify | Standard | Actual | Variance ( Standard - Actual) | Type of Variance | ||
| Sales volume | 42,700 | units | 44,600 | units | (42,700-44,600) = $1,900 units | Favorable |
| Sales price | $3.70 | per unit | $3.67 | per unit | (3.70-3.67) = $0.03 per unit | Unfavorable |
| Materials cost | $3.70 | per pound | $3.60 | per pound | (3.70-3.60) = $0.10 per pound | Favorable |
| Materials usage | 90,700 | pounds | 91,700 | pounds | (90,700-91,700) = $1,000 pounds | Unfavorable |
| Labor cost | $10.30 | per hour | $10.70 | per hour | (10.30-10.70) = $0.40 per hour | Unfavorable |
| Labor usage | 62,500 | hours | 61,700 | hours | (62,500-61,700) = 800 hours | Favorable |
| Fixed cost spending | $495,320 | $459,380 | (495,320-459,380) = $35,940 | Favorable | ||
| Fixed cost per unit (volume) | $11.60 | per unit | $10.30 | per unit | (11.60-10.30) = $1.30 per unit | Favorable |
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Item to Classify
Standard
Actual
Type of Variance
Sales volume
42,700
uni
ts
44,
600
uni...
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...
The following data were drawn from the records of Perez Corporation. Planned volume for year (static budget) Standard d...
The following data were drawn from the records of Perez 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 3,400 units 3.50 pounds @ $1.50 per pound 2.30 hours @ $3.30 per hour $14,620 3,900 units 3.10 pounds @ $2.00 per...
4. STANDARD COST SYSTEMS VARIANCE COMPUTATIONS Livingston Corporation recently implemented a standard cost system. The company's...
4. STANDARD COST SYSTEMS VARIANCE COMPUTATIONS Livingston Corporation recently implemented a standard cost system. The company's cost accountant has provided the following data to perform a variance analysis for May Standard Cost Information Direct Material Standard Price $12 per pound Standard Quantity Allowed Per Unit Direct Labor Standard Rate Standard Hours Allowed Per Unit Fixed Overhead Budgeted Normal Level of Production Variable Overhead Application Rate Fixed Overhead Application Rate ($24,000/12,000 units) Total Overhead Application Rate 4 pounds per unit $7...
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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...
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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...
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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....
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...
The following data were drawn from the records of Perez 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 3,400 units 3.50 pounds @ $1.50 per pound 2.30 hours @ $3.30 per hour $14,620 3,900 units 3.10 pounds @ $2.00 per...
4. STANDARD COST SYSTEMS VARIANCE COMPUTATIONS Livingston Corporation recently implemented a standard cost system. The company's cost accountant has provided the following data to perform a variance analysis for May Standard Cost Information Direct Material Standard Price $12 per pound Standard Quantity Allowed Per Unit Direct Labor Standard Rate Standard Hours Allowed Per Unit Fixed Overhead Budgeted Normal Level of Production Variable Overhead Application Rate Fixed Overhead Application Rate ($24,000/12,000 units) Total Overhead Application Rate 4 pounds per unit $7...
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...
The following data were drawn from the records of Campbell 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 4,300 units 3.30 pounds @ $1.10 per pound 4.00 hours @ $3.20 per hour $17,200 4,700 units 2.90 pounds @ $1.60 per...
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...
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...
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....
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