Question

Required information Use the following information for the Problems below. The following information applies to the questions displayed below.) Trico Company set the following standard unit costs for its single product Direct materials (30 lbs. @ $4.90 per Ib.) Direct labor (4 hrs. @ $16 per hr.) Factory overhead-Variable (4 hrs. @ $6 per hr.) Factory overhead-Fixed (4 hrs. @ $10 per hr.) Total standard cost $147.00 64.00 24.00 40.00 $275.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 53,000 units per quarter. The following flexible budget information is available. 908 Operating Levels 708 808 37,100 42,400 148,400 169,600 47,700 190,800 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $1,696,000 $1,696,000 $1,696,000 $ 890, 400 $1,017, 600 $1,144,800 During the current quarter, the company operated at 90% of capacity and produced 47,700 units of product; actual direct labor totaled 185,800 hours. Units produced were assigned the following standard costs. Direct materials (1,431,000 lbs. $4.90 per Ib.) Direct labor (190,800 hrs. $16 per hr.) Factory overhead (190,800 hrs. @ $16 per hr.) Total standard cost $ 7,011,900 3,052,800 3,052.800 $13, 117,500

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Answer 1

solution 0 computation of the direct material cost variance, including its Price and Quantity variance mo i Direct material cost variance uw mu Particulans o units cost Total Actual units at Actual 14,12,000 7.70 1.08, 72,UDO cost Standard units at Standard 10.37.000 4.90 70,11,900 cost Direct material cost variance - $38,60,5oo u (11) Direct material Price variance mm Particulars units cost Total Actual Quantity at Actual 14,12,000 7. to 1,08, 72,400 Price Actual Quantity at standand 14.12.000 4.90 69,18,800 Price Direct material Price variance $39,53,600 u

(1) Direct material Quantity variance Particulars units cost Total Actual Quantity at Standard 14.12.000 4.90 69,18.800 Price Standard Quantity of standaro 19.316000 4.90 70,1.900 Price Direct material Quantity variance 93,100 2 computation of Direct labour cost variance, incluting it's rate and efficiency variances - www هم سرم il direct labour cost variance Rati Particulars Hours est Total Actual hours at Actual Rate 1,85.800 1.00 20.43 800 Standard hours at standard cast 1.90.800 16:00 30.53, 800 Direct labour cost variance 10,09,000 (ii) Direct labour rate variance Rate Particular bit Hours et Total Actual hours at Actual Reali 1,85,800 11.00 20.43,800 Actual hours at standand rate 1,85.800 16.00 gq, 72,800 Direct labour rate variance. 9,99,000F کہ یہ برم

li) Direct labour efficiency variance munus muu m Particular Hours Rate Actecul hours at standang 1,85,800 16 total 29.72.800 rate Stardand hours at Standard 1.90.800 16 Rate Direct labour efficiency variance 30,59,800 $ 80.000F controllable 13) Computation of overhead and volume variances. i variance controllable Particulars Amount ($) Busco Actual over head Afried overhead (13. 18.500 4 12,82, Fool 26,01,200 Applied over head [ 16, 96,000+ 14, 44,800] 28.40.800 2,39,600 F

Hilfixed over head volume variance Particulars Amount ($) 16,96,000 14,84.000 Budget fined over head fined over head cost applied (37,100 x 40) fined overhead volume variance. 2.19.000 unfavourable
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