Raven Applies overhead based on direct labor hours. The variable overhead standard is 2 hours at...
Raven Applies overhead based on direct labor hours. The variable overhead standard is 2 hours at $11 per hour . During July, Raven spent $116,700 for variable overhead 8,890 labor hours were used to produce 4,700 units. What is variable overhead efficiency variance?
Venus Company applies overhead based on direct labor hours. The variable overhead standard is 10 hours at $3.50 per hour. During October, Venus company spent $157,600 for variable overhead. 47,440 labor hours were used to produce 4,880 units. What is the over or under applied variable overhead ?
Homework Answers
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1. Variable overhead efficiency variance = (SH - AH) *SR = (4700*2 - 8890)*11 = (9400 - 8890)*11 = 5610 Favourable |
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Raven Applies overhead based on direct labor hours. The variable
overhead standard is 2 hours at...
Venus Company applies overhead based on direct labor hours. The variable overhead standard is 10 hours...
Venus Company applies overhead based on direct labor hours. The variable overhead standard is 10 hours at $3.50 per hour. During October, Venus company spent $157,600 for variable overhead. 47,440 labor hours were used to produce 4,880 units. What is the over or under applied variable overhead ?
1.) Exeter has material standard of 1 pound per unit of output. Each pound has a...
1.) Exeter has material standard of 1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, Exeter paid $133,000 for 4,960 pounds, which they used to produce 4,780 units. What is direct materials quantity variance? Answer: $4,500 Unfavorable 2) Whitman has direct labor standard of 2 hours per unit of output. Each Employee has a standard wage rate of $23.50 per hour. During July, Whitman paid $190,400 to employees for 8,960 labor...
Venus Company applies overhead based on direct labor hours. The variable overhead standard is 9 hours...
Venus Company applies overhead based on direct labor hours. The variable overhead standard is 9 hours at $4.60 per hour. During October, Venus Company spent $236,800 for variable overhead. 52,940 labor hours were used to produce 5,900 units. What is the variable overhead rate variance? Multiple Choice $736 favorable $7,460 favorable $736 unfavorable $6,724 favorable
Madrid Co. has a direct labor standard of 4 hours per unit of output. Each employee...
Madrid Co. has a direct labor standard of 4 hours per unit of output. Each employee has a standard wage rate of $14 per hour. During February, Madrid Co. paid $99,500 to employees for 9,230 hours worked. 2.420 units were produced during February. What is the flexible budget amount for direct labor Multiple Choice ο $99,500 ο S135,520 ο ο Raven applies overhead based on direct labor hours. The variable overhead standard is 2 hours at $11 per hour. During...
Scarlett Company has a direct material standard of 3 gallons of input at a cost of...
Scarlett Company has a direct material standard of 3 gallons of input at a cost of $13 per gallon. During July, Scarlett Company purchased and used 7,540 gallons. The direct material quantity variance was $1,170 unfavorable and the direct material price variance was $3.770 favorable. What price per gallon was paid for the purchases? 1 Multiple Choice 0 $13.40 O $10.40 $12.50 0 0 $13.00 Venus Company applies overhead based on direct labor hours. The variable overhead standard is 10...
1. Lee Manufacturing uses a standard cost system with overhead applied based on direct labor hours....
1. Lee Manufacturing uses a standard cost system with overhead applied based on direct labor hours. The manufacturing budget for the production of 5,000 units for the month of May included the following information. Direct labor (10,000 hours at $15 per hour) $150,000 Variable overhead $30,000 Fixed overhead $80,000 During May, 6,000 units were produced and the direct labor efficiency variance was $1,500 unfavorable. Based on this information, the actual number of direct labor hours used in...
2. Irving Corporation makes a product with the following standards for direct labor and variable overhead:...
2.
Irving Corporation makes a product with the following standards for direct labor and variable overhead: Standard Quantity or Hours 0.20 hours 0.20 hours Standard Price or Standard Cost Per Rate Unit $30.00 per hour $6.00 $ 6.60 per hour $1.32 Direct labor Variable overhead In November the company's budgeted production was 6,900 units, but the actual production was 6,700 units. The company used 1,520 direct labor-hours to produce this output. The actual variable overhead cost was $9,424. The company...
Valera Corporation makes a product with the following standards for labor and variable overhead: Direct labor...
Valera Corporation makes a product with the following standards for labor and variable overhead: Direct labor Variable overhead Standard Quantity or Hours 0.4 hours 2.4 hours Standard Price or Rate $21.ee per hour $ 6.00 per hour Standard Cost Per Unit $8.40 $2.40 The company budgeted for production of 5,300 units in July, but actual production was 5,400 units. The company used 2,130 direct labor-hours to produce this output. The actual variable overhead rate was $6.10 per hour. The company...
Standard Quantity or Standard Cost Per Unit Direct materials Direct labor Variable overhead 3.3 liters 2.5...
Standard Quantity or Standard Cost Per Unit Direct materials Direct labor Variable overhead 3.3 liters 2.5 hours 0.5 hours Standard Price or Rate $ 8.00 per liter $32.00 per hour $ 3.00 per hour $16.00 $ 1.50 The company budgeted for production of 3.600 units in September but actual production was 1500 units The company used 6.440 Mers of direct material and direct labor hours to produce this ou company purchased 6 800 liters of the direct material at $8...
Highfill Corporation's variable overhead is applied on the basis of direct labor-hours. The standard cost card...
Highfill Corporation's variable overhead is applied on the basis of direct labor-hours. The standard cost card for product D80D specifies 6.4 direct labor-hours per unit of D80D. The standard variable overhead rate is $5.90 per direct labor-hour. During the most recent month, 1,100 units of product D80D were made and 7,100 direct labor-hours were worked. The actual variable overhead incurred was $45,230. Required: a. What was the variable overhead rate variance for the month? b. What was the variable overhead...
Madrid Co. has a direct labor standard of 4 hours per unit of output. Each employee has a standard wage rate of $14 per hour. During February, Madrid Co. paid $99,500 to employees for 9,230 hours worked. 2.420 units were produced during February. What is the flexible budget amount for direct labor Multiple Choice ο $99,500 ο S135,520 ο ο Raven applies overhead based on direct labor hours. The variable overhead standard is 2 hours at $11 per hour. During...
Scarlett Company has a direct material standard of 3 gallons of input at a cost of $13 per gallon. During July, Scarlett Company purchased and used 7,540 gallons. The direct material quantity variance was $1,170 unfavorable and the direct material price variance was $3.770 favorable. What price per gallon was paid for the purchases? 1 Multiple Choice 0 $13.40 O $10.40 $12.50 0 0 $13.00 Venus Company applies overhead based on direct labor hours. The variable overhead standard is 10...
2.
Irving Corporation makes a product with the following standards for direct labor and variable overhead: Standard Quantity or Hours 0.20 hours 0.20 hours Standard Price or Standard Cost Per Rate Unit $30.00 per hour $6.00 $ 6.60 per hour $1.32 Direct labor Variable overhead In November the company's budgeted production was 6,900 units, but the actual production was 6,700 units. The company used 1,520 direct labor-hours to produce this output. The actual variable overhead cost was $9,424. The company...
Valera Corporation makes a product with the following standards for labor and variable overhead: Direct labor Variable overhead Standard Quantity or Hours 0.4 hours 2.4 hours Standard Price or Rate $21.ee per hour $ 6.00 per hour Standard Cost Per Unit $8.40 $2.40 The company budgeted for production of 5,300 units in July, but actual production was 5,400 units. The company used 2,130 direct labor-hours to produce this output. The actual variable overhead rate was $6.10 per hour. The company...
Standard Quantity or Standard Cost Per Unit Direct materials Direct labor Variable overhead 3.3 liters 2.5 hours 0.5 hours Standard Price or Rate $ 8.00 per liter $32.00 per hour $ 3.00 per hour $16.00 $ 1.50 The company budgeted for production of 3.600 units in September but actual production was 1500 units The company used 6.440 Mers of direct material and direct labor hours to produce this ou company purchased 6 800 liters of the direct material at $8...
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