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Sanford Ltd. produces a product with the following standard...
Question 5 (23 marks) Cleanup Ltd produces an industrial chemical and uses a standard costing system...
Question 5 (23 marks) Cleanup Ltd produces an industrial chemical and uses a standard costing system to keep tight control over its costs. At the beginning of 2017, the following standard cost sheet (for one unit) was prepared: Direct materials (10kg @ $1.60/kg) Direct labour (0.75 hrs @$18.00hr) Fixed overhead (? /hr) Variable overhead (? /hr) Standard cost per unit $16.00 13.50 3.00 2.25 $34.75 Manufacturing overhead is allocated based on direct labour hours. The budgeted overhead rate is determined...
Question 24 Rondell Company uses standard cost system. Indirect costs were budgeted at $190,800 plus $13...
Question 24 Rondell Company uses standard cost system. Indirect costs were budgeted at $190,800 plus $13 per direct labour hour. The overhead rate is based on 10,600 hours. Actual results were: Standard direct labour hours allowed Actual direct labour hours Fixed overhead Variable overhead 9,070 10,600 $179,000 $174,400 Calculate the fixed overhead production volume variance. Fixed overhead production volume variance Calculate the variable overhead spending variance. Variable overhead spending variance $ Calculate the variable overhead efficiency variance. Variable overhead efficiency...
answere 17 to 20 The following labour standards have been established for a particular product: Standard...
answere 17 to 20
The following labour standards have been established for a particular product: Standard labour hours per unit of output Standard labour rate 7.5 hours $15.25 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labour cost Actual output 9,600 hours $144,480 1,200 units 17) What was the labour rate variance for the month? a) $240 favourable. b) $240 unfavourable. c) $1,920 favourable. d) $1,920 unfavourable. 18)...
If the actual labour hours worked exceed the standard labour hours allowed, what type of variance...
If the actual labour hours worked exceed the standard labour hours allowed, what type of variance will occur? Multiple Choice Favourable labour efficiency variance. ) Favourable labour rate variance. 0 Unfavourable labour efficiency variance. 0 Unfavourable labour rate variance. The standards for direct labour for a product are 2.5 hours at $8 per hour. Last month, 9,000 units of the product were made, and the labour efficiency variance was $8,000 favourable. What was the actual number of hours worked during...
Mark: 19 (1 point for each question) 1) The unemployment rate is high in the city...
Mark: 19 (1 point for each question) 1) The unemployment rate is high in the city in which a company has a factory. The company finds that they are able to pay new employees a lower wage per hour than when the unemployment rate was lower a year ago. Which variance is directly impacted? A) Materials price variance B) Materials efficiency variance C) Labour price variance D) Labour efficiency variance 2) Thomas Corporation produces stopwatches. According to company standards, it...
You have recently been employed as a junior accountant at Thrones Ltd, a manufacturer of a...
You have recently been employed as a junior accountant at Thrones Ltd, a manufacturer of a miniature statue based on a popular TV show character. Unfortunately, your supervisor, the main company accountant, has been injured in a recent horse riding accident and is away from work for some time. The company CEO, after hearing you have recently graduated from a prestigious university with great results in management d you to prepare a variance report for a management meeting later in...
fill in the missing numbers Consider the following data provided for each of the following independent...
fill in the missing numbers
Consider the following data provided for each of the following independent cases. For each case assume that the business uses a standard cost system and a flexible budget to control variable and fixed manufacturing overhead, and applies manufacturing overhead on the basis of direct labour hours. Fill in the blanks for each case, and indicate whether the variances are favourable (F) or unfavourable (U). Phi Company Pho Company Number of labour hours budgeted $10,600 hrs...
Question 3 Wasabi Pte Ltd makes separate journal entries for all cost accounting-related activities. It uses...
Question 3 Wasabi Pte Ltd makes separate journal entries for all cost accounting-related activities. It uses a standard costing system for all manufacturing items. For the month of April 2016, the following activities have taken place: Actual Direct Manufacturing Materials Purchased $300,000 Direct Manufacturing Materials Used At Standard Price 250,000 Direct Materials Price Variance 10,000 Unfavourable Direct Materials Efficiency Variance 15,000 Favourable Direct Manufacturing Labour Rate Variance 6,000 Favourable Direct Manufacturing Labour Efficiency Variance 4,000 Unfavourable Direct Manufacturing Labour Payable...
The following data for a pottery company pertain to the production of 2,000 clay pots during...
The following data for a pottery company pertain to the production of 2,000 clay pots during July. Direct Materials (all materials purchased were used) Standard cost: $6.00 per kilogram of clay Total actual cost: $11,200 Standard cost allowed for units produced was $12,000 Materials efficiency variance was $240 unfavourable Direct Manufacturing Labour: Standard cost is 2 pots per hour at $24.00 per hour Actual cost per hour was $24.50 Actual labour was 972 hours What is the direct manufacturing labour...
sol th Question 4 (10 marks) The following is the standard cost card for X Company's...
sol th Question 4 (10 marks) The following is the standard cost card for X Company's only product: Direct materials, 4 metres at $4.00 Direct labour, 1.5 hours at $10.00 Variable overhead, 1.5 hours at $3.00 Fixed overhead, 1.5 hours at $7.00 Standard cost per unit $16.00 $15.00 $4.50 $10.50 $46.00 The company manufactured and sold 18 000 units of product during the year. A total of 70,200 metres of material was purchased durine the vear at cost of $4.20...
Question 5 (23 marks) Cleanup Ltd produces an industrial chemical and uses a standard costing system to keep tight control over its costs. At the beginning of 2017, the following standard cost sheet (for one unit) was prepared: Direct materials (10kg @ $1.60/kg) Direct labour (0.75 hrs @$18.00hr) Fixed overhead (? /hr) Variable overhead (? /hr) Standard cost per unit $16.00 13.50 3.00 2.25 $34.75 Manufacturing overhead is allocated based on direct labour hours. The budgeted overhead rate is determined...
Question 24 Rondell Company uses standard cost system. Indirect costs were budgeted at $190,800 plus $13 per direct labour hour. The overhead rate is based on 10,600 hours. Actual results were: Standard direct labour hours allowed Actual direct labour hours Fixed overhead Variable overhead 9,070 10,600 $179,000 $174,400 Calculate the fixed overhead production volume variance. Fixed overhead production volume variance Calculate the variable overhead spending variance. Variable overhead spending variance $ Calculate the variable overhead efficiency variance. Variable overhead efficiency...
answere 17 to 20
The following labour standards have been established for a particular product: Standard labour hours per unit of output Standard labour rate 7.5 hours $15.25 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labour cost Actual output 9,600 hours $144,480 1,200 units 17) What was the labour rate variance for the month? a) $240 favourable. b) $240 unfavourable. c) $1,920 favourable. d) $1,920 unfavourable. 18)...
If the actual labour hours worked exceed the standard labour hours allowed, what type of variance will occur? Multiple Choice Favourable labour efficiency variance. ) Favourable labour rate variance. 0 Unfavourable labour efficiency variance. 0 Unfavourable labour rate variance. The standards for direct labour for a product are 2.5 hours at $8 per hour. Last month, 9,000 units of the product were made, and the labour efficiency variance was $8,000 favourable. What was the actual number of hours worked during...
Mark: 19 (1 point for each question) 1) The unemployment rate is high in the city in which a company has a factory. The company finds that they are able to pay new employees a lower wage per hour than when the unemployment rate was lower a year ago. Which variance is directly impacted? A) Materials price variance B) Materials efficiency variance C) Labour price variance D) Labour efficiency variance 2) Thomas Corporation produces stopwatches. According to company standards, it...
You have recently been employed as a junior accountant at Thrones Ltd, a manufacturer of a miniature statue based on a popular TV show character. Unfortunately, your supervisor, the main company accountant, has been injured in a recent horse riding accident and is away from work for some time. The company CEO, after hearing you have recently graduated from a prestigious university with great results in management d you to prepare a variance report for a management meeting later in...
fill in the missing numbers
Consider the following data provided for each of the following independent cases. For each case assume that the business uses a standard cost system and a flexible budget to control variable and fixed manufacturing overhead, and applies manufacturing overhead on the basis of direct labour hours. Fill in the blanks for each case, and indicate whether the variances are favourable (F) or unfavourable (U). Phi Company Pho Company Number of labour hours budgeted $10,600 hrs...
The following data for a pottery company pertain to the production of 2,000 clay pots during July. Direct Materials (all materials purchased were used) Standard cost: $6.00 per kilogram of clay Total actual cost: $11,200 Standard cost allowed for units produced was $12,000 Materials efficiency variance was $240 unfavourable Direct Manufacturing Labour: Standard cost is 2 pots per hour at $24.00 per hour Actual cost per hour was $24.50 Actual labour was 972 hours What is the direct manufacturing labour...
sol th Question 4 (10 marks) The following is the standard cost card for X Company's only product: Direct materials, 4 metres at $4.00 Direct labour, 1.5 hours at $10.00 Variable overhead, 1.5 hours at $3.00 Fixed overhead, 1.5 hours at $7.00 Standard cost per unit $16.00 $15.00 $4.50 $10.50 $46.00 The company manufactured and sold 18 000 units of product during the year. A total of 70,200 metres of material was purchased durine the vear at cost of $4.20...
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