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Fitness Bands Corporation gathered the following information for Job #928: Standard Total Cost Actual Total Cost...
The following information is for the standard and actual costs for the Happy Corporation: Enter favorable...
The following information is for the standard and actual costs for the Happy Corporation: Enter favorable variances as negative numbers. Standard Costs: Budgeted units of production - 16,000 [80% (or normal) capacity] Standard labor hours per unit - 4 Standard labor rate - $26 per hour Standard material per unit - 8 lbs. Standard material cost - $12 per pound Standard variable overhead rate - $15 per labor hour Budgeted fixed overhead - $640,000 Fixed overhead rate is based on...
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...
i Data Table Tipton Company manufactures shirts. During June, Tipton made 1.200 shirts and gathered the...
i Data Table Tipton Company manufactures shirts. During June, Tipton made 1.200 shirts and gathered the following additional data: (Click on the icon to view the data.) Read the requirements. 7. Calculate the direct materials cost variance. Select the formula, then enter the amounts and compute the cost varlance for direct materials and Identify whether the variance is favorable (F) or unfavorable (U). Direct materials cost standard Direct materials efficiency standard Actual amount of fabric purchased and used Actual cost...
Tipton Company manufactures shirts. During June, Tipton made 1,.200 shirts and gathered the following additional data:...
Tipton Company manufactures shirts. During June, Tipton made 1,.200 shirts and gathered the following additional data: 囲(Click on the icon to view the data.) Read the ecuirements. 7. Calculate the direct materials cost variance Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). - Direct Materials Cost Variance 8. Calculate the direct materials efficiency variance. Select the formula, then enter the amounts and...
Kyler Company uses a standard cost system. Job 822 is for the manufacturing of 300 units...
Kyler Company uses a standard cost system. Job 822 is for the manufacturing of 300 units of the product P521. The company's standards for one unit of product P521 are as follows: Quantity Price Direct material 7 ounces $ 4 per ounce Direct labor 1 hours $ 9 per hour Requirements (a) Determine the direct material price variance for job 822 based on the actual quantity of materials used. (b) Determine the direct material quantity variance for job 822 based...
i Data Table Tipton Company manufactures shirts. During June, Tipton made 1.200 shirts and gathered the...
i Data Table Tipton Company manufactures shirts. During June, Tipton made 1.200 shirts and gathered the following additional data: (Click on the icon to view the data.) Read the requirements. 7. Calculate the direct materials cost variance. Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). Direct materials cost standard Direct materials efficiency standard Actual amount of fabric purchased and used Actual cost...
Question 5 (1 point) Consider the following information: Actual hours used 15,000 Standard hours allowed 15,500...
Question 5 (1 point) Consider the following information: Actual hours used 15,000 Standard hours allowed 15,500 Actual rate $14.50 per hour Standard rate $15.00 per hour Which of the following are the direct-labor rate variance and the direct-labor efficiency variance, respectively? $7,500 favorable and $7,500 unfavorable $7,750 unfavorable and $7,500 favorable O$7,750 favorable and $7,250 unfavorable $7,500 favorable and $7,250 unfavorable O $7,500 favorable and $7,500 favorable
QUESTION 21 A company provided the following direct materials cost information. Compute the direct materials price...
QUESTION 21 A company provided the following direct materials cost information. Compute the direct materials price variance Standard coste an pireet naterials d cest res,000 nite 2.00/ Actual costan Direct Materials costs incurred (403, 750 uit 2.20/itu O $81,000 Favorable. $81,000 Unfavorable. $80,750 Unfavorable. $80,750 Favorable. O $78,250 Favorable. QUESTION 22 A job was budgeted to require 3 hours of labor per unit at $11.00 per hour. The job consisted of 8,000 units and was completed in 22,000 hours at...
The following data reflect the current month's activity for Vickers Corporation. Actual total direct labor Actual...
The following data reflect the current month's activity for Vickers Corporation. Actual total direct labor Actual hours worked Standard labor-hours allowed for actual output (flexible budget) Direct labor price variance Actual variable overhead Standard variable overhead rate per standard direct labor-hour $671,460 38,000 36,900 $ 12,540 F $154,500 $ 4.10 Variable overhead is applied based on standard direct labor-hours allowed. Required: Compute the labor and variable overhead price and efficiency variances. (Indicate the effect of each variance by selecting "F"...
The following describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual...
The following describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced 31,000 lbs. at $5.80 per lb. 10,600 hours for a total of $217,300 63,000 1,600 hour. 29.9 5. IS DE $217,300 Budgeted standards for each unit produced are 0.50 pound of direct material at $5.75 per pound and 10 minutes of direct labor at $21.50 per hour. AH = Actual Hours SH = Standard Hours AR = Actual...
The following information is for the standard and actual costs for the Happy Corporation: Enter favorable variances as negative numbers. Standard Costs: Budgeted units of production - 16,000 [80% (or normal) capacity] Standard labor hours per unit - 4 Standard labor rate - $26 per hour Standard material per unit - 8 lbs. Standard material cost - $12 per pound Standard variable overhead rate - $15 per labor hour Budgeted fixed overhead - $640,000 Fixed overhead rate is based on...
i Data Table Tipton Company manufactures shirts. During June, Tipton made 1.200 shirts and gathered the following additional data: (Click on the icon to view the data.) Read the requirements. 7. Calculate the direct materials cost variance. Select the formula, then enter the amounts and compute the cost varlance for direct materials and Identify whether the variance is favorable (F) or unfavorable (U). Direct materials cost standard Direct materials efficiency standard Actual amount of fabric purchased and used Actual cost...
Tipton Company manufactures shirts. During June, Tipton made 1,.200 shirts and gathered the following additional data: 囲(Click on the icon to view the data.) Read the ecuirements. 7. Calculate the direct materials cost variance Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). - Direct Materials Cost Variance 8. Calculate the direct materials efficiency variance. Select the formula, then enter the amounts and...
Kyler Company uses a standard cost system. Job 822 is for the manufacturing of 300 units of the product P521. The company's standards for one unit of product P521 are as follows: Quantity Price Direct material 7 ounces $ 4 per ounce Direct labor 1 hours $ 9 per hour Requirements (a) Determine the direct material price variance for job 822 based on the actual quantity of materials used. (b) Determine the direct material quantity variance for job 822 based...
i Data Table Tipton Company manufactures shirts. During June, Tipton made 1.200 shirts and gathered the following additional data: (Click on the icon to view the data.) Read the requirements. 7. Calculate the direct materials cost variance. Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). Direct materials cost standard Direct materials efficiency standard Actual amount of fabric purchased and used Actual cost...
Question 5 (1 point) Consider the following information: Actual hours used 15,000 Standard hours allowed 15,500 Actual rate $14.50 per hour Standard rate $15.00 per hour Which of the following are the direct-labor rate variance and the direct-labor efficiency variance, respectively? $7,500 favorable and $7,500 unfavorable $7,750 unfavorable and $7,500 favorable O$7,750 favorable and $7,250 unfavorable $7,500 favorable and $7,250 unfavorable O $7,500 favorable and $7,500 favorable
QUESTION 21 A company provided the following direct materials cost information. Compute the direct materials price variance Standard coste an pireet naterials d cest res,000 nite 2.00/ Actual costan Direct Materials costs incurred (403, 750 uit 2.20/itu O $81,000 Favorable. $81,000 Unfavorable. $80,750 Unfavorable. $80,750 Favorable. O $78,250 Favorable. QUESTION 22 A job was budgeted to require 3 hours of labor per unit at $11.00 per hour. The job consisted of 8,000 units and was completed in 22,000 hours at...
The following data reflect the current month's activity for Vickers Corporation. Actual total direct labor Actual hours worked Standard labor-hours allowed for actual output (flexible budget) Direct labor price variance Actual variable overhead Standard variable overhead rate per standard direct labor-hour $671,460 38,000 36,900 $ 12,540 F $154,500 $ 4.10 Variable overhead is applied based on standard direct labor-hours allowed. Required: Compute the labor and variable overhead price and efficiency variances. (Indicate the effect of each variance by selecting "F"...
The following describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced 31,000 lbs. at $5.80 per lb. 10,600 hours for a total of $217,300 63,000 1,600 hour. 29.9 5. IS DE $217,300 Budgeted standards for each unit produced are 0.50 pound of direct material at $5.75 per pound and 10 minutes of direct labor at $21.50 per hour. AH = Actual Hours SH = Standard Hours AR = Actual...
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