Water Movers, Inc. is known throughout the world for its H2O-X high-capacity water pump, used in irrigation systems. The pump’s standard cost is as follows. The company’s predetermined fixed overhead rate is based on an expected capacity of 100,000 direct labor hours per month.
Homework Answers
| Standard | Actual | |||||
| SQ / SH | SR | Total | AQ / AH | AR | Total | |
| Direct Material | 355,360.00 | 6.00 | 2,132,160.00 | 406,600.00 | 5.50 | 2,236,300.00 |
| Direct Labor | 88,840.00 | 10.00 | 888,400.00 | 92,000.00 | 11.00 | 1,012,000.00 |
| Variable Overhead | 88,840.00 | 9.00 | 799,560.00 | 92,000.00 | 8.84 | 813,000.00 |
| Actual Production = 22,210 Pumps | ||||||
| Direct Material Price Variance = (SR - AR) X AQ Purchased | ||||||
| Direct Material Price Variance = ($6 - $5.50) X 526,300 pounds | ||||||
| Direct Material Price Variance = $263,150 (F) | ||||||
| Direct Materials Quantity Variance = (SQ - AQ) X SR | ||||||
| Direct Materials Quantity Variance = (355,360 pounds - 406,600 pounds) X $6 | ||||||
| Direct Materials Quantity Variance = $307,440 (U) | ||||||
| Direct Labor Rate Variance = (SR - AR) X AH | ||||||
| Direct Labor Rate Variance = ($10 - $11) x 92,000 Hrs | ||||||
| Direct Labor Rate Variance = $92,000 (U) | ||||||
| Direct Labor Efficiency Variance = (SH - AH) X SR | ||||||
| Direct Labor Efficiency Variance = (88,840 hrs - 92,000 hrs) X $10 | ||||||
| Direct Labor Efficiency Variance = $31,600 (U) | ||||||
| Variable Overhead Spending Variance = (SR - AR) X AH | ||||||
| Variable Overhead Spending Variance = ($9 -$8.84) X 92,000 hrs | ||||||
| Variable Overhead Spending Variance = $15,000 (F) | ||||||
| Variable Overhead Efficiency Variance = (SH - AH) X SR | ||||||
| Variable Overhead Efficiency Variance = (88,840 hrs - 92,000 hrs) X $9 | ||||||
| Variable Overhead Efficiency Variance = $28,440 (U) | ||||||
| Fixed Overhead Spending Variance = Budgeted Overhead - Actual Overhead | ||||||
| Fixed Overhead Spending Variance = $500,000 - $537,700 | ||||||
| Fixed Overhead Spending Variance = $37,700 (U) | ||||||
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Water Movers, Inc. is known throughout the world for its H2O-X
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Problem T4-11 Water Movers, Inc. is known throughout the world
for its H2O-X high-capacity water pump, used in irrigation systems.
The company uses a standard costing system, and the pump’s standard
cost is as follows. The company’s predetermined fixed overhead rate
is based on an expected capacity of 100,000 direct labor hours per
month.
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The company uses a standard costing system, and the pump’s standard
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