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QUESTION 2 (30 marks) a. Arden Brothers reports the following cost information for one of its products. Product Mod...
Question 4 20 marks Forest Company has provided the following data concerning one of the products...
Question 4 20 marks Forest Company has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labour- hours. Inputs Direct materials Direct labour Variable manufacturing overhead Standard Quantity or Hours per Unit of Output 8.0 grams 0.60 hours 0.60 hours Standard Price or Rate $ 6.10 per gram $ 19.80 per hour $ 4.40 per hour The company has reported the following actual...
Jay Levitt Company budgeted the following cost standards for the current year: Direct materials (2 kg...
Jay Levitt Company budgeted the following cost standards for
the current year:
Direct materials (2 kg of
plastic at $6 per kilogram)
$12.00
Direct labour (2 hours at $12
per hour)
24.00
Variable manufacturing
overhead
11.90
Fixed manufacturing
overhead
6.25
Total standard cost per
unit
$54.15
Actual costs for producing 2,740 units were as follows:
Direct materials used
5,560
kg
Direct materials purchased
(6,780 kg)
$40,002
Direct labour (6,880 hours)
$67,424
Variable manufacturing
costs
$32,600
Fixed manufacturing costs
$17,600
Your...
Question 4 20 marks Forest Company has provided the following data concerning one of the products...
Question 4 20 marks Forest Company has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labour- hours. Inputs Direct materials Direct labour Variable manufacturing overhead Standard Quantity or Hours per Unit of Output 8.0 grams 0.60 hours 0.60 hours Standard Price or Rate $ 6.10 per gram $ 19.80 per hour $ 4.40 per hour The company has reported the following actual...
Given the following information regarding direct materials: ---Actual quantity purchased = 75,000 pounds -Actual quantity used...
Given the following information regarding direct materials: ---Actual quantity purchased = 75,000 pounds -Actual quantity used = 66,000 pounds Actual price of direct materials = $11 per pound Standard quantity of direct materials = 3 pounds per unit Standard cost of direct materials = $10 per pound Units produced = 21,000 units -What is the direct materials price variance? (AP - SP) x AQ purchased ? -What is the direct materials usage variance? (AQ used - SQ allowed) x SP...
Q2. (25 marks) Granville Ltd's standard and actual costs per unit for the most recent period,...
Q2. (25 marks) Granville Ltd's standard and actual costs per unit for the most recent period, during which 400 units were actually produced, are given below: Actual $3.36 Standard Materials: Standard: 2 metres at $1.50 per m. $3.00 Actual: 2.1 metres at $1.60 per m. Direct labour: Standard: 1.5 hrs. at $6.00 per hr. 9.00 Actual: 1.4 hrs. at $6.50 per hr. Variable overhead: Standard: 1.5 hrs. at $3.40 per hr. 5.10 Actual: 1.4 hrs. at $3.10 per hr. Total...
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...
Find the question marks Medium speed bump 17 $ 1.00 Direct materials information Standard pounds per...
Find the question marks
Medium speed bump 17 $ 1.00 Direct materials information Standard pounds per unit.................. Standard price per pound ............ Actual quantity purchased and used per unit... Actual price paid for material per pound....... Direct materials price variance. Direct materials quantity variance. ........... Total direct material variance Number of units produced......... Large speed bump ? $ 1.30 17 1.80 $ 3,400 U $ 1.50 $ 1,500 u $ 400 F $ 1,840 U 400
Complete the problems listed below. Chapter 9 Tonga Toys manufactures and distributes a number of products...
Complete the problems listed below. Chapter 9 Tonga Toys manufactures and distributes a number of products to retailers. One of these products, Playclay, requires seven kilograms of material A135 in the manufacture of each unit. The company is now planning raw materials needs for the third quarter – July, August, and September. Peak sales of Playclay occur in the third quarter of each year. To keep production and shipments moving smoothly, the company has the following inventory requirements: The finished...
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 7 (12 marks) Bright Electric Company Limited manufactures electric table lamps The standard cost specification...
Question 7 (12 marks) Bright Electric Company Limited manufactures electric table lamps The standard cost specification sheet of the company shows the following information related to its standard costs that have been set for its new model called Slim Line Elegance as: $14.00 $12.00 Direct materials (1 kg) Direct labour (2 hours) Overhead: Fixed - $1.10 per direct labour hour Variable - $1.30 per direct labour hour $2.20 $ 30.80 Actual production and cost information for December 2018 is as...
Question 4 20 marks Forest Company has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labour- hours. Inputs Direct materials Direct labour Variable manufacturing overhead Standard Quantity or Hours per Unit of Output 8.0 grams 0.60 hours 0.60 hours Standard Price or Rate $ 6.10 per gram $ 19.80 per hour $ 4.40 per hour The company has reported the following actual...
Jay Levitt Company budgeted the following cost standards for
the current year:
Direct materials (2 kg of
plastic at $6 per kilogram)
$12.00
Direct labour (2 hours at $12
per hour)
24.00
Variable manufacturing
overhead
11.90
Fixed manufacturing
overhead
6.25
Total standard cost per
unit
$54.15
Actual costs for producing 2,740 units were as follows:
Direct materials used
5,560
kg
Direct materials purchased
(6,780 kg)
$40,002
Direct labour (6,880 hours)
$67,424
Variable manufacturing
costs
$32,600
Fixed manufacturing costs
$17,600
Your...
Question 4 20 marks Forest Company has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labour- hours. Inputs Direct materials Direct labour Variable manufacturing overhead Standard Quantity or Hours per Unit of Output 8.0 grams 0.60 hours 0.60 hours Standard Price or Rate $ 6.10 per gram $ 19.80 per hour $ 4.40 per hour The company has reported the following actual...
Q2. (25 marks) Granville Ltd's standard and actual costs per unit for the most recent period, during which 400 units were actually produced, are given below: Actual $3.36 Standard Materials: Standard: 2 metres at $1.50 per m. $3.00 Actual: 2.1 metres at $1.60 per m. Direct labour: Standard: 1.5 hrs. at $6.00 per hr. 9.00 Actual: 1.4 hrs. at $6.50 per hr. Variable overhead: Standard: 1.5 hrs. at $3.40 per hr. 5.10 Actual: 1.4 hrs. at $3.10 per hr. Total...
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...
Find the question marks
Medium speed bump 17 $ 1.00 Direct materials information Standard pounds per unit.................. Standard price per pound ............ Actual quantity purchased and used per unit... Actual price paid for material per pound....... Direct materials price variance. Direct materials quantity variance. ........... Total direct material variance Number of units produced......... Large speed bump ? $ 1.30 17 1.80 $ 3,400 U $ 1.50 $ 1,500 u $ 400 F $ 1,840 U 400
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 7 (12 marks) Bright Electric Company Limited manufactures electric table lamps The standard cost specification sheet of the company shows the following information related to its standard costs that have been set for its new model called Slim Line Elegance as: $14.00 $12.00 Direct materials (1 kg) Direct labour (2 hours) Overhead: Fixed - $1.10 per direct labour hour Variable - $1.30 per direct labour hour $2.20 $ 30.80 Actual production and cost information for December 2018 is as...
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