Datermine the formula for the quantity variance, then compute the quantity variance for direct materials DM quantity variance Enter aurrency amounts to the nearest cent and your answe Direct labor.) Requirement 2b. Calculate the direct labor variances. (Enter the variances as positive numbers nearest whole dollar. Label the variano, as favorable (F) or unfavorable (U). Abbreviations used: DL First determine the formula for the rate variance, then compute the rate variance for direct labor. DL. rate variance rate variance x ( First determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. ) DL efficiency variance x (
Requirement 2c. Caloulate the variable manufacturing overhoad variances. (Enter the variances as positive numbers. Enter currenoy amounts to the nearest cent and your answers to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) manufacturing overhoad. (Round interim calculations to the nearest cent) First determine the formula for the rate variance, then compute the rate variance for variable Variable overhead rate variance x ( Now compute the variable manufacturing overhead efficiency varianoe.First determine the formula for the efficienoy variance, then compute the variable manufacturing overhead. Variable overhead )officiency variance x (
Requirement 2d. Calculato the fixed manufacturing overhead variances. (Enter the variance as a positive number. Label the variance as favorable (F) or unfavorable Begin by computing the fixed manufacturing overhead budget variance. First determine the formula for the budget variance, then compute the budgot variance for fixed manufacturing overhead Fixed MOH # budget variance Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volume variance for fixed Fixed MOH # volume variance Requirement 3. Explain what each of the variances you calculated means and give at least one possible explanation for each of those variances Choose from any list or enter any number in the input fields and then continue to the next question.
Al manufacturing overhead is allocated on the basis of direct labor hours he icon to view the standards.) Standard Price and Volume ent 1. Calculate the standard cost terials Standards or Direct materials 24.0 yards per awning at $16.00 per yard МОН Direct labor 4.0 hours per awning at $10.00 per hour он Variable MOH standard rate $4.00 per direct labor hour ndard cost Predetermined fixed MOH standard rate $8.00 per direct labor hour ment 2a. Calculate the direct m est whole dollar. Label the varia Total budgeted fixed MOH cost $46,000 he nearest cent and your answers to termine the formula for the price Print Done x ( ine the formula for the auantitv variance. then comoute the auantitv variance for direct materials
Homework Answers
| STANDARD COST CALCULATION/ PER UNIT | |||||||
| DIRECT MATERIALS (24 X16) | $ 384.00 | ||||||
| DIRECT LABOR (4 X10) | $ 40.00 | ||||||
| VARIABLE MOH (4 X4) | $ 16.00 | ||||||
| FIXED MOH (4 X8) | $ 32.00 | ||||||
| TOTAL STANDARD COST | $ 472.00 | ||||||
| MATERIAL (BASED ON ACTUAL PURCHASE) | (AP-SP) X A.Q | ||||||
| PRICE VARIANCE | |||||||
| ACTUAL PRICE (YARD) | (A) | $ 15.70 | ($595815/37950) | ||||
| STANDARD PRICE (PER YARD) | (B) | $ 16.00 | |||||
| VARIANCE | C = (A-B) | $ (0.30) | |||||
| ACTUAL QUANTITY (YARD) | D | 37,950.00 | |||||
| DIRECT MATERIAL PRICE VARIANCE | C X D | $ (11,385.00) | FAVORABLE | ||||
| QUANTITY VARIANCE (BASED ON ACTUAL USAGE) | (A.Q -SQ) X SP | ||||||
| ACTUAL QUANTITY (YARD) | (A) | 35,100.00 | |||||
| STANDARD QUANTITY (YARD) ( 1500 X 24) | (B) | 36,000.00 | |||||
| VARIANCE | C = (A-B) | $ (900.00) | |||||
| STANDARD PRICE (YARD) | D | $ 16.00 | |||||
| QUANTITY VARIANCE | C X D | $ (14,400.00) | FAVORABLE | ||||
| LABOR COST | |||||||
| RATE VARIANCE | (AR-SR) X AH | ||||||
| ACTUAL RATE PER HOUR | (A) | $ 10.20 | (58650/5750) | ||||
| STANDARD RATE PER HOUR | (B) | $ 10.00 | |||||
| VARIANCE | C = (A-B) | $ 0.20 | |||||
| ACTUAL HOUR | D | 5,750.00 | |||||
| DIRECT LABOR VARIANCE | C X D | $ 1,150.00 | UNFAVORABLE | ||||
| EFFICIENCY VARIANCE | (AH-SH) X SR | ||||||
| ACTUAL DIRECT LABOR HOUR | (A) | 5,750.00 | |||||
| STANDARD DIRECT LABOR HOUR (1500 X 4) | (B) | 6,000.00 | |||||
| VARIANCE | C = (A-B) | $ (250.00) | |||||
| STANDARD RATE PER HOUR | D | $ 10.00 | |||||
| EFFICIENCY VARIANCE VARIANCE | C X D | $ (2,500.00) | FAVORABLE | ||||
| VARIABLE MANUFACTURING OVERHEAD RATE VARIANCE | (AR-SR) X A.H | ||||||
| ACTUAL RATE PER HOUR | (A) | $ 4.10 | (23575/5750) | ||||
| STANDARD RATE PER HOUR | (B) | $ 4.00 | |||||
| VARIANCE | C = (A-B) | $ 0.10 | |||||
| ACTUAL HOUR | D | 5,750.00 | |||||
| VARIABLE OVERHEAD VARIANCE | C X D | $ 575.00 | UN FAVORABLE | ||||
| VARIABLE MANUFACTURING OVERHEAD EFFICIENCY VARIANCE | (AH-SH) X SR | ||||||
| ACTUAL DIRECT LABOR HOUR | (A) | 5,750.00 | |||||
| STANDARD DIRECT LABOR HOUR | (B) | 6,000.00 | |||||
| VARIANCE | C = (A-B) | (250.00) | |||||
| STANDARD RATE PER HOUR | D | $ 4.00 | |||||
| V.O.H EFFICIENCY VARIANCE | C X D | $ (1,000.00) | FAVORABLE | ||||
| FIXED M.O.H BUDGET VARIANCE (B.F.H -A.F.H) | |||||||
| BUDGETED F.O.H | A | $ 46,000.00 | |||||
| ACTUAL FIXED OVERHEAD | B | $ 52,000.00 | |||||
| FIXED M.O.H BUDGET VARIANCE | A-B | $ (6,000.00) | UNFAVORABLE | ||||
| FIXED M.O.H VOLUME VARIANCE | |||||||
| ACTUAL OUTPUT | A | $ 1,500.00 | |||||
| STANDARD RATE | B | $ 32.00 | |||||
| (A X B) | C | $ 48,000.00 | |||||
| B F O H | D | $ 46,000.00 | $ 2,000.00 | UNFAVORABLE | |||
| F.O.H VOLUME VARIANCE (C-D) | E | ||||||
Add Answer to:
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