Homework Answers
| option A | |||||||||
| when the Actual quantity used is less than the standard quantity | |||||||||
| option d | |||||||||
| predicts estimated revenues and costs at varying levels of production | |||||||||
| option d | |||||||||
| actual fixed overhead and applied fixed overhead | |||||||||
| option C | |||||||||
| when the actual price paid is greater than the standard price | |||||||||
| option B | |||||||||
| less qualified workers | |||||||||
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Explanation not necessary When is the direct labor time variance favorable? A. when the actual quantity used is les...
10. When is the material quantity variance favorable? when the actual quantity used is greater than...
10. When is the material quantity variance favorable? when the actual quantity used is greater than the standard quantity when the actual quantity used is less than the standard quantity when the actual price paid is greater than the standard price when the actual price is less than the standard price 12. What are some possible reasons for a labor rate variance? hiring of less qualified workers an excess of material usage material price increase utilities usage change 14. When...
CGS @ Standard 1,000,000 Direct labor rate variance 120,000 Direct labor efficiency variance (30,000) Direct materials...
CGS @ Standard 1,000,000 Direct labor rate variance 120,000 Direct labor efficiency variance (30,000) Direct materials price variance (50,000) Direct materials quantity variance (60,000) Fixed overhead budget variance (100,000) Fixed overhead volume variance (100,000) Variable overhead spending variance (10,000) Variable overhead efficiency variance 80,000 Adjusted Cost of Goods Sold 850,000 Indicate which of the following is most consistent with the information above: A. The firm used less of the variable overhead driver than they should have, given the amount they...
1) 2) 3) 4) 5) A favorable cost variance occurs when Oa. actual costs are the...
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2)
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4)
5)
A favorable cost variance occurs when Oa. actual costs are the same as standard costs Ob. actual costs are more than standard costs Oc. standard costs are more than actual costs Od. standard costs are less than actual costs The Flapjack Corporation had 8,042 actual direct labor hours at an actual rate of $12.00 per hour. Original production had been budgeted for 1,100 units, but only 999 units were actually produced. Labor standards were 7.9...
Which of the following will result in an unfavorable direct labor PRICE variance? when actual direct...
Which of the following will result in an unfavorable direct labor PRICE variance? when actual direct labor hours exceed standard direct labor hours when actual direct labor hours are less than standard direct labor hours when the actual direct labor rate exceeds the standard direct labor rate when the actual direct labor rate is less than the standard direct labor rate
10 Direct materials Standard per unit Actual $ 4 per pound Used 15 Materials quantity variance...
10 Direct materials Standard per unit Actual $ 4 per pound Used 15 Materials quantity variance $ 3 2 pounds pounds Produced 10 finished units (AQ used - SQ allowed) SP A B C D 15 20 39 78 2 pt Variance is A favorable B unfavorable SQ allowed Standard per unit actual units 11 FACTORY OVERHEAD Machine Hours Budgeted $50 Standard allowed 16 Actual 180 Actual Variable factory overhead (activity base) rate per machine hour $10 Efficiency variance 10...
Direct Materials, Direct Labor, and Reports budgeted and actual costs for variable and fixed factory overhead...
Direct Materials, Direct Labor, and Reports budgeted and actual costs for variable and fixed factory overhead along with the related controllable and volume variances.Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. A detailed estimate of what a product should cost.Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 70,000 units of product were as follows: Standard Costs Actual Costs Direct materials 189,000 lbs. at $6.00 187,100...
REQUIRED: Determine the missing values DIRECT-LABOR PRICE AND QUANTITY VARIANCES ACTUAL LABOR COST Actual Actual Hours...
REQUIRED: Determine the missing values DIRECT-LABOR PRICE AND QUANTITY VARIANCES ACTUAL LABOR COST Actual Actual Hours Price $8.30 Actual Hours X Standard Price $6.90 STANDARD LABOR COST Standard Standard Hours Price 1,500X $6.90 Direct-labor rate variance $197 Unfav. Direct-labor efficiency variance Direct-labor variance DIRECT-MATERIAL PRICE AND QUANTITY VARIANCES ACTUAL MATERIAL COST STANDARD MATERIAL COST Actual Actual Actual Standard Standard Standard Quantity X Price Quantity Price Quantity X Price 420 420 $345.00 435 x $345.00 $2,950 Fav. Direct-material price variance $8.125...
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...
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...
Chapter 23 Homework PR 23-1A Direct materials and direct labor variance analysis OBJ. 2,3 Fancy Fixture...
Chapter 23 Homework PR 23-1A Direct materials and direct labor variance analysis OBJ. 2,3 Fancy Fixture Company manufactures Faucets in a small manufacturing facility. The fau cets are made from brass. Manufacturing has 100 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $21.00 Standard labor time per faucet 20 min. Standard number of lbs. of brass 5 lbs. Standard price per lb. of brass $2.80...
1)
2)
3)
4)
5)
A favorable cost variance occurs when Oa. actual costs are the same as standard costs Ob. actual costs are more than standard costs Oc. standard costs are more than actual costs Od. standard costs are less than actual costs The Flapjack Corporation had 8,042 actual direct labor hours at an actual rate of $12.00 per hour. Original production had been budgeted for 1,100 units, but only 999 units were actually produced. Labor standards were 7.9...
10 Direct materials Standard per unit Actual $ 4 per pound Used 15 Materials quantity variance $ 3 2 pounds pounds Produced 10 finished units (AQ used - SQ allowed) SP A B C D 15 20 39 78 2 pt Variance is A favorable B unfavorable SQ allowed Standard per unit actual units 11 FACTORY OVERHEAD Machine Hours Budgeted $50 Standard allowed 16 Actual 180 Actual Variable factory overhead (activity base) rate per machine hour $10 Efficiency variance 10...
REQUIRED: Determine the missing values DIRECT-LABOR PRICE AND QUANTITY VARIANCES ACTUAL LABOR COST Actual Actual Hours Price $8.30 Actual Hours X Standard Price $6.90 STANDARD LABOR COST Standard Standard Hours Price 1,500X $6.90 Direct-labor rate variance $197 Unfav. Direct-labor efficiency variance Direct-labor variance DIRECT-MATERIAL PRICE AND QUANTITY VARIANCES ACTUAL MATERIAL COST STANDARD MATERIAL COST Actual Actual Actual Standard Standard Standard Quantity X Price Quantity Price Quantity X Price 420 420 $345.00 435 x $345.00 $2,950 Fav. Direct-material price variance $8.125...
Chapter 23 Homework PR 23-1A Direct materials and direct labor variance analysis OBJ. 2,3 Fancy Fixture Company manufactures Faucets in a small manufacturing facility. The fau cets are made from brass. Manufacturing has 100 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $21.00 Standard labor time per faucet 20 min. Standard number of lbs. of brass 5 lbs. Standard price per lb. of brass $2.80...
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