1) | |||||||||
predetermined overhead rate | 14 | ||||||||
variable rate | 5 | ||||||||
fixed rate (2,295,000/255,000) | 9 | ||||||||
2) | |||||||||
Direct materials | 4 | pounds at | 10.5 | per pound | 42 | ||||
Direct labor | 1.5 | DLH'S | 13.5 | per DLH | 20.25 | ||||
Variable overhead | 1.5 | DLH'S at | 5 | per DLH | 7.5 | ||||
Fixed overhead | 1.5 | DLH'Sat | 9 | per DLH | 13.5 | ||||
Standard cost per unit | 83.25 | ||||||||
3) | |||||||||
Standard direct labor hours allowed for the years production= | |||||||||
Actual units produced *Direct labor hr per unit | |||||||||
204000*1.5 | |||||||||
306000 | |||||||||
3b) | |||||||||
Manufacturing overhead T-Account | |||||||||
Actual costs | 3613350 | Applied costs (306000*14)) | 4284000 | ||||||
overhead overapplied | 670650 | ||||||||
4) | |||||||||
Variable overhead rate variance = (AR- Std rate)*AH | |||||||||
=(961,350-331,500*5) | |||||||||
696150 | F | ||||||||
Variable overhead efficiency variance = (AH-SH)*SR | |||||||||
= | (331500-306000)*5 | ||||||||
127500 | U | ||||||||
Fixed overhead budget variance = actual overhead - budgeted oveerhead | |||||||||
2,652,000-2,295,000 | |||||||||
357000 | U | ||||||||
fixed overhead volume variance= actual output*fixed overhead rate per unit-budgeted overhead | |||||||||
204000*13.5-2,295,000 | |||||||||
459,000 | F |
Prepare a standard cost card for the company's product. (Round your answer Lane Company manufactures a single product t...
Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $5.60 per direct labor-hour and the budgeted fixed manufacturing overhead is $2,880,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $12.00 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.80 per...
Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $4.60 per direct labor-hour and the budgeted fixed manufacturing overhead is $1.935,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $9.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.30 per...
Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $5.00 per direct labor-hour and the budgeted fixed manufacturing overhead is $2,295,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $10.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.50 per...
Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $5.40 per direct labor-hour and the budgeted fixed manufacturing overhead is $2.679,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $11.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.70 per...
Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $2.20 per direct labor-hour and the budgeted fixed Emanufacturing overhead is $279,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $3.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $12.10 per...
I AM LOST THIS CHAPTER PLEASE HELP ASAP Lane Company manufactures a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $4.20 per direct labor-hour and the budgeted fixed manufacturing overhead is $1,599,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $8.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.10 per...
PLEASE HELP ME FAST Lane Company manufactures a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $4.20 per direct labor-hour and the budgeted fixed manufacturing overhead is $1,599,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $8.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.10 per hour. The company planned...
Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $5.60 per direct labor-hour and the budgeted fixed manufacturing overhead is $2,880,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $12.00 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.80 per...
Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $5.00 per direct labor-hour and the budgeted fixed manufacturing overhead is $2,295,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $10.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.50 per...
Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $4.40 per direct labor-hour and the budgeted fixed manufacturing overhead is $1,764,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $9.00 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.20 per...