Direct Material Variances Goldman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantit...
Direct Material Variances
Goldman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.7 pounds per glass at the cost of $0.35 per pound. The actual result for one month’s production of 6,950 glasses was 1.3 pounds per glass, at the cost of $0.45 per pound. Calculate the direct materials cost variance and the direct materials efficiency variance.
Direct Labour Variances
Goldman, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.5 hours per glass, at the cost of $19 per hour. The actual results for one month’s production of 6,950 glasses were 0.2 hours per glass, at the cost of $13 per hour. Calculate the direct labor cost variance and the direct labor efficiency variance.
MOH Variances
Grand Fender uses a standard cost system and provides the following information:
- Static Budget variable overhead $5,630
- Static budget fixed overhead $22,520
- Static budget direct labor hours 563 hours
- Static budget number of units 21, 000 units
- Standard direct labor hours 0.026 hours per fender
Grand Fender allocates manufacturing overhead to production based on standard direct labor hours. Grand Fender reported the following actual results for 2016: actual number of fenders produced, 20,010; actual variable overhead, $5,300; actual fixed overhead, $24,500; actual direct labor hours, 490.
Requirements
- Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance.
- Explain why the variances are favorable or unfavorable.
Homework Answers
![Material cost Variance SR xs®) - (ARXAQ) = [0.3%{0-786950)] - (0-45 x(6950x123) e 1459.5– 4065.75 hoa serie : : 2606.25 (0)](http://img.homeworklib.com/questions/19a6b0c0-1bba-11ea-a326-135a9b32c9ba.png?x-oss-process=image/resize,w_560)
![Direct Labour Cost Variance (SH X SR) - ( AH XAR) bronnta? (0.586950) x 19] - [10_286950) X13] = 66025 - 18070 47955(E) bizei](http://img.homeworklib.com/questions/1a2895b0-1bba-11ea-b30e-b320ee509572.png?x-oss-process=image/resize,w_560)
* It is favorable because actual hours are less than standard hours .
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Direct Material Variances Goldman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantit...
Goldman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 1.0...
Goldman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 1.0 pound per class at a cost of $.50 per pound. The actual results for one month's production of 7200 glasses was 1.1 pounds per glass, at a cost of $.40 per pound. Calculate the direct materials cost variance and the direct material efficiency variance. Identify whether the varience is favorable (F) or unfavorable (U).
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Use the information above to compute direct labor and direct materials variances. Variable produc...
Use the information above to
compute direct labor and direct materials variances. Variable
product costs are broken down into DM, DL, and VMOH.
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The following information relates to Tallman, Inc.'s overhead costs for the month: (Click the icon to...
The following information relates to Tallman, Inc.'s overhead costs for the month: (Click the icon to view the information.) Requirements 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Requirement 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance....
Martin, Inc is a manulachurer of lead crystal glasses. The standard direct materials quartity is 1.0 pound per glass at a cost of $0.50 per pound The actual resut for one month's production of 6,500 glasses was 12 pounds per glass, at a cost of S0.30 per pound. Calculate the direct materials cost variance and the direct materials efficiency variance Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance...
Longman, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.2 hour per glass, at a cost of $17 per hour. The actual results for one month's production of 7,100 glasses were 0.4 hours per glass, at a cost of $14 per hour. Calculate the direct labor cost variance and the direct labor efficiency variance. Select the formula, then enter the amounts and compute the cost variance for direct labor and identify whether the variance is favorable (F)...
Brookman, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.5 hour per glass, at a cost of $17 per hour. The actual results for one month's production of 6,900 glasses were 0.3 hours per glass, at a cost of $13 per hour. Calculate the direct labor cost variance and the direct labor efficiency variance Select the formula, then enter the amounts and compute the cost variance for direct labor and identify whether the variance is favorable (F)...
Martin, Inc. manufactures lead crystal glasses. The standard direct labor time is 05 hour per glass, at a cost of $18 per hour. The actual results for one month's production of 6.500 glasses were 02 hours per glass at a cost of $11 per hour Calculate the direct labor ces variance and the direct labor efficiency variance Select the formula, then enter the amounts and compute the cost variance for direct labor and identify whether the variance is favorable (F)...
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Standard Price and Volume Standards: Direct materials 21.0 yards per awning at $15.00 per yard Direct labor 5.0 hours per awning at $17.00 per hour Variable MOH standard rate $4.00 per direct labor hour Predetermined fixed MOH standard rate $7.00 per direct labor hour Total budgeted fixed MOH cost $78,200 Print Done X Actual Results 1 Purchased 51,750 yards at a total cost of $755,550 Used 47,500 yards in producing 2,300 awnings Actual direct labor cost of $194,256 for a...
Use the information above to
compute direct labor and direct materials variances. Variable
product costs are broken down into DM, DL, and VMOH.
Actual Spending Variance U or F lexible Activity Variance U or F Budget Investigate? 11,000 Units 10,500 10,500 10,500 430,500 420,000 20,000) U 440,000 Sales 3% No ariable Expenses 339,297 34,125 373422 57,078 336,000 16,000) 31,500 1500) F 367,500 17500) F 1% No 8% Yes 2% No 9% Yes Variable COGS 352,000 $33,000 $ 385,000 $ 55,000...
The following information relates to Tallman, Inc.'s overhead costs for the month: (Click the icon to view the information.) Requirements 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Requirement 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance....
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