Solution 1a:
Material price variance = (SP - AP) * AQ = (2.20 - 2.40) * (13000*1.75) = $4,550 U
Material quantity variance = (SQ - AQ) * SP = (13000*1.80 - 13000*1.75) * $2.20 =$1,430 F
Solution 1b:
Direct labor rate variance = (SR - AR) * AH = ($14 - $13.40) * (13000*0.95) = $7,410 F
Direct labor efficiency variance = (SH - AH) * SR = (13000*0.90 - 13000*0.95) * $14 = $9,100 U
Solution 1c:
Variable overhead rate variance = (SR - AR) * AH = ($5- $4.60) * (13000*0.95) = $4,940 F
Variable overhead efficiency variance = (SH - AH) * SR = (13000*0.90 - 13000*0.95) * $5 = $3,250 U
Solution 2:
Statement showing Excess unit cost traceable to variance - Koontz Company | ||||
Variance | ||||
Materials: | ||||
Price Variance | $4,550.00 | U | ||
Quantity Variance | $1,430.00 | F | $3,120.00 | U |
Labor: | ||||
Rate variance | $7,410.00 | F | ||
Efficiency variance | $9,100.00 | U | $1,690.00 | U |
Variable overhead: | ||||
Rate variance | $4,940.00 | F | ||
Efficiency variance | $3,250.00 | U | $1,690.00 | F |
Excess of actual cost over standard cost per unit | $3,120.00 | U |
Solution 3:
Statement showing Excess unit cost traceable to variance | ||||
Variance | ||||
Excess of actual over standard cost per unit | $3,120.00 | U | ||
Less: Portion attributable to labor efficiency: | ||||
Labor Efficiency variance | $9,100.00 | U | ||
Variable overhead Efficiency variance | $3,250.00 | U | $12,350.00 | U |
Portion due to other variances | $9,230.00 | F |
Standard Cost per Unit Actual Cost per Unit $ 3.96 $ 4.20 12.60 Direct materials: Standard: 1.80 feet at $2.20 per foot...
Cost per Cost per 8 9.12 29.00 Direct materials: standard: 1.90 feet at $4.80 per Foot Actual 1.85 foot at 15.20 per foot Direct labor: standard: 1.45 hours at $20.00 per hour Actual 1.50 hours at $19.50 per hour Variable overhead: standard, 1.45 hourRat 10.00 per hour Actual 1.50 hours at $9.60 por hour Total cost per unit ENCORR of actual cost over standard cont per unit 29.25 14.50 14.40 $52.62 $53.27 The production superintendent was pleased when he saw...
0 Saved Help Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per $ 4.20 12.60 Direct materials: Standard: 1.80 feet at $2.20 per foot Actual 1.75 feet at $2.40 per foot Direct labor! Standard: 0.90 hours at $14.00 per hour Actualı 0.95 hours at $13.40 per hour Variable overhead: Standard: 0.90 hours at $5.00 per hour Actualt...
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit $ 3.60 $ 3.85 18.00 18.43 Direct materials Standard: 1.80 feet at $2.00 per foot Actual: 1.75 feet at $2.20 per foot Direct labor. Standard: 0.90 hours at $20.00 per hour Actual: 0.95 hours at $19.40 per hour Variable overhead: Standard: 0.90 hours at $6.40 per hour...
Problem 10-13 (Algo) Basic Variance Analysis; the Impact of Variances on Unit Costs [LO10-1, LO10-2, LO10-3] Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit $ 3.24 $ 3.85 17.10 Direct materials: Standard: 1.80 feet at $1.80 per foot Actual: 1.75 feet at $2.20 per foot Direct labor: Standard: 0.90 hours at $19.00 per hour Actual:...
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit $ 3.60 $ 3.85 18.00 Direct materials: Standard: 1.80 feet at $2.00 per foot Actual: 1.75 feet at $2.20 per foot Direct labor: Standard: 0.90 hours at $20.00 per hour Actual: 0.95 hours at $19.40 per hour Variable overhead: Standard: 0.90 hours at $6.40 per hour Actual:...
need help with this question. correct answers please feel free to take your time. please help thanks:) Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May Standard Cost per Actual Cost per Unit Unit Direct materials: standard: 1.90 feet at $4.80 per foot Actual: 1.85 feet at $5.20 per foot 9.12 $9.62 Direct labor: standard: 1.45 hours at $20.00 per hour Actual: 1.50 hours...
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual cost per $ 8.36 $8.88 17.10 17.50 Direct materials Standardi 1.90 feet at $4.40 per foot Actual 1.85 feet at $4.80 per foot Direct labor Standardi 0.95 hours at $18.00 per hour Actual 1.00 hours at $17.50 per hour Variable overhead: Standard: 0.95 hours at $6.00 per hour Actual: 1.00...
Problem 10-13 (Algo) Basic Variance Analysis: the Impact of Variances on Unit Costs [LO10-1, LO10-2, LO10-3] Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May Standard Cost per Unit Actual Cost per Unit S 3.24 $ 3.85 17.10 Direct materials: Standard: 1.80 feet at $1.80 per foot Actual: 1.75 feet at $2.20 per foot Direct labor: Standard: 0.90 hours at $19.00 per hour Actual:...
A. Compute the actual cost per foot for materials for March Actual Cost per foot Compute the price variance and the spending variance. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)) Price Variance Unfavorable Spending Variance Unfavorable For direct labor: a. Compute the standard direct labor rate per hour. (Do not round intermediate calculations. Round your final answer to 2 decimal...
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit $ 7.60 $ 8.14 17.60 17.71 Direct materials: Standard: 1.90 feet at $4.00 per foot Actual: 1.85 feet at $4.40 per foot Direct labor: Standard: 1.10 hours at $16.00 per hour Actual: 1.15 hours at $15.40 per hour Variable overhead: Standard: 1.10 hours at $9.00 per hour...