Homework Answers
| Standard ( 1 oil change) | Standard ( 470700 oil changes) | Actual (470700 oil changes) | ||||||||||
| Hours | Rate | Amount | Hours | Rate | Amount | Hours | Rate | Amount | ||||
| Oil specialists | 0.216667 | $ 24.00 | $ 5.20 | 101985 | $ 24.00 | $ 2,447,640.00 | 125520 | $ 27.00 | $ 3,389,040.00 | |||
| Variable support staff | 0.15 | $ 20.00 | $ 3.00 | 70605 | $ 20.00 | $ 1,412,100.00 | 75312 | $ 15.00 | $ 1,129,680.00 | |||
| Price Variance = | (Standard Price - Actual Price) x Actual Hours | Efficiency Variance = | (Standard Hours - Actual Hours) x Standard Price | Total Variance = | Standard Cost - Actual Cost | ||||||||||||
| Oil Specialists = | ($ 24 - $ 27) x 125520 | Oil Specialists | = | (101985 - 125520) x $ 24 | Oil Specialists = | $ 2447640 - $ 3389040 | |||||||||||
| = | $ 376,560.00 | (Unfavorable) | = | $ 564,840.00 | (Unfavorable) | = | $ 941,400.00 | (Unfavorable) | |||||||||
| V.Support staff = | ($ 20 - $ 15) x 75312 | V.Support staff | = | (70605 - 75312) x $ 20 | V.Support staff = | $ 1412100 - $ 1129680 | |||||||||||
| = | $ 376,560.00 | (Favorable) | = | $ 94,140.00 | (Unfavorable) | = | $ 282,420.00 | (Favorable) | |||||||||
| Fixed OH | |||||
| Budgeted OH | $ 1,037,800.00 | ||||
| Recovery Rate | $ 2.40 | per oil change | |||
| Actual no. of oil changes | 470700 | ||||
| Recovered OH | $ 1,129,680.00 | ||||
| Actual OH | $ 1,335,000.00 | ||||
| Fixed OH price variance = | Budgeted OH - Actual OH | ||||
| = | $ 1037800 - $ 1335000 | ||||
| = | $ 297,200.00 | (Unfavorable) | |||
| Fixed OH Volume Variance = | Recovered OH - Budgeted OH | ||||
| = | $ 1129680 - $ 1037800 | ||||
| = | $ 91,880.00 | (Favorable) | |||
| Fixed OH cost variance = | Recovered OH - Actual OH | ||||
| = | $ 1129680 - $ 1335000 | ||||
| = | $ 205,320.00 | (Unfavorable) | |||
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NSF Lube is a fast-growing chain of oil-change stores. The following data are available for last...
NSF Lube is a fast-growing chain of oil-change stores. The following data are available for last...
NSF Lube is a fast-growing chain of oil-change stores. The following data are available for last year's services. NSF Lube performed 468,200 oil changes last year. It had budgeted 434,800 oil changes, averaging 12 minutes each. Standard variable labor and support costs per oil change were as follows Direct oil specialist services: 12 minutes at $23 per hour Variable support staff and overhead: 12.0 minutes at $17 per hour $4.60 3.40 Fixed overhead costs: Annual budget $1,038,800 Fixed overhead is...
NSF Lube is a fast-growing chain of oil-change stores. The following data are available for last year’s services. NSF L...
NSF Lube is a fast-growing chain of oil-change stores. The following data are available for last year’s services. NSF Lube performed 468,200 oil changes last year. It had budgeted 434,800 oil changes, averaging 12 minutes each. Standard variable labor and support costs per oil change were as follows. Direct oil specialist services: 12 minutes at $23 per hour $ 4.60 Variable support staff and overhead: 12.0 minutes at $17 per hour 3.40 Fixed overhead costs: Annual budget $1,038,800 Fixed overhead...
Check my work Exercise 16-49 (Static) Comprehensive Cost Variance Analysis (LO 16-5, 6) NSF Lube is...
Check my work Exercise 16-49 (Static) Comprehensive Cost Variance Analysis (LO 16-5, 6) NSF Lube is a fast-growing chain of oil change stores. The following data are available for last year's services. • NSF Lube performed 475,200 oil changes last year. It had budgeted 432,000 oil changes, averaging 10 minutes each - Standard variable labor and support costs per oil change were as follows. Direct oil specialist services: le minutes at $24 per hour Variable support staff and overhead: 7.5...
Maple Leaf Production manufactures truck tires. The following information is available for the last operating period....
Maple Leaf Production manufactures truck tires. The following
information is available for the last operating period.
Maple Leaf produced and sold 95,000 tires for $45 each.
Budgeted production was 99,000 tires.
Standard variable costs per tire follow.
Direct materials: 4 pounds at $2.00
$
8.00
Direct labor: 0.40 hours at $18.50
7.40
Variable production overhead: 0.25 machine-hours at $14 per
hour
3.50
Total variable costs
$
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Fixed production overhead costs:
Monthly budget $1,400,000
Fixed overhead is applied at the...
Maple Leaf Production manufactures truck tires. The following information is available for the last operating period....
Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. Maple Leaf produced and sold 90,000 tires for $46 each. Budgeted production was 94,000 tires. Standard variable costs per tire follow: Direct materials: 4 pounds at $3.00 $ 12.00 Direct labor: 0.55 hours at $19.00 10.45 Variable production overhead: 0.23 machine-hours at $15 per hour 3.45 Total variable costs $ 25.90 Fixed production overhead costs: Monthly budget $1,380,000 Fixed overhead is applied at the...
Maple Leaf Production manufactures truck tires. The following information is available for the last operating period....
Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. Maple Leaf produced and sold 90,000 tires for $46 each. Budgeted production was 94,000 tires. Standard variable costs per tire follow: Direct materials: 4 pounds at $3.00 $ 12.00 Direct labor: 0.55 hours at $19.00 10.45 Variable production overhead: 0.23 machine-hours at $15 per hour 3.45 Total variable costs $ 25.90 Fixed production overhead costs: Monthly budget $1,380,000 Fixed overhead is applied at the...
Maple Leaf Production manufactures truck tires. The following information is available for the last operating period....
Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. Maple Leaf produced and sold 92,000 tires for $40 each. Budgeted production was 100,000 tires. Standard variable costs per tire follow. Direct materials: 4 pounds at $3.00 $ 12.00 Direct labor: 0.30 hours at $15.50 4.65 Variable production overhead: 0.20 machine-hours at $18 per hour 3.60 Total variable costs $ 20.25 Fixed production overhead costs: Monthly budget $1,950,000 Fixed overhead is applied at the...
Maple Leaf Production manufactures truck tires. The following information is available for the last operating period....
Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. Maple Leaf produced and sold 95,000 tires for $38 each. Budgeted production was 100,000 tires. Standard variable costs per tire follow. Direct materials: 4 pounds at $2.00 $ 8.00 Direct labor: 0.35 hours at $16.00 5.60 Variable production overhead: 0.15 machine-hours at $15 per hour 2.25 Total variable costs $ 15.85 Fixed production overhead costs: Monthly budget $2,350,000 Fixed overhead is applied at the...
Compute the following cost variances from the available data.
Problem 11-49 Complete Analysis of Cost Variances; Review of Chapters 10 and 11 (LO 11-5)Chillco Corporation produces containers of frozen food. During April, Chillco produced 785 cases of food and incurred the following actual costs. Variable overhead$6,900Fixed overhead10,500Actual labor cost (4,000 direct-labor hours)74,400Actual material cost (24,500 pounds purchased and used)51,450 Overhead is budgeted and applied using direct-labor hours in a standard costing system. Standard cost and annual budget information are as follows: Standard Costs per CaseDirect labor (4 hours at $18 per hour)$72.00Direct...
The master budget at Western Company last period called for sales of 226,800 units at $10.80...
The master budget at Western Company last period called for sales of 226,800 units at $10.80 each. The costs were estimated to be $3.93 variable per unit and $226,800 fixed. During the period, actual production and actual sales were 231,800 units. The selling price was $10.90 per unit. Variable costs were $6.30 per unit. Actual fixed costs were $226,800. Required: Prepare a profit variance analysis. (Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable....
NSF Lube is a fast-growing chain of oil-change stores. The following data are available for last year's services. NSF Lube performed 468,200 oil changes last year. It had budgeted 434,800 oil changes, averaging 12 minutes each. Standard variable labor and support costs per oil change were as follows Direct oil specialist services: 12 minutes at $23 per hour Variable support staff and overhead: 12.0 minutes at $17 per hour $4.60 3.40 Fixed overhead costs: Annual budget $1,038,800 Fixed overhead is...
Check my work Exercise 16-49 (Static) Comprehensive Cost Variance Analysis (LO 16-5, 6) NSF Lube is a fast-growing chain of oil change stores. The following data are available for last year's services. • NSF Lube performed 475,200 oil changes last year. It had budgeted 432,000 oil changes, averaging 10 minutes each - Standard variable labor and support costs per oil change were as follows. Direct oil specialist services: le minutes at $24 per hour Variable support staff and overhead: 7.5...
Maple Leaf Production manufactures truck tires. The following
information is available for the last operating period.
Maple Leaf produced and sold 95,000 tires for $45 each.
Budgeted production was 99,000 tires.
Standard variable costs per tire follow.
Direct materials: 4 pounds at $2.00
$
8.00
Direct labor: 0.40 hours at $18.50
7.40
Variable production overhead: 0.25 machine-hours at $14 per
hour
3.50
Total variable costs
$
18.90
Fixed production overhead costs:
Monthly budget $1,400,000
Fixed overhead is applied at the...
The master budget at Western Company last period called for sales of 226,800 units at $10.80 each. The costs were estimated to be $3.93 variable per unit and $226,800 fixed. During the period, actual production and actual sales were 231,800 units. The selling price was $10.90 per unit. Variable costs were $6.30 per unit. Actual fixed costs were $226,800. Required: Prepare a profit variance analysis. (Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable....
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