please provide a detailed explanation. thank you
Homework Answers
13) Price variance on Direct labor = (Standard rate-actual rate)actual hours = (15*8000-118900) = 1100
14) Price variance - Favorable
15) Efficiency variance = (Standard hour-actual hour)Standard rate = (5000*1.5-8000)*15 = 7500
16) Efficiency variance - Unfavorable
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please provide a detailed explanation. thank you
Simon Company had the following information available: Budgeted Costs...
NU Elticiency Variances Simon Company had the following information ng information available: Budgeted Costs The budget...
NU Elticiency Variances Simon Company had the following information ng information available: Budgeted Costs The budget was to manufacture and sell 5,- ufacture and sell 5,200 units Direct Materials: 4 pounds per unit @ $2.00 per po Direct Labor: 1.5 hours per units @ $15 per nou $2.00 per pound and had the following costs: Direct Materials: 19.500 pounds that cost $41,480 Direct Labor: 8,000 hours that cost $118,900 Required 1. Calculate the amount actually spent on direct materials 2....
please provide an explanation. thank you Budgeted Costs The budget was to manufacture and sell 6,200...
please provide an explanation. thank you
Budgeted Costs The budget was to manufacture and sell 6,200 units Direct Materials: 4 pounds per unit @ $2.00 per pound Direct Labor: 1.5 hours per units @ $15 per hour The company sold 5,000 units and had the following costs: Direct Materials: 19,500 pounds that cost $41480 Direct Labor 8.000 hours that cost $118.900 9. Actual Cost of Direct Labor 10. Flexible Budget for Direct Labor 11. Flexible Budget Variance for Direct Labor...
answer starting at 5 down DUSLS The budget was to manufacture and sell 5,200 units Direct...
answer starting at 5 down
DUSLS The budget was to manufacture and sell 5,200 units Direct Materials: 4 pounds per unit @ $2.00 per pound Direct Labor: 1.5 hours per units @ $15 per hour ne company sold 5,000 units and had the following costs: Direct Materials: 19,500 pounds that cost $41,480 Direct Labor: 8,000 hours that cost $118,900 Required 1. Calculate the amount actually spent on direct materials 2. Calculate the flexible budget for direct materials 3. Calculate the...
Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given...
Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,535 pounds of aluminum to manufacture 937 units. The company paid $29.00 per pound during the month to purchase aluminum. At the beginning of the month, the company had 67 pounds of aluminum on hand. At the end of the month, the company had only 50 pounds of aluminum in its warehouse. Schmidt used 5,400 direct labor hours during the...
Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,870 pounds of aluminum to manufacture 950 units. The company paid $29.40 p...
Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,870 pounds of aluminum to manufacture 950 units. The company paid $29.40 per pound during the month to purchase aluminum. At the beginning of the month, the company had 70 pounds of aluminum on hand. At the end of the month, the company had only 50 pound:s of aluminum in its warehouse. Schmidt used 4,700 direct labor hours during the...
Exercise 14-26 Direct Materials and Direct Labor Variances [LO 14-3] Assume that Schmidt Machinery Company had...
Exercise 14-26 Direct Materials and Direct Labor Variances [LO
14-3]
Assume that Schmidt Machinery Company had the standard costs
reflected in Exhibit 14.5. In a given month, the company used 3,485
pounds of aluminum to manufacture 927 units. The company paid
$29.20 per pound during the month to purchase aluminum. At the
beginning of the month, the company had 57 pounds of aluminum on
hand. At the end of the month, the company had only 37 pounds of
aluminum in...
Use the following information to answer the next four questions For each unit produced, a company...
Use the following information to answer the next four questions For each unit produced, a company expects to use 4.5 pounds of material at a cost of $3.25 per pound. It also expects each unit to require 1.75 hours of direct labor to complete, and it expects the wage rate to be $13 per hour. During the month, the company purchased 35,000 pounds of material for $105.000, and used all 35,000 pounds of material to produce 8,000 units. The company...
Use the following information to answer the next four questions For each unit produced, a company...
Use the following information to answer the next four questions For each unit produced, a company expects to use 4.5 pounds of material at a cost of $3.25 per pound. It also expects each unit to require 1.75 hours of direct labor to complete, and it expects the wage rate to be $13 per hour. During the month, the company purchased 35,000 pounds of material for $105.000, and used all 35,000 pounds of material to produce 8,000 units. The company...
EXHIBIT 14.5 Standard Cost Sheet, Product XV-1 Subtotal Total SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product:...
EXHIBIT 14.5 Standard Cost Sheet, Product XV-1 Subtotal Total SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Direct materials: Aluminum 4 pounds $25/pound PVC 1 pound 40/pound Direct labor 5 hours 40/hour Variable factory overhead 5 hours 12/hour Total variable manufacturing cost Fixed factory overhead* 5 hours 24/hour Standard manufacturing cost per unit Standard variable selling and administrative cost per unit $100 40 200 60 120 $400 120 $520 $ 50 *Budgeted fixed factory overhead cost...
Standard Cost Sheet, Product XV-1 EXHIBIT 14.5 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions...
Standard Cost Sheet, Product XV-1 EXHIBIT 14.5 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Subtotal Total Direct materials: Aluminum $100 4 pounds $25/pound 1 pound PVC 40/pound 40 Direct labor 5 hours 40/hour 200 Variable factory overhead 5 hours 12/hour 60 Total variable manufacturing cost $400 Fixed factory overhead 24/hour 5 hours 120 120 Standard manufacturing cost per unit $520 50 Standard variable selling and administrative cost per unit *Budgeted fixed factory overhead cost $120,000....
NU Elticiency Variances Simon Company had the following information ng information available: Budgeted Costs The budget was to manufacture and sell 5,- ufacture and sell 5,200 units Direct Materials: 4 pounds per unit @ $2.00 per po Direct Labor: 1.5 hours per units @ $15 per nou $2.00 per pound and had the following costs: Direct Materials: 19.500 pounds that cost $41,480 Direct Labor: 8,000 hours that cost $118,900 Required 1. Calculate the amount actually spent on direct materials 2....
please provide an explanation. thank you
Budgeted Costs The budget was to manufacture and sell 6,200 units Direct Materials: 4 pounds per unit @ $2.00 per pound Direct Labor: 1.5 hours per units @ $15 per hour The company sold 5,000 units and had the following costs: Direct Materials: 19,500 pounds that cost $41480 Direct Labor 8.000 hours that cost $118.900 9. Actual Cost of Direct Labor 10. Flexible Budget for Direct Labor 11. Flexible Budget Variance for Direct Labor...
answer starting at 5 down
DUSLS The budget was to manufacture and sell 5,200 units Direct Materials: 4 pounds per unit @ $2.00 per pound Direct Labor: 1.5 hours per units @ $15 per hour ne company sold 5,000 units and had the following costs: Direct Materials: 19,500 pounds that cost $41,480 Direct Labor: 8,000 hours that cost $118,900 Required 1. Calculate the amount actually spent on direct materials 2. Calculate the flexible budget for direct materials 3. Calculate the...
Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,535 pounds of aluminum to manufacture 937 units. The company paid $29.00 per pound during the month to purchase aluminum. At the beginning of the month, the company had 67 pounds of aluminum on hand. At the end of the month, the company had only 50 pounds of aluminum in its warehouse. Schmidt used 5,400 direct labor hours during the...
Assume that Schmidt Machinery Company had the standard costs reflected in Exhibit 14.5. In a given month, the company used 3,870 pounds of aluminum to manufacture 950 units. The company paid $29.40 per pound during the month to purchase aluminum. At the beginning of the month, the company had 70 pounds of aluminum on hand. At the end of the month, the company had only 50 pound:s of aluminum in its warehouse. Schmidt used 4,700 direct labor hours during the...
Exercise 14-26 Direct Materials and Direct Labor Variances [LO
14-3]
Assume that Schmidt Machinery Company had the standard costs
reflected in Exhibit 14.5. In a given month, the company used 3,485
pounds of aluminum to manufacture 927 units. The company paid
$29.20 per pound during the month to purchase aluminum. At the
beginning of the month, the company had 57 pounds of aluminum on
hand. At the end of the month, the company had only 37 pounds of
aluminum in...
Use the following information to answer the next four questions For each unit produced, a company expects to use 4.5 pounds of material at a cost of $3.25 per pound. It also expects each unit to require 1.75 hours of direct labor to complete, and it expects the wage rate to be $13 per hour. During the month, the company purchased 35,000 pounds of material for $105.000, and used all 35,000 pounds of material to produce 8,000 units. The company...
Use the following information to answer the next four questions For each unit produced, a company expects to use 4.5 pounds of material at a cost of $3.25 per pound. It also expects each unit to require 1.75 hours of direct labor to complete, and it expects the wage rate to be $13 per hour. During the month, the company purchased 35,000 pounds of material for $105.000, and used all 35,000 pounds of material to produce 8,000 units. The company...
EXHIBIT 14.5 Standard Cost Sheet, Product XV-1 Subtotal Total SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Direct materials: Aluminum 4 pounds $25/pound PVC 1 pound 40/pound Direct labor 5 hours 40/hour Variable factory overhead 5 hours 12/hour Total variable manufacturing cost Fixed factory overhead* 5 hours 24/hour Standard manufacturing cost per unit Standard variable selling and administrative cost per unit $100 40 200 60 120 $400 120 $520 $ 50 *Budgeted fixed factory overhead cost...
Standard Cost Sheet, Product XV-1 EXHIBIT 14.5 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Subtotal Total Direct materials: Aluminum $100 4 pounds $25/pound 1 pound PVC 40/pound 40 Direct labor 5 hours 40/hour 200 Variable factory overhead 5 hours 12/hour 60 Total variable manufacturing cost $400 Fixed factory overhead 24/hour 5 hours 120 120 Standard manufacturing cost per unit $520 50 Standard variable selling and administrative cost per unit *Budgeted fixed factory overhead cost $120,000....
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