-/1 Question 10 View Policies Current Attempt in Progress ort The per-unit standards for direct materials are 2 pounds at $5 per pound. Last month, 12600 pounds of direct materials that actually cost $57600 were used to produce 6600 units of product. The direct materials quantity variance for last month was O $8400 unfavorable. O $3300 favorable. O $3000 unfavorable. O $3000 favorable. hp

-/1 Question 10 View Policies Current Attempt in Progress ort The per-unit standards for direct materials are 2 pounds at $5 per pound. Last month, 12600 pounds of direct materials that actually cost $57600 were used to produce 6600 units of product. The direct materials quantity variance for last month was O $8400 unfavorable. O $3300 favorable. O $3000 unfavorable. O $3000 favorable. hp

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter11: Performance Evaluation And Decentralization

Section: Chapter Questions

Problem 47P: (Appendix 11A) Cycle Time, Velocity, Conversion Cost The theoretical cycle time for a product is 30...

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Refer to Exercise 8.27. At the end of the year, Meliore, Inc., actually produced 310,000 units of the standard model and 115,000 of the deluxe model. The actual overhead costs incurred were: Required: Prepare a performance report for the period. In an attempt to improve budgeting, the controller for Meliore, Inc., has developed a flexible budget for overhead costs. Meliore, Inc., makes two types of products, the standard model and the deluxe model. Meliore expects to produce 300,000 units of the standard model and 120,000 units of the deluxe model during the coming year. The standard model requires 0.05 direct labor hour per unit, and the deluxe model requires 0.08. The controller has developed the following cost formulas for each of the four overhead items: Required: 1. Prepare an overhead budget for the expected activity level for the coming year. 2. Prepare an overhead budget that reflects production that is 10 percent higher than expected (for both products) and a budget for production that is 20 percent lower than expected.
Refer to Exercise 20.10. Assume the economic lot size for small casings is 120,000 and that of the large casings is 40,000. Morrison Manufacturing sells an average of 9,600 small casings per workday and an average of 3,200 large casings per workday. It takes Morrison two days to set up the equipment for small or large casings. Once set up, it takes three workdays to produce a batch of small casings and five days for large casings. There are 250 workdays available per year. Required: 1. What is the reorder point for small casings? Large casings? 2. Using the economic order batch size, is it possible for Morrison to produce the amount that can be sold of each casing? Does scheduling have a role here? Explain. Is this a push- or pull-through system approach to inventory management? Explain.
Problem 1 Marietta co. adopted a standard cost system several years ago. The standard costs for the prime costs of its single product follow: Material: 10 kg @ P4.50/kg P45.00 Labor: 6 hours @ P8.50/hr P51.00 The following operating data were taken from the records for November: Units completed 5,800 units Budgeted output 6,000 units Materials purchased 60,000 kg Total actual labor costs P306,600 Actual hours of labor 36,500 hours Material usage variance P2,250 unfavorable Total material variance P450 unfavorable Required: Compute for the following: Actual cost paid per kilogram Labor efficiency variance
Future Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit 50.44/lb.) 51.32 per finished good Actual direct materials purchased 30,000 pounds Actual Direct Materials Used ( AQU) 34,000 pounds Actual Price (AP) paid per pound $0.64 How much is the direct materials price variance? Question content area bottom Part 1 A. 56,000 favorable B. $6,000 unfavorable C. 56,800 unfavorable D. 56,800 favorable
Mandy Co. adopted a standard cost system several years ago. The standard costs for the prime costs of its single product follow: Material: 10 kg @ P4.50/kg P45.00 Labor: 6 hours @ P8.50/hr P51.00 The following operating data were taken from the records for November: Units completed 5,800 units Budgeted output 6,000 units Materials purchased 60,000 kg Total actual labor costs P306,600 Actual hours of labor 36,500 hours Material usage variance P2,250 unfavorable Total material variance P450 unfavorable 1. Compute for the actual cost paid per kilogram 2. Compute for the Labor Efficiency Variance
Mandy Co. adopted a standard cost system several years ago. The standard costs for the prime costs of its single product follow: Material: 10 kg @ P4.50/kg P45.00 Labor: 6 hours @ P8.50/hr P51.00 The following operating data were taken from the records for November: Units completed 5,800 units Budgeted output 6,000 units Materials purchased 60,000 kg Total actual labor costs P306,600 Actual hours of labor 36,500 hours Material usage variance P2,250 unfavorable Total material variance P450 unfavorable Required: Compute for the following: Actual material used Actual cost paid per kilogram Labor rate variance Labor efficiency variance
profile-image Time remaining: 00 : 09 : 25 Accounting Vision Limited manufactures a product that has the following costs: Per unit Per year Direct materials $6.00 Direct labour 5.00 Variable manufacturing overhead 4.00 Fixed manufacturing overhead $360,000 Variable SG&A expenses 5.00 Fixed SG&A expenses 120,000 The company applies the absorption costing approach to cost-plus pricing. The calculations are based on budgeted production and sales of 30,000 units per year. The company has spent $600,000 on this product and expects a return on investment of 15%. Required: a) Calculate the markup on absorption cost. b) Compute the target selling price of the product using the absorption costing approach.
III. NadasellsorangejuiceforOMR1.00pergallon.ThevariablecostperunitisOMR0.80,andthefixed costs per month are OMR 1,000. You are required to;A) Calculate the total costs if Nada produces 10,000 units? B)Calculate the total profit earned by Nada if they produce and sell 10,000 units?
Current Attempt in Progress Lily Company uses a standard cost accounting system. In 2022, the company produced 27,600 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,300 direct labor hours. During the year, 130,200 pounds of raw materials were purchased at $0.90 per pound. All materials purchased were used during the year. (a) If the materials price variance was $5,208 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Standard materials price per pound
Kirchoff.,manufactures a product with the following costs:Direct materials 18.00Direct labor 11.90Variable manufacturing overhead 2.10Fixed manufacturing overhead 1,422,000Variable SG&A expenses 3.60Fixed SG&A expenses 1,540,500The pricing are based on budgeted production and sales of 79,000 units per year. Required: Determine the selling price per unit, assuming a mark-up of 25% drsired under each of the following methods:1. Differential cost2. Minimum price allowed
15. Portland Inc. (PI) has developed standard costs for direct materials and direct labor. For the current year PI estimated the following costs for one of their major products, the PI22: Standard Quantity Standard Price Direct Materials 0.25 pounds per unit $25 per pound Direct Labor 0.70 hours per unit $15 per hour Units 30,000 PI's actual results for the year were production and sales of 33,500 units using 8,100 pounds of direct materials for a total material cost of $216,675 and direct manufacturing labor cost was $13 per hour for a total direct labor cost of $341,250. a. Calculate a full analysis of the direct materials price, efficiency, and flexible budget variances. b. Calculate a full analysis of the direct labor price, efficiency, and flexible budget variances. c. Comment on possible causes of the direct labor price and efficiency variances. Focus on causes of the variance NOT repeating financial results from your analysis above.
Kirchoff.,manufactures a product with the following costs:Direct materials 18.00Direct labor 11.90Variable manufacturing overhead 2.10Fixed manufacturing overhead 1,422,000Variable SG&A expenses 3.60Fixed SG&A expenses 1,540,500The pricing are based on budgeted production and sales of 79,000 units per year. Required: Determine the selling price per unit, assuming a mark-up of 25% drsired under each of the following methods:1. Variable manufacturing cost2. Production cost3. Variable/marginal cost