--/1 Question 17 View Policies Current Attempt in Progress Coronado Industries manufactures a product with a standard direct labor cost of two hours at $18 per hour. During July, 1400 units were produced using 3200 hours at $18.30 per hour. The labor price variance was oport O $8160 F. O $7200 U. O $8160 U. O $960 U. hp ins prt sc f12 f11 f10 f9 f8 f7 f6 f5 6. 080 6. н TO 96

--/1 Question 17 View Policies Current Attempt in Progress Coronado Industries manufactures a product with a standard direct labor cost of two hours at $18 per hour. During July, 1400 units were produced using 3200 hours at $18.30 per hour. The labor price variance was oport O $8160 F. O $7200 U. O $8160 U. O $960 U. hp ins prt sc f12 f11 f10 f9 f8 f7 f6 f5 6. 080 6. н TO 96

Financial & Managerial Accounting

14th Edition

ISBN:9781337119207

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter22: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 22.19EX: Recording standards in accounts Cioffi Manufacturing Company incorporates standards in its accounts...

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Refer to Cornerstone Exercise 9.1. Guillermos Oil and Lube Company provided the following information for the production of oil changes during the month of June: Actual number of oil changes performed: 980 Actual number of direct labor hours worked: 386 hours Actual rate paid per direct labor hour: 14.50 Standard rate per direct labor hour: 14.00 Required: 1. Calculate the direct labor rate variance (LRV) and the direct labor efficiency variance (LEV) for June using the formula approach. 2. Calculate the direct labor rate variance (LRV) and the direct labor efficiency variance (LEV) for June using the graphical approach. 3. Calculate the total direct labor variance for oil changes for June. 4. What if the actual wage rate paid in June was 12.40? What impact would that have had on the direct labor rate variance (LRV)? On the direct labor efficiency variance (LEV)?
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.
Factory overhead volume variance Bellingham Company produced 15,000 units of product that required 4 standard hours per unit. The standard fixed overhead cost per unit is 1.15 per hour at 58,000 hours, which is 100% of normal capacity. Determine the fixed factory overhead volume variance.
Recording standards in accounts Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions: A. Purchased 2,450 units of copper tubing on account at 52.00 per unit. The standard price is 48.50 per unit. B. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required, at standard, to produce one air conditioner.