Budgeted units produced and sold Actual selling price Sales volume variance for units sold Sales volume variance for revenue Budgeted direct material allowed per unit of output Actual direct material allowed per unit of output Budgeted direct manufacturing labor cost per hour Actual direct manufacturing labor cost per hour Budgeted manufacturing overhead cost per unit of output Actual manufacturing overhead cost per unit of output Total budgeted variable costs per unit of output Total actual variable costs per unit of output Budgeted direct manufacturing labor allowed per unit of output Actual direct manufacturing labor allowed per unit of output Budgeted and actual fixed costs 20000 140 3000(F) 390000(F) Four units Five units 40 42 14 17.1 110 86 .6 hour .45 hour 100000$ Calculate the following: 1. Price variance for direct material is: 2. Efficiency variance for direct material is: 3. Price variance for direct labor is: 4. Efficiency variance for direct labor is:

Budgeted units produced and sold Actual selling price Sales volume variance for units sold Sales volume variance for revenue Budgeted direct material allowed per unit of output Actual direct material allowed per unit of output Budgeted direct manufacturing labor cost per hour Actual direct manufacturing labor cost per hour Budgeted manufacturing overhead cost per unit of output Actual manufacturing overhead cost per unit of output Total budgeted variable costs per unit of output Total actual variable costs per unit of output Budgeted direct manufacturing labor allowed per unit of output Actual direct manufacturing labor allowed per unit of output Budgeted and actual fixed costs 20000 140 3000(F) 390000(F) Four units Five units 40 42 14 17.1 110 86 .6 hour .45 hour 100000$ Calculate the following: 1. Price variance for direct material is: 2. Efficiency variance for direct material is: 3. Price variance for direct labor is: 4. Efficiency variance for direct labor is:

Name: Budgeted units produced and soldActual selling priceSales volume vari
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Description: Budgeted units produced and soldActual selling priceSales volume variance for units soldSales volume variance for revenue200001403000(F)390000(F)Budgeted direct material allowed per unit of outputActual direct material allowed per unit of outputBudg

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

Chapter3: Cost Behavior And Cost Forecasting

Section: Chapter Questions

Problem 19BEA: Using High-Low to Calculate Predicted Total Variable Cost and Total Cost for a Time Period That...

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Using High-Low to Calculate Predicted Total Variable Cost and Total Cost for a Time Period That Differs from the Data Period Refer to the information for Pizza Vesuvio on the previous page. Assume that this information was used to construct the following formula for monthly labor cost. TotalLaborCost=5,237+(7.40EmployeeHours) Required: Assume that 4,000 employee hours are budgeted for the coming year. Use the total labor cost formula to make the following calculations: 1. Calculate total variable labor cost for the year. 2. Calculate total fixed labor cost for the year. 3. Calculate total labor cost for the coming year. Use the following information for Brief Exercises 3-17 through 3-20: Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected:
Using Regression to Calculate Fixed Cost, Calculate the Variable Rate, Construct a Cost Formula, and Determine Budgeted Cost Refer to the information for Pizza Vesuvio on the previous page. Coefficients shown by a regression program for Pizza Vesuvios data are: Required: Use the results of regression to make the following calculations: 1. Calculate the fixed cost of labor and the variable rate per employee hour. 2. Construct the cost formula for total labor cost. 3. Calculate the budgeted cost for next month, assuming that 675 employee hours are budgeted. (Note: Round answers to the nearest dollar.) Use the following information for Brief Exercises 3-17 through 3-20: Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected:
Graphs and overhead variances. Best Around, Inc., is a manufacturer of vacuums and uses standard costing. Manufacturing overhead (both variable and xed) is allocated to products on the basis of budgeted machine-hours. In2017, budgeted xed manufacturing overhead cost was $17,000,000. Budgeted variable manufacturing overhead was $10 per machine-hour. The denominator level was 1,000,000 machine-hours.
a.Compute for the actual cost paid per kilogram b.Compute for the Labor Efficiency Variance Present your answer as 1000 FAVORABLE OR 1000 UNFAVORABLE if applicable Topic: Standard Costing and Variance Analysis
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Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $15 Standard labor rate per hour $17 Actual hours 200 Standard hours for units produced 230 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance
A) i)Calculate the standard quantity of materials needed to make 21,000 monitors ii)Calculate the standard quantity of labour-hours needed to make 21,000 monitors iii)Calculate the Direct Materials Price Variance iv)Calculate the Direct Materials Quantity Variance v)Calculate the Direct Labour Efficiency Variance b)Calculate the Variable Overhead Spending Variance
Consider the following data collected for Cari's Rentals: Direct Materials Direct Manufacturing LaborCost incurred:Actual inputs x Actual prices $210,000 $95,000Actual inputs x standard prices 214,000 88,000Standard inputs allowed for actual output x standard prices 220,000 85,000Required Compute the price and efficiency variances for direct materials: a. Price $10000 U; Efficiency $4000 F b. Price $4000 F; Efficiency $6000 F c. Price $4000 F; Efficiency $10000 U d. Price $5000 F; Efficiency $5000 F Sales $50,000; Variable cost $30,000; Net profit $6,000; fixed cost is_____. a. $10,000. b. $l4,000 . c. $12,000. d. 8,000. Jackie's Supplies applies manufacturing overhead costs to products at a budgeted indirect-cost rate of$60 per direct manufacturing labor-hour. A retail outlet has requested a bid on a special order of the Toy product. Estimates for this order include: Direct materials $40,000; 500 direct manufacturing labor-hours at $20 per hour; and a 20%…
Compute Budgeted variable manufacturing overhead costs per machine-hour
Graphs and overhead variances. Best Around, Inc., is a manufacturer of vacuums and uses standard costing. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of budgeted machine-hours. In 2017, budgeted fixed manufacturing overhead cost was $17,000,000. Budgeted variable manufacturing overhead was $10 per machine-hour. The denominator level was 1,000,000 machine-hours.
Match the definition the term. Terms: Cost variance Overhead cost variance Price variance Quantity variance Standard costs Sales budget Production Budget Balanced scorecard Profit center Cost center Definitions: 1. A plan showing the units of goods to be sold and sales to be derived; usually starting pointing the budgeting process. 2. A system of performance measures, including the nonfinancial measures, used to asses manager performance. 3. A department that incurs cost and genrate revenues, such as a selling department 4. The difference between actual and budgeted sales or cost caused by the difference between the actual per unit and the budgeted price per unit. 5. The difference between actual cost and standard cost, made up of a price variance and a quantity variance. 6. The difference between the total overhead cost actually incurred and the total overhead cost applied to products 7. The difference between the actual budgeted cost caused by…
Compute Budgeted fixed manufacturing overhead costs per machine-hour