Homework Help is Here – Start Your Trial Now!
Business
Accounting
Chapter 9: Flex Budgeting and Variance Analysis Part 1 Glaab Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead Actual output Raw materials purchased and used Actual cost of raw materials purchased The company has reported the following actual results for the product for August: Actual direct labor-hours Actual direct labor cost. Standard Quantity or Hours per Unit of Output Actual variable overhead cost 8.6 kilos 0.40 hours 0.40 hours 8,400 76,900 $469,090 3,320 $35,524 $17,928 Units kilos Hours Required: Compute and interpret the materials price variance for August. Compute and interpret the materials quantity variance for August. Compute and interpret the labor rate variance for August. Compute and interpret the labor efficiency variance for August. Compute and interpret the variable overhead rate variance for August. Compute and interpret the variable overhead efficiency variance for August. Standard Price or Rate $6.00 per kilo $11 per hour. $5 per hour

Chapter 9: Flex Budgeting and Variance Analysis Part 1 Glaab Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead Actual output Raw materials purchased and used Actual cost of raw materials purchased The company has reported the following actual results for the product for August: Actual direct labor-hours Actual direct labor cost. Standard Quantity or Hours per Unit of Output Actual variable overhead cost 8.6 kilos 0.40 hours 0.40 hours 8,400 76,900 $469,090 3,320 $35,524 $17,928 Units kilos Hours Required: Compute and interpret the materials price variance for August. Compute and interpret the materials quantity variance for August. Compute and interpret the labor rate variance for August. Compute and interpret the labor efficiency variance for August. Compute and interpret the variable overhead rate variance for August. Compute and interpret the variable overhead efficiency variance for August. Standard Price or Rate $6.00 per kilo $11 per hour. $5 per hour

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter9: Evaluating Variances From Standard Costs
Section: Chapter Questions
Problem 3PA: Direct materials, direct labor, and factory overhead cost variance analysis Mackinaw Inc. processes...
See similar textbooks
icon
Related questions
Topic Video
Question

Please do not give solution in image format thanku 

Chapter 9: Flex Budgeting and Variance Analysis Part 1 Glaab Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing. overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead Actual output Raw materials purchased and used Actual cost of raw materials purchased The company has reported the following actual results for the product for August: Actual direct labor-hours Actual direct labor cost Standard Quantity or Hours per Unit of Output Actual variable overhead cost 8.6 kilos 0.40 hours 0.40 hours 8,400 76,900 $469,090 3,320 $35,524 $17,928 Units kilos Hours Required: Compute and interpret the materials price variance for August. Compute and interpret the materials quantity variance for August. Compute and interpret the labor rate variance for August. Compute and interpret the labor efficiency variance for August. Compute and interpret the variable overhead rate variance for August. Compute and interpret the variable overhead efficiency variance for August. Standard Price or Rate $6.00 per kilo $11 per hour $5 per hour
Transcribed Image Text:Chapter 9: Flex Budgeting and Variance Analysis Part 1 Glaab Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing. overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead Actual output Raw materials purchased and used Actual cost of raw materials purchased The company has reported the following actual results for the product for August: Actual direct labor-hours Actual direct labor cost Standard Quantity or Hours per Unit of Output Actual variable overhead cost 8.6 kilos 0.40 hours 0.40 hours 8,400 76,900 $469,090 3,320 $35,524 $17,928 Units kilos Hours Required: Compute and interpret the materials price variance for August. Compute and interpret the materials quantity variance for August. Compute and interpret the labor rate variance for August. Compute and interpret the labor efficiency variance for August. Compute and interpret the variable overhead rate variance for August. Compute and interpret the variable overhead efficiency variance for August. Standard Price or Rate $6.00 per kilo $11 per hour $5 per hour
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS