Direct labor 18 per unit Direct materials 12 per unit Overhead Total variable overhead 31,000 Total fixed overhead 101,000 Expected units to be produced 51,000 units %24 %24
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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- Crafts 4 All has these costs associated with production of 12,000 units of accessory products: direct materials, $19; direct labor, $30; variable manufacturing overhead, $15; total fixed manufacturing overhead, $450,000. What is the cost per unit under both the variable and absorption methods?Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000Production run size and activity improvement Littlejohn, Inc. manufactures machined parts for the automotive industry. The activity cost associated with Part XX-10 is as follows: Activity Activity-Base Usage Activity Rate = Activity Cost Fabrication 250 dlh 80per dlh 20,000 Setup 10 setups 80 per setup 800 Production control 10 prod, runs 30 per prod, run 300 Moving 10 moves 25 per move 250 Total activity cost per unit 21,350 Estimated units of production 500 Activity cost per unit 42.70 Each unit requires 30 minutes of fabrication direct labor. Moreover, part XX-10 is manufactured in production run sizes of 50 units. Each production run is set up, scheduled (production control), and moved as a batch of 50 units. Management is considering improvements in the setup, production control, and moving activities in order to cut the production run sizes by half. As a result, the number of setups, production runs, and mows will double from 10 to 20. Such improvements are expected to speed the companys ability to respond to customer orders. Setup is reengineered so that it takes 60% of the original cost per setup. Production control software will allow production control effort and cost per production run to decline by 60%. Moving distance was reduced by 40%, thus reducing the cost per mow by the same amount. A. Determine the revised activity cost per unit under the proposed changes. B. Did these improvements reduce the activity cost per unit? C. What cost per unit for setup would be required for the solution in (A) to equal the base solution?
- Question Content Area Percent of capacity 90% 100% 110% Direct labor hours 3,600 4,000 4,400 Units of output 900 1,000 1,100 Variable overhead $3,600 $4,000 $4,400 Fixed overhead 5,200 5,200 5,200 Total overhead $8,800 $9,200 $9,600 Normal capacity = 100% and overhead is applied based on direct labor hours Standard overhead rate = $9,200/4,000 = $2.30 per direct labor hour Direct materials are $69.00 per unit. Direct labor is $21.50 per hour. Prepare a flexible budget for overhead based on the above data. Flexible Budget 900 1,000 1,100 Direct Material $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Direct Labor fill in the blank 4 fill in the blank 5 fill in the blank 6 Variable Overhead fill in the blank 7 fill in the blank 8 fill in the blank 9 Fixed Overhead fill in the blank 10 fill in the blank 11 fill in the blank 12 Total $fill in the blank 13 $fill in the blank 14 $fill in the blank 15Total product cost per unit under absorption costing = Units produced = 1000Direct Materials = $ 6Direct Labor = $10Fixed overhead =$ 6000Variable overhead = $ 6Fixed Selling & Admin = $ 2000Variable Selling & Admin $ 2ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Fixed manufacturing overhead (R81,000/2,550 units)R31.76Unit product cost for the month under absorption costingR100.26 Prepare an income statement for the month using the Marginal costing method
- Details $ Units produced 1,000 Direct materials $8 Direct labour $12 Fixed production overhead $7,000 Variable production overhead $3 Fixed selling and administrative $3,000 Variable selling and administrative $5 a) Determine the unit product cost under absorption costing. b)Percent of capacity 90% 100% 110% Direct labor hours 3,600 4,000 4,400 Units of output 900 1,000 1,100 Variable overhead $2,880 $3,200 $3,520 Fixed overhead 5,600 5,600 5,600 Total overhead $8,480 $8,800 $9,120 Normal capacity = 100% and overhead is applied based on direct labor hours Standard overhead rate = $8,800/4,000 = $2.20 per direct labor hour Direct materials are $66.50 per unit. Direct labor is $24.50 per hour. Prepare a flexible budget for overhead based on the above data. Flexible Budget 900 1,000 1,100 Direct Material Direct Labor Variable Overhead Fixed Overhead TotalDirect materials = $10 per unitDirect labor = $5 per unitVariable manufacturing overhead = $2 per unitFixed manufacturing overhead = $1,000Variable selling and administrative = $3 per unitFixed selling and administrative = $2,000 Selling price per unit = $100Units produced and sold is 1,000 units Using the absorption costing method, the gross profit is: Using the variable costing method, the contribution margin is:
- Subject: Cost management & accounting MCQs: 1) Grover Company has the following data for the production and sale of 2,000 units. Sales price per unit $ 800 per unitFixed costs: Marketing and administrative $ 400,000 per periodManufacturing overhead $ 200,000 per periodVariable costs: Marketing and administrative $ 50 per unitManufacturing overhead $ 80 per unitDirect labor $ 100 per unitDirect materials $ 200 per unitWhat is the total manufacturing cost per unit? a) $380 b) $480 c) $730 d) $430 2) Vegas Company has the following unit costs: Variable manufacturing overhead $ 25 Direct materials 20 Direct labor 19 Fixed manufacturing overhead 12 Variable marketing and administrative 7 Vegas produced and sold 10,000 units. If the product sells for $100, what is the gross margin?…Percent of capacity 90% 100% 110% Direct labor hours 3,600 4,000 4,400 Units of output 900 1,000 1,100 Variable overhead $3,600 $4,000 $4,400 Fixed overhead 5,600 5,600 5,600 Total overhead $9,200 $9,600 $10,000 Normal capacity = 100% and overhead is applied based on direct labor hours Standard overhead rate = $9,600/4,000 = $2.40 per direct labor hour Direct materials are $68.00 per unit. Direct labor is $25.00 per hour. Prepare a flexible budget for overhead based on the above data. Flexible Budget 900 1,000 1,100 Direct Material $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Direct Labor fill in the blank 4 fill in the blank 5 fill in the blank 6 Variable Overhead fill in the blank 7 fill in the blank 8 fill in the blank 9 Fixed Overhead fill in the blank 10 fill in the blank 11 fill in the blank 12 Total $fill in the blank 13 $fill in the blank 14 $fill in the blank 15Direct materials = $10 per unitDirect labor = $5 per unitVariable manufacturing overhead = $2 per unitFixed manufacturing overhead = $1,000Units produced is 1,000 units What is the cost per unit using the absorption method? What is the cost per unit using the variable method?