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i Determine the following graphically for: a Actual cost per pound of raw materials h Actual number of pounds used up rounded to the nearest whole c. Standard number of pounds allowed the actual production pound A stual labor roto

i Determine the following graphically for: a Actual cost per pound of raw materials h Actual number of pounds used up rounded to the nearest whole c. Standard number of pounds allowed the actual production pound A stual labor roto

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead
Section: Chapter Questions
Problem 14P: Fargo Co. manufactures products in batches of 100 units per batch. The company uses a standard cost...
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Please help me to answer the "skeleton of visual aids & the flexible overhead budget. Thank you

1. Determine the following graphically for: REQUIRED: . Determine the following graphically for: . Actual cost per pound of raw materials h Actual number of pounds used up rounded to the nearest whole pound e Standard number of pounds allowed the actual production d. Actual labor rate per hour e. Actual number of hours used up f Standard number of hours allowed the actual production o. Actual number of units produced (double-check) h. Normal production in units and hours i. Actual fixed overhead i. Actual variable overhead Note: Start with the skeletons of the visual aids & the flexible overhead budget
Transcribed Image Text:1. Determine the following graphically for: REQUIRED: . Determine the following graphically for: . Actual cost per pound of raw materials h Actual number of pounds used up rounded to the nearest whole pound e Standard number of pounds allowed the actual production d. Actual labor rate per hour e. Actual number of hours used up f Standard number of hours allowed the actual production o. Actual number of units produced (double-check) h. Normal production in units and hours i. Actual fixed overhead i. Actual variable overhead Note: Start with the skeletons of the visual aids & the flexible overhead budget
Flexible budgets are determined and all overhead cost items are assigned on the basis Exercise 6-17 Reliance, Inc. utilizes a standard cost system for budget and control purposes. Flexible budgets are determined and all overhead cost items are assigned on the basis of standard direct labor hours. The following standard cost per finished unit was determined on the basis of a projected monthly normal production for 2020: Direct materials (3 pounds @ P6.00) Direct labor (0.30 hour @P40.00) Variable overhead (0.30 hour @P10) Fixed overhead ().30 hour @ P6-2/3) P18.00 12.00 3.00 2.00 Total P35.00 You have just received the condensed performance report for the month of Sept., 2020. VARIANCE ANALYSIS Quantity Capacity or time or Standard Price or Сaрacity Costs Rate Efficiency P6,000 U 1,200 U Variances Direct materials used Direct labor costs Variable overhead Fixed overhead Applied P162,000 108,000 27,000 18,000 P14,000 F *18,200 U 5,250 U 300 U P4,000** U 1,500 U *Includes labor joint variance. Includes overhead capacity variance & fixed overhead efficiency variance
Transcribed Image Text:Flexible budgets are determined and all overhead cost items are assigned on the basis Exercise 6-17 Reliance, Inc. utilizes a standard cost system for budget and control purposes. Flexible budgets are determined and all overhead cost items are assigned on the basis of standard direct labor hours. The following standard cost per finished unit was determined on the basis of a projected monthly normal production for 2020: Direct materials (3 pounds @ P6.00) Direct labor (0.30 hour @P40.00) Variable overhead (0.30 hour @P10) Fixed overhead ().30 hour @ P6-2/3) P18.00 12.00 3.00 2.00 Total P35.00 You have just received the condensed performance report for the month of Sept., 2020. VARIANCE ANALYSIS Quantity Capacity or time or Standard Price or Сaрacity Costs Rate Efficiency P6,000 U 1,200 U Variances Direct materials used Direct labor costs Variable overhead Fixed overhead Applied P162,000 108,000 27,000 18,000 P14,000 F *18,200 U 5,250 U 300 U P4,000** U 1,500 U *Includes labor joint variance. Includes overhead capacity variance & fixed overhead efficiency variance
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