Marvel Company uses a standard costing system. During the past month, the following variances were identified: Variable overhead efficiency variance $1,500 U Direct labor efficiency variance $6,000 U Marvel applies variable overhead using a standard variable overhead rate of $3 per direct labor hour. 4 hours of direct labor are allowed per unit produced. During the month, Marvel used 20% more direct labor hours than should have been used. What is the standard hourly rate (SR) for direct labor? O $13 per DLH O $12 per DLH O $10 per DLH O $15 per DLH

Marvel Company uses a standard costing system. During the past month, the following variances were identified: Variable overhead efficiency variance $1,500 U Direct labor efficiency variance $6,000 U Marvel applies variable overhead using a standard variable overhead rate of $3 per direct labor hour. 4 hours of direct labor are allowed per unit produced. During the month, Marvel used 20% more direct labor hours than should have been used. What is the standard hourly rate (SR) for direct labor? O $13 per DLH O $12 per DLH O $10 per DLH O $15 per DLH

Name: Marvel Company uses a standard costing system. During the past month,
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Description: Marvel Company uses a standard costing system. During the past month,the following variances were identified:Variable overhead efficiency variance$1,500 UDirect labor efficiency variance$6,000 UMarvel applies variable overhead using a standard varia

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead During August, LLL had the following actual results: Units produced and sold Actual variable overhead Actual direct labor hours Standard. Quantity 0.6 Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance 24,900 $ 9,480 15,900 Standard Rate $0.80 Standard Unit Cost $0.48 Required: Compute LLL's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).
ABC Inc. spent a total of $49,760 on factory overhead. Of this, $28,000 was fixed overhead. ABC Inc. had budgeted $27,000 for fixed overhead. Actual machine hours were 5,200. Standard hours for units made were 5,000. The standard variable overhead rate was $4.30. What is the variable overhead rate variance? Enter the amount as positive number. Variable overhead rate variance $fill in the blank 1
Elm Industries uses a standard cost accounting system. During the month of May, Elm's actual total direct labor costs are $51,450. The direct labor rate variance is $1,800 unfavorable, and the direct labor efficiency variance is $750 favorable. What is the total amount of direct labor costs that Elm applies to its work in process inventory for the month of May? O $50,400 O $51,450 O $52,500 $53,250 O None of the above
The following standards for variable manufacturing overhead have been established for a company that makes only one product: Standard hours per unit of output Standard variable overhead rate The following data pertain to operations for the last month: Actual hours Actual total variable manufacturing overhead cost Actual output What is the variable overhead efficiency variance for the month? Multiple Choice $13,985 U $13,325 U $660 U 6.6 hours $ 13.00 per hour $21,450 F 2,675 hours $ 35,435 250 units
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Harper Company's performance report indicated the following information for the past month:Actual total overhead P1,600,000Budgeted fixed overhead 1,500,000Applied fixed overhead at P3 per labor hour 1,200,000Applied variable overhead at P0.50 per labor hour 200,000Actual labor hours 430,000Remember that we assume cost is applied using the standard costing. Harper's total overhead efficiency variance (OSV) for the month was:
Alpine Productions uses a standard cost system for recording transactions. Alpine reported the following data for the year ended December 31:Sales revenues: $800,000Cost of goods sold (standard costing): $382,000Selling & administrative expenses: $105,000Variances: Sales revenue variance $4100 F Direct materials cost variance 30 U Direct materials efficiency variance 300 F Direct labor cost variance 65 U Direct labor efficiency variance 10 F Variable overhead cost variance 300 U Variable overhead efficiency variance 80 F Fixed overhead cost variance 430 U Fixed overhead volume variance 100 F What is the net operating income on a standard cost income statement? Group of answer choices $312,665 $421,765 $316,765 $313,000
Horn Industries uses a standard cost accounting system and applies manufacturing overhead based on machine hours. Here are data regarding Horn's production activity for the month of July: Actual variable manufacturing overhead costs Actual machine hours Variable manufacturing overhead rate variance Variable manufacturing overhead spending variance O 1,450 hours For purposes of applying manufacturing overhead to work in process inventory, what are the standard hours allowed for July? O 1,500 hours 1,650 hours O 1,700 hours $11,312 1,600 hours None of the above $1,712 unfavorable $2,312 unfavorable
Refer to the information in Question 1 for data. Now, assume that Juju has decided to use a plantwide overhead rate based on the direct labor hours. Required: i) Calculate the predetermined plantwide overhead rate. (Note: Round to the nearest cent.) ii) Calculate the overhead applied to production for the month of Jun. iii) Calculate the overhead variance for the month of Jun.
The data below relate to the month of November for Badong, Inc. which uses a standard cost system: Actual direct labor cost, P43,400 Actual hours used, 14,000 Standard hours allowed for good output, 15,000 Direct labor rate variance – debit, 1,400 Actual total overhead, 32,000 Budgeted fixed cost, 9,000 Normal activity in hours, 12,000 Total application rate per standard direct labor hour, 2.25 Badong uses a two-way analysis of overhead variance. What was Badong’s direct labor usage variance for November? P3,200 favorable P3,000 favorable P3,000 unfavorable P3,200 unfavorable