Looking at the excel worksheet please answers these three fallowing questions:B-1. What is the labor efficiency variance?Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).The amount of the labor efficiency variance ? Uc-1. What is the variable overhead efficiency variance?Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).The amount of the variable overhead efficiency variance Uc-2. What is the variable overhead rate variance?Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).The amount of the variable overhead rate variance U 1 Chapter 10: Applying Excel23 Data4 Exhibit 10-1: Standard Cost Card67 Direct labor89Direct materialsVariable manufacturing overhead2710 Actual results:11 Actual output12 Actual variable manufacturing overhead cost131415 Actual direct labor cost1617 Enter a formula into each of the cells marked with a ? below18 Main Example: Chapter 1019Actual direct materials cost25 Materials quantity variance26Materials price varianceMaterials spending variance20 Exhibit 10-4: Standard Cost Variance Analysis-Direct Materials21 Standard Quantity Allowed for the Actual Output, at Standard Price22 Actual Quantity of Input, at Standard Price23 Actual Quantity of Input, at Actual Price24 Direct materials variances:AInputs2829 Exhibit 10-6: Standard Cost Variance Analysis-Direct Labor30 Standard Hours Allowed for the Actual Output, at Standard Rate31 Actual Hours of Input, at Standard Rate34 Labor efficiency variance35 Labor rate variance32 Actual Hours of Input, at Actual Rate33 Direct labor variances:36 Labor spending variance375051525354CE45 Variable overhead spending variance464748498Standard Quantity3.0 pounds0.50 hours0.50 hours2,030 units$6,975Actual Quantity5,855 pounds.1,125 hoursC6,300 pounds6,350 pounds x6,350 pounds-$200 U$635 U-$835 U38 Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead39 Standard Hours Allowed for the Actual Output, at Standard Rate40 Actual Hours of Input, at Standard Rate41 Actual Hours of Input, at Actual Rate42 Variable overhead variances:43 Variable overhead efficiency variance44 Variable overhead rate variance1,050 hours *1,020 hours1,020 hours *$660 F-$102 U$558 F1,050 hours1,020 hours *1,020 hours *$180 F$1,020 F$1,200 FDEStandard Price$4.00 per pound$22.00 per hour$6.00 per hourActual price$4.20 per pound$22.10 per hour$4.00 per pound=$4.00 per pound$4.10 per pound=$22.00 per hour$22.00 per hour =$22.10 per hour =$6.00 per hour$6.00 per hour =$5.00 per hour =F$25,200$25,400$26,035$23,100$22,440$22,542$6,300$6,120$5,100GHa182b1b2c1c2IJAnswers:$940.00$1,171.00-$112.50KLM

Variance is the difference in the value of budgeted quantity. and the actual cost\quantity. Direct…

please answers these three fallowing questions: B-1. What is the labor efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the labor efficiency variance ? U c-1. What is the variable overhead efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead efficiency variance U c-2. What is the variable overhead rate variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead rate variance U

please answers these three fallowing questions: B-1. What is the labor efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the labor efficiency variance ? U c-1. What is the variable overhead efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead efficiency variance U c-2. What is the variable overhead rate variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead rate variance U

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter9: Standard Costing: A Functional-based Control Approach

Section: Chapter Questions

Problem 16E: Refer to the data in Exercise 9.15. Required: 1. Compute overhead variances using a two-variance...

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Please show work Cookie Business Actual Total Cost of Direct Materials $ 225,000 Standard Total Cost of Direct Materials $ 224,800 Actual Materials Used 30 Standard Materials Used 31 Actual Direct Labor Rate $ 15.50 Standard Labor Rate $ 15.00 Actual Hours Worked 45 Standard Hours Worked 40 Amount Favorable/ Unfavorable Calculate Materials Variances: Materials Price Variance $ ??? ??? Materials Quantity Variance ?? ??? Calculate Labor Variances: Labor Rate Variance $ ?? ?? Labor Efficiency Variance $ ?? ???
In good accounting form, compute for the: 1. Spending variance2. Variable overhead efficiency variance3. Controllable varianceMarissa co., the consultant of marisol co. had summarized the following standard cost data extracted from the historical records and performance reports issued by the cost accounting department in the prior year to assist in her analysis and evaluation of the standard costing policy of the company: input required per unit standard cost per unit standard cost per unit Direct materials 6 kg per unit p90 per kg p540 Direct labor 5 hrs per unit p50 per hour p250 Other information follows: > Budgeted factory overhead for the year: Variable 480,000 Fixed 600,000 > The company's normal capacity per month is 400 units> Actual cost materials purchased for the year is p2,342,000> During the year, direct materials purchased is 26,880 kg while direct materials actually used is 24,760 kgs>Actual labor costs for the year 1,080,000 of which…
Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $0.80 Actual quantity purchased and used in production 100 Standard quantity for units produced 120 Actual labor rate per hour $15 Standard labor rate per hour $13 Actual hours 190 Standard hours for units produced 210 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance $fill in the blank 1 Material quantity variance $fill in the blank 3 Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7 B. What are some possible causes for this combination of favorable and unfavorable variances?
Acme Inc. has the following information available: Actual price paid for material $0.90 Standard price for material $1.00 Actual quantity purchased and used in production 90 Standard quantity for units produced 100 Actual labor rate per hour $14 Standard labor rate per hour $16 Actual hours 190 Standard hours for units produced 220 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance $fill in the blank 1 Material quantity variance $fill in the blank 3 Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7
Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 3. Soundset's management used better quality materials during September. Discuss the trade-off between the two direct material variances. Please don't give answer & formulae in image based format.. thanku
3. Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one basket (unit): Standard Quantity X Standard Price = Standard Cost Direct materials 5 pounds $2.60 $18.00 Direct Labor 1.25 hours $12.00 per hour $15.00 Total prime cost X X $33.00 NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F” (for Favorable) or "U” (for Unfavorable) - capital letter and no quotes. Smith Industries made 3,000 baskets in July and used 15,500 pounds of material to make these units. Smith Industries paid $39,370 for the 15,500 pounds of material. Complete the following table of variances and their conditions: Variance Variance Amount Favorable (F) or Unfavorable (U) Material Price ? ? Material Quantity ? ? Total DM Cost Variance ? ?
Question #1 Supplier Actual Price Standard Price Actual Quantity Standard Quantity Material Price Var Material Usage Var Total VarianceCurrent $7.50 $7.50 25,000 24,240 $0 Alternative #1 $7.35 $7.50 25,500 24,240 $0 Alternative #2 $7.58 $7.50 24,400 24,240 $0 Standard Quantity is 2.02 components Quantity produced is 12,000 You are a plant manager and have been approached by your purchasing manager about swapping out one of your suppliers. The manager has identified a vendor who will supply a key component at a 2% discount to your current supplier. At the same time, the supervisor of the group approaches you to indicate that the current supplier is not consistently meeting tolerances. The supervisor suggests a second vendor who promises better quality. You decide to run three batches, each with a different component. Results are in the table above. Task 1 Calculate the Material Price Variance for each component. Task 2 Calculate the Material Usage Variance for each component. Task 3…
SM3 Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per UnitActual Cost per UnitDirect materials:Standard: 1.80 feet at $2.00 per foot$ 3.60Actual: 1.75 feet at $2.20 per foot$ 3.85Direct labor:Standard: 0.90 hours at $20.00 per hour18.00Actual: 0.95 hours at $19.40 per hour18.43Variable overhead:Standard: 0.90 hours at $6.40 per hour5.76Actual: 0.95 hours at $6.00 per hour5.70Total cost per unit$ 27.36$ 27.98Excess of actual cost over standard cost per unit$ 0.62 The production superintendent was pleased when he saw this report and commented: “This $0.62 excess cost is well within the 5 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 12,500 units. Variable overhead cost is assigned to products on the basis of direct labor-hours. There were no…
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
Q.No.2 The standard and actual cost data of M/s. ABC Company are as follows: Standard Raw Material (DM) is 5000 units @ Rs. 10 while Actual 4900 units @ Rs. 8 Standard Direct Labor (DL) is 10000 hours @ Rs. 4 while Actual 12000 Hours @ Rs. 5 Standard Factory Overhead (FOH) is 50% of Direct Labor while Actual FOH Rs. 15000 Required: A) Calculate; Material Price Variance and Material Quantity Variance Labor rate variance and Labor time variance Overhead Variance B) Give journal entries to record the above information and close the variance accounts.
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required Material Price Variance and Material Quantity Variance Labor Rate Variance and Labor Efficiency Variance Entries in general journal to record the above information What do you realize whether the overall variation is in favorable or unfavorable?
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