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Question list O Question 1 O Question 2 O Question 3 O Question 4 Standards 不 FlowerMate is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) Read the requirements. (Click the icon to view the actual results.) Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials. 12 pounds per pot at a cost of $4.00 per Direct materials (resin). Direct labor....... pound 5.0 hours at a cost of $20.00 per hour Standard variable manufacturing overhead rate.....$6.00 per direct labor hour Budgeted fixed manufacturing overhead. Standard fixed MOH rate.. $32,000 $7.00 per direct labor hour (DLH) Print Done = DM price variance = Actual Results FlowerMate allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of 1,000 flower pots: Direct materials. Direct labor..... Actual variable manufacturing overhead.. Purchased 12,900 pounds at a cost of $4.40 per pound; used 12,200 pounds to produce 1,000 pots Worked 5.4 hours per flower pot (5,400 total DLH) at a cost of $19.00 per hour $6.40 per direct labor hour for total actual variable manufacturing overhead of $34,560 Actual fixed manufacturing overhead $31,600 Standard fixed manufacturing overhead allocated based on actual production. $35,000

Question list O Question 1 O Question 2 O Question 3 O Question 4 Standards 不 FlowerMate is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) Read the requirements. (Click the icon to view the actual results.) Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials. 12 pounds per pot at a cost of $4.00 per Direct materials (resin). Direct labor....... pound 5.0 hours at a cost of $20.00 per hour Standard variable manufacturing overhead rate.....$6.00 per direct labor hour Budgeted fixed manufacturing overhead. Standard fixed MOH rate.. $32,000 $7.00 per direct labor hour (DLH) Print Done = DM price variance = Actual Results FlowerMate allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of 1,000 flower pots: Direct materials. Direct labor..... Actual variable manufacturing overhead.. Purchased 12,900 pounds at a cost of $4.40 per pound; used 12,200 pounds to produce 1,000 pots Worked 5.4 hours per flower pot (5,400 total DLH) at a cost of $19.00 per hour $6.40 per direct labor hour for total actual variable manufacturing overhead of $34,560 Actual fixed manufacturing overhead $31,600 Standard fixed manufacturing overhead allocated based on actual production. $35,000

Cornerstones of Cost Management (Cornerstones Series)
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 7CE: Variances Refer to Cornerstone Exercise 9.6. Required: 1. Calculate the variable overhead spending...
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Question list O Question 1 O Question 2 O Question 3 O Question 4 Standards 不 FlowerMate is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) Read the requirements. (Click the icon to view the actual results.) Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials. 12 pounds per pot at a cost of $4.00 per Direct materials (resin). Direct labor....... pound 5.0 hours at a cost of $20.00 per hour Standard variable manufacturing overhead rate.....$6.00 per direct labor hour Budgeted fixed manufacturing overhead. Standard fixed MOH rate.. $32,000 $7.00 per direct labor hour (DLH) Print Done = DM price variance = Actual Results FlowerMate allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of 1,000 flower pots: Direct materials. Direct labor..... Actual variable manufacturing overhead.. Purchased 12,900 pounds at a cost of $4.40 per pound; used 12,200 pounds to produce 1,000 pots Worked 5.4 hours per flower pot (5,400 total DLH) at a cost of $19.00 per hour $6.40 per direct labor hour for total actual variable manufacturing overhead of $34,560 Actual fixed manufacturing overhead $31,600 Standard fixed manufacturing overhead allocated based on actual production. $35,000
Transcribed Image Text:Question list O Question 1 O Question 2 O Question 3 O Question 4 Standards 不 FlowerMate is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) Read the requirements. (Click the icon to view the actual results.) Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials. 12 pounds per pot at a cost of $4.00 per Direct materials (resin). Direct labor....... pound 5.0 hours at a cost of $20.00 per hour Standard variable manufacturing overhead rate.....$6.00 per direct labor hour Budgeted fixed manufacturing overhead. Standard fixed MOH rate.. $32,000 $7.00 per direct labor hour (DLH) Print Done = DM price variance = Actual Results FlowerMate allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of 1,000 flower pots: Direct materials. Direct labor..... Actual variable manufacturing overhead.. Purchased 12,900 pounds at a cost of $4.40 per pound; used 12,200 pounds to produce 1,000 pots Worked 5.4 hours per flower pot (5,400 total DLH) at a cost of $19.00 per hour $6.40 per direct labor hour for total actual variable manufacturing overhead of $34,560 Actual fixed manufacturing overhead $31,600 Standard fixed manufacturing overhead allocated based on actual production. $35,000
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