Standard Standard Price Standard Quantity 4.00 sq. ft. $ 2.60 per sq. ft. 1 hrs. (Rate) Unit Cost Direct materials (cork board) $10.40 Direct labor $10.00 per hr. 10.00 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($52,500 150,000 units) 1 hrs. $ 0.65 per hr. 0.65 0.35 Bullseye has the following actual results for the month of September: Number of units produced and sold Number of square feet of corkboard used 130,000 530,000 $1,325,000 140,000 $1,274,000 93,000 67,000 Cost of corkboard used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. (Do not round your 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).) Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance

Q: der absorption costing, a company had the following unit costs when 8,000 units were produced rect…

A: Absorption costing is a type of posting where the cost is link to number of units that are produced.…

Q: Drummond’s standard quantities for 1 unit of product include 2 pounds of materials and 1.5 labor…

A: Standard costs are estimates of the actual costs in a company's production process, because actual…

Q: Manufacturing Overhead Item Cost Variable or Fixed Cost Direct Materials Hotdog per unit Hotdog roll…

A:

Q: Manufacturing Overhead Item Cost Variable or Fixed Cost Direct Materials Hotdog per unit $1.00…

A: Fixed Costs -These are those costs that do not change with the change in the level of inventory.…

Q: Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye.

A:

Q: Camila Company has set the following standard cost per unit for direct materials and direct labor.…

A: Lets understand the basics. Direct material price variance indicates the variance between the rate…

Q: Lucia Company has set the following standard cost per unit for direct materials and direct labor.…

A: Direct Materials Price Variance = (Actual Rate - Standard Rate) * Actual Quantity Direct Materials…

Q: Prepare a flexible budget for overhead based on the above data.

A: Direct Material = $ 66.50 per unit Direct Labor = $ 24.50 per hour Variable Overhead given for…

Q: Data Exhibit 10-1: Standard Cost Card Standard Quantity 2.9 pounds Inputs Standard Price $4.00 per…

A: Variance refers to the difference between the standards and the actual figures relating to…

Q: XYZ company's prime costs total OMR 3,000,000 and its conversion costs total OMR 7,000,000. If…

A: Prime costs = Direct materials costs +  Direct labor

Q: Cost system. The company has established the following standard for the materials costs of one unit…

A: Material price variance is the difference between actual price and standard price for the actual…

Q: Kent County Company produces a single product. The standard cost card for the product follows: 3…

A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…

Q: Conversion cost is 250,000; Prime cost is 200,000; OH rate is 150% of Direct labor cost; Indirect…

A: WIP account signifies the production costs incurred for partially completed goods.

Q: Doogan Corporation makes a product with the following standard costs: Standard Quantity or Standard…

A: Direct  Material quantity variance = (Actual quantity used - Standard quantity allowed)*Standard…

Q: Family Fashions uses standard costs for its manufacturing division. The allocation base for overhead…

A: Option (c) is the correct answer

Q: Using ABC to compute product costs per unit Spectrum Corp. makes two products: C and D. The…

A: 1. Total overhead allocated to product C= (no. of setup x Predetermined overhead rate for setup) +…

Q: Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard…

A: Actual Labor rate= Actual labor cost/ Actual Hours = 57895/2776 = $ 20.86

Q: Required information   [The following information applies to the questions displayed below.] Antuan…

A: Direct material cost variance is the sum of Material price variance and material usage variances and…

Q: Buraaq Corporation produces three products: Alpha, Beta and Gamma. The following information is…

A: Introduction:- The phrase "variable overhead" refers to the shifting production expenses that come…

Q: Dexter Company, which produces a single product, has the following standard cost and actual cost…

A: Material quantity variance = (Standard quantity - actual quantity) x Standard cost per pound

Q: Percent of capacity 90% 100% 110% Direct labor hours 3,600 4,000 4,400 Units of output 900 1,000…

A: Preparation of flexible budget are as follows

Q: Shore Company reports the following information regarding its production cost. Units produced 29,000…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Kent County Company produces a single product. The standard cost card for the product follows:…

A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…

Q: Accounting TRex Inc. uses standard costing. The Materials inventory account has a balance of 1,000…

A: Direct material quantity variance is one of the efficiency variance, which shows actual cost of…

Q: Direct labor 17 per unit 11 per unit 24 Direct materials Overhead Total variable overhead Total…

A: Formula: Product cost under absorption costing = Direct materials + Direct labor + Variable overhead…

Q: Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard…

A: Material price variance shows differences in standard cost and the actual cost of material due to…

Q: The standard cost sheet for a product is shown. Standard Cost Manufacturing Costs Standard price…

A: Budget performance report in the business shows comparison of actual costs of the product with…

Q: Preble Company manufactures one product Its variable manutacturing ov labor-hours and its standard…

A: Material quantity variance represents the difference between the standard quantity and actual…

Q: Unit fixed overheads under the absorption costing method

A: Fixed manufacturing overhead £100,000 Fixed non-manufacturing overhead £50,000 Total fixed…

Q: ( a ) Period cost ( b ) Expected manufacturing overhead cost for a production level of 60,000…

A: Product cost means the cost of producing one unit of finished goods. Period cost means the cost that…

Q: actual costs for direct Standard Costs Actual Costs ect materials 199,800 lbs. at $5.90 197,800 Ibs…

A: Solution a and B:

Q: Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard…

A: Labor rate variance = (Actual hours*Actual rate) - (Actual hours*Standard rate)

Q: Standard Price or Rate Direct Materials Direct Labor Variable Factory Overhead P6.00 per meter ?…

A: Direct material cost variance = Standard cost for actual production - Actual cost = P84,000 -…

Q: Doogan Corporation makes a product with the following standard costs: Standard Quantity or Standard…

A: Formula: Variable Overhead Rate Variance=(Standard Rate-Actual Rate)×Actual Hours

Q: Integrity Company uses standard costing for each specialized product.  The following information is…

A: When direct materials are purchased, their cost is debited to Raw Materials inventory and the…

Q: 1) Grover Company has the following data for the production and sale of 2,000 units.…

A: Contribution margin is an excess value of revenue over the variable cost and gross margin is the…

Q: Percent of capacity 90% 100% 110% Direct labor hours 3,600 4,000 4,400 Units of output 720 800 880…

A: A flexible budget is prepared on the basis of the budgeted rate and on the basis of different…

Q: Assume (1) estimated fixed manufacturing overhead for the coming perlod of $200.000. (2) estimated…

A: Predetermined overhead rate = Fixed overhead rate + Variable overhead rate = ($200,000 / 55,000…

Q: Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Price…

A: Cost accounting refers to the set of the procedures which is systematic in manner for reporting as…

Q: Standard Quantity 15 sq. ft. 10 hrs. Standard Price (Rate) $ 5 per sq. ft. $15 per hr. Standard Unit…

A: Standard costing: Under this costing method, the expected costs are used in the accounting records…

Q: Contribution Margin Incone Statenent Sales (420, 000 units) Variable costs Direct materials Direct…

A: The question is based on the concept of Cost Accounting.

Q: Planned amount A - 100 units, planned amount B - 160 units Actual amoint A - 80 units, actual amount…

A:

Q: Kent County Company produces a single product. The standard cost card for the product follows:…

A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…

Q: Camila Company has set the following standard cost per unit for direct materials and direct labor.…

A: Standard costs are budgeted costs which are compared with the actual costs to compute the variances…

Q: Activity Rates and Activity-Based Product Costing   Hammer Company produces a variety of electronic…

A: Cost accounting is widely used by the management to determine and control the cost of producing the…

Q: Activity Rates $ 5.00 per direct labor-hour ivity Cost Pool Labor-related Machine-related Machine…

A: First we need to calculate Total Activity Cost.

Q: Camila Company has set the following standard cost per unit for direct materials and direct labor.…

A: (1) Actual Cost       Standard Cost AQ x AP AQ x SP SQ x SP 128,700 x $4.75 128,700 x $5.00…

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.