The following information is made available for October, what is the process quality yield? * Sample format: 11% Good units manufactured 39,000 20,000 50,000 30,000 Value-added hours of manufacturing time Total units manufactured Total hours of manufacturing time
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A: Direct Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked…
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A: Material variances: Material cost variance is the difference between the actual cost of direct…
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A: Direct Labor Price Variance: Direct labor price variance is the difference between the actual price…
Q: At the beginning of the year, Craig Company had the following standard cost sheet for one of its…
A: Variance is a common term which is used in budgeting process, variance is the difference between the…
Q: If 10,000 pounds of direct materials are purchased for $9,300 on account and the standard cost is…
A: Computation of Material Price Variance:
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A: Please see the next step for the solution
Q: The following information is provided The per-unit standards are 2 pounds at $5 per pound. Last…
A: Solution-a Material Price Variance = (Actual Cost) - (Standard rate per pound * Actual Quantity)…
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A: The throughput per hour is calculated as good units manufactured divided by Total manufacturing…
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A: Solution:- Introduction:- The following formula used to calculate Labor efficiency variance =…
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A: Formula: Fixed factory overhead = Budgeted fixed costs / Normal activity in hours
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A: The calculation of material standard price per pound is shown hereunder : Material price variance $…
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A: Material price variance = (Standard price per pound - Actual price per pound)*Actual quantity…
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A: Labour Efficiency Variance: It is the difference between actual number of direct labour hours worked…
Q: At the beginning of the year, Craig Company had the following standard cost sheet for one of its…
A: Direct Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity…
Q: The following labor standards have been established for a particular product: 5.4 hours Standard…
A: Actual rate = $10,600 / 1000 hours = $10.60
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A: The formula for labor efficiency variance is given below: Labor Efficiency Variance = Standard…
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A: High-low method: It is the method of estimating the variable cost per unit and the fixed costs by…
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A: Material price variance is calculated using the below given formula: Material Price…
Q: A company developed the following per-unit standards for its product: 2 pounds of direct materials…
A: Direct material price variance = (Standard price per unit - Actual price per unit) * Actual quantity…
Q: At the beginning of the year, Craig Company had the following standard cost sheet for one of its…
A: Solution:- 1)Calculation of labor rate variance as follows under:- Labor rate variance = (…
Q: The following labor standards have been established for a particular product: Standard labor-hours…
A: Formula: Labor rate variance = ( actual rate -Standard rate ) x actual hours. Actual rate = Total…
Q: The following labor standards have been established for a particular product: Standard…
A: Variance refers to a change between the expected value and the actual result. This term is usually…
Q: The following information is available for Anuounyam Manufacturing Company for June when the company…
A: Direct Labor Rate Variance: The direct labor rate variance is a measure to determine the variation…
Q: The following labor standards have been established for a particular product: Standard labor-hours…
A: Formula: Labor Efficiency Variance=Standard Hours-Actual Hours×Standard Rate
Q: Compute price and usage variances for materials.
A: Ans.(1) Material price variance = (Actual Price - Standard Price) x Actual Quantity Actual Price =…
Q: The following labor standards have been established for a particular product: Standard labor-hours…
A: Please find the answer to the above question below:
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A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
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A: Labor Variance: When there is difference between the standard labor cost of product and actual labor…
Q: ,000 3,500 August…
A: Fixed Cost: A cost which does not change with increase or decrease in amount of goods or services…
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A:
Q: At the beginning of October, Nelson Inc. detemined the following for a particular product: Standard…
A: Solution Working note Calculation of the actual quantity of material purchased Favorable Material…
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A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
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A: Labor Rate Variance:-It means variance which occurs when there is a difference between the actual…
Q: The following labor standards have been established for a particular product: Standard labor-hours…
A: To calculate: Labor efficiency variance Standard Labor hours = 500 units x 8.7 hours = 4,350 hours…
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A:
Q: eriod. Month Total ProductionCost…
A: Variable Cost: A cost which change with increase or decrease in amount of goods or services…
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A: Standard labor hours for 900 units = 900 units x 8.7 hours = 7,830 hours
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A: The variance is the difference between standard and actual output.
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A: 1a. Material quantity variance = $2250 U(SQ - AQ) x SP = -$2250(2350 x 3 - AQ) x $5 = -$2250Actual…
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A: a) Using the line of best-fit, company’s fixed cost per month and the variable cost per unit is:…
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A:
Q: The following labor standards have been established for a particular product: Standard…
A: Lets understand the basics. Labor efficiency variance is a variance between the standard hour that…
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- Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.Kang Company reported sales of 3,240,000 in 20x5. At the end of the calendar year, the following quality costs were reported: Required: 1. Prepare a quality cost report. 2. Prepare a graph (pie chart or bar graph) that shows the relative distribution of quality costs, and comment on the distribution.Jameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: During the first quarter of the year, Jameson produced 45,000 cases of paper towels. The company purchased and used 135,700 pounds of paper pulp at 0.38 per pound. Actual direct labor used was 91,000 hours at 12.10 per hour. Required: 1. Calculate the direct materials price and usage variances. 2. Calculate the direct labor rate and efficiency variances. 3. Prepare the journal entries for the direct materials and direct labor variances. 4. Describe how flexible budgeting variances relate to the direct materials and direct labor variances computed in Requirements 1 and 2.
- Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required: Prepare a schedule of equivalent units, and compute the unit cost for the month of December. Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000.Escuchar Products, a producer of DVD players, has established a labor standard for its productdirect labor: 2 hrs at 9.65 per hour. During January, Escuchar produced 12,800 DVD players. The actual direct labor used was 25,040 hours at a total cost of 245,392. Required: 1. Compute the labor rate and efficiency variances. 2. Prepare journal entries for all activities relating to labor.Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
- Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000
- Use the following information for Brief Exercises 11-17and 11-18: Indy Company has the following data for one of its manufacturing plants: Maximum units produced in a quarter (3-month period): 250,000 units Actual units produced in a quarter (3-month period): 200,000 units Productive hours in one quarter: 25,000 hours 11-18 (Appendix 11A) Calculating Manufacturing Cycle Efficiency Refer to the information of Indy Company above. The actual cycle time for Indy Company is 7.5 minutes, and the theoretical cycle time is 6 minutes. Required: 1. Calculate the amount of processing time and the amount of nonprocessing time. 2. Calculate the MCE. (Round to one decimal place.)Scattergraph, High-Low Method, and Predicting Cost for a Different Time Period from the One Used to Develop a Cost Formula Refer to the information for Farnsworth Company on the previous page. Required: 1. Prepare a scattergraph based on the 10 months of data. Does the relationship appear to be linear? 2. Using the high-low method, prepare a cost formula for the receiving activity. Using this formula, what is the predicted cost of receiving for a month in which 1,450 receiving orders are processed? 3. Prepare a cost formula for the receiving activity for a quarter. Based on this formula, what is the predicted cost of receiving for a quarter in which 4,650 receiving orders are anticipated? Prepare a cost formula for the receiving activity for a year. Based on this formula, what is the predicted cost of receiving for a year in which 18,000 receiving orders are anticipated? Use the following information for Problems 3-60 and 3-61: Farnsworth Company has gathered data on its overhead activities and associated costs for the past 10 months. Tracy Heppler, a member of the controllers department, has convinced management that overhead costs can be better estimated and controlled if the fixed and variable components of each overhead activity are known. One such activity is receiving raw materials (unloading incoming goods, counting goods, and inspecting goods), which she believes is driven by the number of receiving orders. Ten months of data have been gathered for the receiving activity and are as follows:Use the following information for Brief Exercises 11-23 and 11-24: Theta Company has the following data for one of its manufacturing plants: Maximum units produced in a quarter (3-month period): 400,000 units Actual units produced in a quarter (3-month period): 375,000 units Productive hours in one quarter: 20,000 hours 11-24 (Appendix 11A) Calculating Manufacturing Cycle Efficiency Refer to the information for Theta Company on the previous page. The actual cycle time for Theta Company is 3.2 minutes, and the theoretical cycle time is 3 minutes. Required: 1. Calculate the amount of processing time and the amount of nonprocessing time. 2. Calculate the MCE. (Round to two decimal places.)