The standard cost sheet for Chambers Company, which manufactures one product, follows: Direct materials, 50 yards at $2.00 per yard Direct labor, 4 hours at $20 per hour Factory overhead applied at 80% of direct labor (variable costs $45 fixed costs $19) Variable selling and administrative Fixed selling and administrative Total unit costs Materials used Direct labor Total factory overhead Production Standards have been computed based on a master budget activity level of 30,300 direct labor-hours per month. Actual activity for the past month was as follows: 350,000 yards at $2.10 per yard 29.500 hours at $20.80 per hour $500,000 Direct materials: Price variance Efficiency variance Direct labor: Price variance Efficiency variance Required: Prepare variance analyses for the variable and fixed costs. Materials are purchased as they are used. (Do not round intermediate calculations. Indicate the effect of each var "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Variable overhead: Efficiency variance $ 100 80 64 6.900 units Fixed overhead: Production volume variance 79 55 $ 378
The standard cost sheet for Chambers Company, which manufactures one product, follows: Direct materials, 50 yards at $2.00 per yard Direct labor, 4 hours at $20 per hour Factory overhead applied at 80% of direct labor (variable costs $45 fixed costs $19) Variable selling and administrative Fixed selling and administrative Total unit costs Materials used Direct labor Total factory overhead Production Standards have been computed based on a master budget activity level of 30,300 direct labor-hours per month. Actual activity for the past month was as follows: 350,000 yards at $2.10 per yard 29.500 hours at $20.80 per hour $500,000 Direct materials: Price variance Efficiency variance Direct labor: Price variance Efficiency variance Required: Prepare variance analyses for the variable and fixed costs. Materials are purchased as they are used. (Do not round intermediate calculations. Indicate the effect of each var "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Variable overhead: Efficiency variance $ 100 80 64 6.900 units Fixed overhead: Production volume variance 79 55 $ 378
Chapter5: Process Costing
Section: Chapter Questions
Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...
Related questions
Question
Please do not give solution in image format thanku
![The standard cost sheet for Chambers Company, which manufactures one product, follows:
Direct materials, 50 yards at $2.00 per yard
Direct labor, 4 hours at $20 per hour
Factory overhead applied at 80% of direct labor
$45 fixed costs = $19)
(variable costs
Variable selling and administrative
Fixed selling and administrative
Total unit costs
Materials used
Direct labor
Total factory overhead
Production
Standards have been computed based on a master budget activity level of 30,300 direct labor-hours per month. Actual activity for the past month was as follows:
Direct materials:
Price variance
Efficiency variance
Direct labor
Price variance
Efficiency variance
Variable overhead:
Efficiency variance
$ 100
80
64
Required:
Prepare variance analyses for the variable and fixed costs Materials are purchased as they are used. (Do not round intermediate calculations. Indicate the effect of each varian
"F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)
Fixed overhead:
Production volume variance
79
55
$ 378
6,900 units
350.000 yards at $2.10 per yard
29.500 hours at $20.80 per hour
$500,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdcbd50b7-9399-475b-b40e-31cf3d894949%2Ffb4233a9-2874-4327-a91f-42f303933fac%2Fs91kw4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The standard cost sheet for Chambers Company, which manufactures one product, follows:
Direct materials, 50 yards at $2.00 per yard
Direct labor, 4 hours at $20 per hour
Factory overhead applied at 80% of direct labor
$45 fixed costs = $19)
(variable costs
Variable selling and administrative
Fixed selling and administrative
Total unit costs
Materials used
Direct labor
Total factory overhead
Production
Standards have been computed based on a master budget activity level of 30,300 direct labor-hours per month. Actual activity for the past month was as follows:
Direct materials:
Price variance
Efficiency variance
Direct labor
Price variance
Efficiency variance
Variable overhead:
Efficiency variance
$ 100
80
64
Required:
Prepare variance analyses for the variable and fixed costs Materials are purchased as they are used. (Do not round intermediate calculations. Indicate the effect of each varian
"F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)
Fixed overhead:
Production volume variance
79
55
$ 378
6,900 units
350.000 yards at $2.10 per yard
29.500 hours at $20.80 per hour
$500,000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
![Cornerstones of Cost Management (Cornerstones Ser…](https://www.bartleby.com/isbn_cover_images/9781305970663/9781305970663_smallCoverImage.gif)
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
![Cornerstones of Cost Management (Cornerstones Ser…](https://www.bartleby.com/isbn_cover_images/9781305970663/9781305970663_smallCoverImage.gif)
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
![Managerial Accounting: The Cornerstone of Busines…](https://www.bartleby.com/isbn_cover_images/9781337115773/9781337115773_smallCoverImage.gif)
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning