yards @ $2.75 yards @ $2.70 nours @ $18.00
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- Using 6-way variance analysis, determine the following variances: 4. Cost volume variance 5. Cost factor 6. Cost-Quantity factor Format: 111,111 U or 111,111 F(Appendix) Calculating factory overhead: three variances Using the data given in E8-17, calculate the following overhead variances: a. Spending variance. b. Production-volume variance. c. Efficiency variance. d. Was the factory overhead under- or overapplied? By what amount? In all problems involving variances, use F and U to indicate favorable and unfavorable variances, respectively.Rayan Ltd has provided the following information:Quantity (kg) Unit Rate (Rs.) Total (Rs.)StandardMaterial X 10 2 20Material Y 20 3 60Material Z 20 6 120Total 50 200ActualMaterial X 5 3 15Material Y 10 6 60Material Z 15 5 75Total 30 150You are required to compute the following and interpret the result:a) Material cost varianceb) Material price variancec) Material usage variance Do not give answer in image
- Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (14 lbs. @ $3 per lb.) $42 32 Direct labor (2 hrs. @ $16 per hr.) During May the company incurred the following actual costs to produce 8,600 units. Direct materials (124,100 lbs. @ $2.80 per lb.) Direct labor (20,900 hrs. @ $16.10 per hr.). $347,480 336,490 AH = Actual Hours SH= Standard Hours AR Actual Rate SR Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) Complete this question by entering your answers in the…Antuan Company set the following standard costs per unit for its product. Direct materials (6 pounds @ $5 per pound) $ 30 Direct labor (2 hours @ $17 per hour) 34 Overhead (2 hours @ $18.50 per hour) 37 Standard cost per unit $ 101 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs $ 45,000 Indirect materials Indirect labor 180,000 Power 45,000 Maintenance 90,000 costs 360,000 Total var ble ove Fixed overhead costs. 24,000 80,000 Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries. 12,000 79,000 Total fixed overhead costs 195,000 Total overhead costs $ 555,000 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (91,000 pounds @ $5.10 per pound) $…Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ $3 per lb.) Direct labor (3 hrs. @ $14 per hr.) $45 42 During June the company incurred the following actual costs to produce 8,500 units. Direct materials (130,300 lbs. @ $2.80 per lb.) Direct labor (30,500 hrs. @ $14.20 per hr.). $364,840 433,100 AH = Actual Hours %3D SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute…
- docs.google.com forms/d/e/1FA1PQLSE-rQkh8FZPGnapek0906DigYuMW7PNoioLMsrvBay Question - 2: Short Answers The direct and indirect variances. For Example : 700000 u or 700000 f or 700000 only ?What is the price variance of direct materials -1 Wangsgard Manufacturing has the following standard cost sheet for one of its products: $ 10 Direct materials (2 ft. @ $5) Direct labor (0.5 hr. @ $10) Fixed overhead (0.5 hr. @ $2)' Variable overhead (0.5 hr. @ $4) Standard unit cost 1 $18 *Rate based on expected activity of 2,500 hours During the most recent year, the following actual results were recorded: Production 6,000 units $ 61,100 29,580 Direct materials (11,750 ft. purchased and used) Direct labor (2,900 hrs.) Fixed overhead Variable overhead 6,000 10,500 Refer to the data given in point (1). What is the efficiency variance of direct -2 ?labor AR1 S 3. Compute the variable manufacturing overhead spending and efficiency variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Book Variable overhead sponding variance S Variable overhead efficiency variance 1 U 1 F Print 4. Compute the fixed overhead budget and volume variances. (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (I.e., zero variance).) Fixed overhead budget variance $ Fixed overhead volumne variance $ 1U 0 NonoNeuhaus Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows: Inputs Direct materials Direct labor Fixed manufacturing overhead Total standard cost per unit Standard Quantity or Hours 1.7 gallons 0.70 hours 0.70 hours During the year, the company completed the following transactions: a. Purchased 52,900 gallons of raw material at a price of $7.60 per gallon. b. Used 46,820 gallons of the raw material to produce 27,600 units of work in process. Raw Materials Cash 1/1 $ 1,160,000 $ 45,900 a. b. Standard Price or Rate $ 7.50 per gallon $21.50 per hour $6.00 per hour Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two…
- Fritz Corp. manufactures and sells a single product. The company uses a standard cost system. The standard cost per unit of product follows: Materials-1 Ib plastic @ $3.00 $ 3.00 Direct labor-1.6 hr @ $10.00. 16.00 Factory overhead. 4,45 Total. . $23.45 The charges to the manufacturing department for November, when 5,000 units were produced, follow: Materials-5,300 lb @ $3.00. $ 15,900 Direct labor-8,200 hr @ $9.80. 80,360 Factory overhead 23,815 Total. $120,075 The Purchasing department normally buys about the same quantity as is used in production during a month. In November, 5,500 Ib were purchased at a price of $2.90 per pound. Critical Thinking Problem REQUIRED: Calculate the following from standard costs for the data given, using the formulas in Determination of Variances on pages 421-422 and 424: 1. Materials quantity variance. 2. Materials purchase price variance (at time of purchase). 3. Labor efficiency variance. 4. Labor rate variance. 5. Give some reasons as to why both the…What is the cost volume variance under 4-way analysis? Sponge Inc. presents the following amounts per unit:5. Using the data below, find the graphical solution for variance on quantity first and material cost first, then find the total variance. Product Element Estimate Material cost per unit $30.00 Number of units 150 Actual $40.00 250