Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN: 9781305970663
Author: Don R. Hansen, Maryanne M. Mowen
Publisher: Cengage Learning
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Textbook Question
Chapter 9, Problem 32P

Petrillo Company produces engine parts for large motors. The company uses a standard cost system for production costing and control. The standard cost sheet for one of its higher volume products (a valve) is as follows:

Chapter 9, Problem 32P, Petrillo Company produces engine parts for large motors. The company uses a standard cost system for

During the year, Petrillo had the following activity related to valve production:

  1. a. Production of valves totaled 20,600 units.
  2. b. A total of 135,400 pounds of direct materials was purchased at $5.36 per pound.
  3. c. There were 10,000 pounds of direct materials in beginning inventory (carried at $5.40 per pound). There was no ending inventory.
  4. d. The company used 36,500 direct labor hours at a total cost of $656,270.
  5. e. Actual fixed overhead totaled $110,000.
  6. f. Actual variable overhead totaled $168,000.

Petrillo produces all of its valves in a single plant. Normal activity is 20,000 units per year. Standard overhead rates are computed based on normal activity measured in standard direct labor hours.

Required:

  1. 1. Compute the direct materials price and usage variances.
  2. 2. Compute the direct labor rate and efficiency variances.
  3. 3. Compute overhead variances using a two-variance analysis.
  4. 4. Compute overhead variances using a four-variance analysis.
  5. 5. Assume that the purchasing agent for the valve plant purchased a lower-quality direct material from a new supplier. Would you recommend that the company continue to use this cheaper direct material? If so, what standards would likely need revision to reflect this decision? Assume that the end product’s quality is not significantly affected.
  6. 6. Prepare all possible journal entries (assuming a four-variance analysis of overhead variances).

1.

Expert Solution
Check Mark
To determine

Compute the direct materials price variance and the direct materials usage variance.

Explanation of Solution

Direct material price variance: The variation in between actual price and estimated price paid for materials multiplied by the actual quantity is called material price variance. It is used to determine difference in price paid for material the price that was supposed to be paid for material.

The following formula is used to calculate direct material price variance:

Direct materials price variance=[(ActualPriceStandard Price)×Actual Quantity]

Direct material usage (efficiency) variance: It is a measure that determines the variation in between actual and standard quantity of input multiplied by the standard unit price is called material usage variance.

The following formula is used to calculate direct material usage variance:

Direct materials usage variance=[(ActualQuantityStandard Quantity)×Standard Price]

Compute the direct materials price variance:

Direct materials price variance=[(ActualPriceStandard Price)×Actual Quantity]=[($5.36 per pound$5.40 per pound)×135,400 pounds]=[$.04×135,400]=$5,416F

Compute the direct materials usage variance:

Direct materials usage variance=[(ActualQuantityStandard Quantity)×Standard Price]=[(145,400 pounds144,200)×$5.40]=[1,200×$5.40]=$6,480 U

Working note 1: Calculate the standard quantity:

Standard quantity = (Direct materials per lbs×Number of units produced)=(7lbs×20,600 units)=144,200

Working note 2: Calculate the actual quantity:

Actual quantity = (Total pounds of direct materials found+Beginning inventory of direct materials)=(135,400+10,000)=145,400

Conclusion

Therefore, the direct materials price variance and the usage variance is $5,416 F and $6,480 U respectively.

2.

Expert Solution
Check Mark
To determine

Calculate the direct labor rate variance and labor efficiency variance.

Explanation of Solution

Direct Labor Rate Variance: The direct labor rate variance is a measure to determine the variation in the estimated cost of the direct labor and the actual cost of the direct labor and is multiplied by the actual hours is called direct labor rate variance.

The following formula is used to calculate the direct labor rate variance:

Direct labor rate variance=[(ActualRateStandard Rate)×Actual Hours]

Direct labor efficiency variance is a measure that determines the difference between the estimated labor hours and the actual labor hours used and is multiplied by the standard rate per hour is called material usage variance.

The following formula is used to calculate direct labor efficiency variance:

Direct labor efficiency variance=[(ActualHoursStandard Hours)×Standard Rate Per Hour]

Calculate the direct labor rate variance:

Direct labor rate variance=[(ActualRateStandard Rate)×Actual Hours]=[($17.98$18.00)×36,500Hours]=[$.02×36,500Hours]=$730 F

Calculate the labor efficiency variance:

Direct labor efficiency variance=[(ActualHoursStandard Hours)×Standard Rate Per Hour]=[(36,500 hours36,050 hours)×$18.00 Per Hour]=[450×$18.00 Per Hour]=$8,100 U

Working note 3: Calculate the standard hours:

Standard hours = (Direct labor per hour×Number of units produced)=(1.75×20,600 units)=36,050

Conclusion

Therefore, the direct labor rat variance and the efficiency variance are $730 F and $8,100 U respectively.

3.

Expert Solution
Check Mark
To determine

Calculate the overhead variances using two variance analysis.

Explanation of Solution

Calculate the overhead variances using two variance analysis:

Budget variance:

Budgeted variance =[ Actual overheadBudgeted overhead]=[$278,000$249,200]=$28,800 U

Working note 4: Calculate the actual overhead:

Actual overhead =[ Actual fixed overhead + Actual variable overhead]=[$110,000+$168,000]=$278,000

Working note 5: Calculate the budgeted overhead:

Step 1: Calculate the budgeted fixed overhead.

Budgeted fixed overhead =[ Standard fixed overhead rate× Standard hours]=[$3×(1.75×20,000)]=$3×35,000=$105,000

Step 2: Calculate the budgeted variable overhead.

Budgeted variable overhead =[ Standard fixed overhead rate× Standard hours]=[$4×(1.75×20,600)]=$4×36,050=$144,200

Step 3: Calculate the total budgeted overhead.

Total budgeted overhead =[ Budgeted fixed overhead + Budgeted variable overhead]=[$105,000+$144,200]=$4×36,050=$249,200

Volume variance:

Step 1: Compute the applied fixed overhead.

Applied fixed overhead =[ Standard fixed overhead rate× Standard hours]=[$7×36,050 hours]=$252,350

Step 2: Compute the volume variance.

Volume variance = (Budgeted fixed overheadApplied fixed overhead)($249,200$252,350)=$3,150 F

Working note 5: Calculate the standard hours:

Standard hour =(Number of units produced×Direct labor hour per unit)=(20,600×1.75hours per unit)=36,050 hours

Conclusion

Therefore, the budgeted and volume variance are $28,800 U and $3,150 F respectively.

4.

Expert Solution
Check Mark
To determine

Calculate the overhead variances using a four-variance analysis.

Explanation of Solution

Overhead Variance: The overhead variance is the difference arising between the real overhead consumed in the production of a product, and the estimated overhead determined in the production of that product.

Calculate the overhead variances using a four-variance analysis:

Step 1: Compute the budgeted variable overhead cost.

Budgeted variable overhead cost =[ Standard variable overhead rate×Actual direct labor hours] =[$4.00×36,500]=$146,000

Step 2: Compute the variable overhead spending variance.

Variable overhead spending variance = [Actual variable overhead costsBudgeted variable overhead costs][$168,000$146,000]=$22,000U

Compute the variable overhead efficiency variance:

Step 1: Compute the applied variable overhead.

Applied variable overhead =[ Standard variable overhead rate×Standard hours]=[$4.00×36,050]=$144,200

Step 2: Compute the variable overhead efficiency variance.

Efficiency variance = (Budgeted variable overheadApplied variable overhead)($146,000$144,200)=$1,800 U

Working note 6: Calculate the direct labor hour per unit:

Direct labor hour per unit =( Actual direct labor hoursUnits prodcued)=( 36,500 hours20,000 units)=1.825 hours per unit 

Working note 7: Calculate the actual direct labor hours:

Standard direct labor hour =(Units produced×Direct labor hour per unit)=(20,000×1.825hours per unit)=36,500hours

Conclusion

Therefore, the variable overhead spending and efficiency variance are $22,000 U and $1,800 U respectively.

5.

Expert Solution
Check Mark
To determine

Explain whether the company continues to purchases cheaper direct materials if so indicate the standard need revision to reflect this decision.

Explanation of Solution

The company would not continue to purchase low –quality materials because it affects the company. The budgeted cost of direct materials at the 20,600 units’ production level is $778,680($5.40×7×20,600) , and the actual cost was $779,744($725,744+$54,000) . As seen from the detailed analysis, this cost overrun was caused by a large, unfavorable usage variance, probably attributable to the lower quality of direct materials. Also, the unfavorable direct labor efficiency variance may be caused by the inferior direct materials. If the favorable price variance had been greater than the unfavorable usage variances, then continued purchase of the cheaper direct materials would have been recommended, with a revision in the usage standards.

6.

Expert Solution
Check Mark
To determine

Prepare journal entries (four-variance analysis of overhead variances).

Explanation of Solution

Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Accounting rules for journal entries:

  • To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
  • To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Prepare journal entries (four-variance analysis of overhead variances):

DateAccounts title and explanation

Debit

($)

Credit

($)

 Direct Materials731,160 
       Direct Materials Price variance 5,416
      Accounts Payable 725,744
 (To record the purchase of direct materials)  
    
 Work in Process 778,680 
 Direct Materials Usage Variance6,480 
       Direct Materials 785,160
 (To record the usage of direct materials)  
    
 Work in Process 648,900 
 Direct Labor Efficiency Variance8,100 
      Direct Labor Rate Variance 730
      Wages Payable 656,270
 (To record the use of direct labor)  
    
 Cost of Goods Sold13,850 
 Direct Labor Rate Variance730 
          Direct Materials Usage Variance 6,480
         Direct Labor Efficiency Variance 8,100
 (To record the use of direct material and labor variances)  
    
 Direct Materials Price variance5,416 
        Cost of Goods Sold 5,416
 (To close the direct materials price variance)  
    
 Variable Overhead Control168,000 
      Miscellaneous Accounts 168,000
 (To record incurrence of actual overhead)  
    
 Fixed Overhead Control110,000 
      Miscellaneous Accounts 110,000
 (To record incurrence of actual overhead)  
    
 Work in Process 144,200 
        Variable Overhead Control 144,200
 (To close the overhead variances)  
    
 Work in Process 108,150 
        Fixed Overhead Control 108,150
 (To close the overhead variances)  
    
 Variable Overhead Spending Variance 22,000 
 Variable Overhead Efficiency Variance1,800 
 Fixed Overhead Spending Variance5,000 
         Fixed Overhead Volume Variance 3,150
         Fixed Overhead Control 1,850
        Variable Overhead Control 23,800
 (To close the overhead variances)  
    
 Cost of Goods Sold28,800 
       Variable Overhead Efficiency Variance 1,800
       Fixed Overhead Spending Variance 5,000
      Variable Overhead Spending Variance 22,000
 (To close the overhead variances)  
    
 Fixed Overhead Volume Variance3,150 
      Cost of Goods Sold 3,150
 (To close the cost of goods sold)  

Table (1)

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Chapter 9 Solutions

Cornerstones of Cost Management (Cornerstones Series)

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