Question

Standards (for a planned level of production of 2,200 units per month) Direct Materials: Yards per...

Standards (for a planned level of production of 2,200 units per month)

Direct Materials: Yards per costume12.50yards,, Price per yard $26.00average

Direct Labor: D.L. Hours per costume 62.00hours,, D.L. Rate per hour $44.50average

Variable MOH standard rate per direct labor hour $4.35per D.L. hour,,Fixed MOH standard rate per direct labor hour $9.47per D.L. hour,,Total Budgeted Fixed MOH (for 1 month) $ 1,250,000

Actual cost and data from the current month:

Actual number of yards of materials purchased 28,500

Actual cost of materials purchased $ 810,000 $28.42per yd

Actual number of yards used in production 27,350

Actual number of costumes produced 2,300

Actual direct labor hours 133,500

Actual direct labor cost $5,500,000 $41.20per hr

Actual variable MOH (in total) $665,000

Actual fixed MOH (in total) $1,488,000

Direct Labor
Actual Actual Input Quantity Flexible
Cost x Budgeted (Std) Rate Budget (Applied)
price variance    Efficiency Variance
Flexible Budget (TOTAL) Variance

GREEN is unfavorable or Favorable and Yellow is where the answer goes

Homework Answers

Answer #1

Please upvote

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
They allocate (apply) OH based on # of DL hours.   Following are this year's cost and...
They allocate (apply) OH based on # of DL hours.   Following are this year's cost and standards data; assumes 52 weeks per year. Standards (for a planned level of production of 2,100 units per month) Direct Materials:      Yards per costume 12.00 yards      Price per yard $           26.50 average Direct Labor:      D.L. Hours per costume 60.00 hours      D.L. Rate per hour $           45.00 average Variable MOH standard rate per direct labor hour $             4.85 per D.L. hour Fixed MOH standard rate per direct labor...
Victory for MSU, Inc. manufactures huge MSU flags for tailgating. The company uses a standard costing...
Victory for MSU, Inc. manufactures huge MSU flags for tailgating. The company uses a standard costing system and applies overhead on the basis of direct labor hours. Victory provides the following information about this product: Standards: Direct material 18.0 yards of material per flag at $12.80 per yard Direct labor 3.0 hours per flag at $10.60 per hour Variable manufacturing overhead (MOH) standard rate $4.00 per direct labor hour Predetermined fixed MOH standard rate $11.00 per direct labor hour Total...
SUPERIOR PRODUCED 1000 UNITS OF FINISH PRODUCTS IN 2018: Direct materials cost variance $115 U Direct...
SUPERIOR PRODUCED 1000 UNITS OF FINISH PRODUCTS IN 2018: Direct materials cost variance $115 U Direct materials efficiency variance 840 F Direct labor cost variance 700 F Direct labor efficiency variance 6,450 F Variable overhead cost variance 1,000 U Variable overhead efficiency variance 1,000 F Fixed overhead cost variance 700 U Fixed overhead volume variance Standards: 3 yards of cloth per unit at $1.20 per yard 2 direct labor hours per unit at $10.75 per hour Overhead allocated at $5.00...
Maki, Inc. manufactures a product that has the following standard costs: Direct materials: 50 yards at...
Maki, Inc. manufactures a product that has the following standard costs: Direct materials: 50 yards at $2.60 per yard $ 130 Direct labor: 8 hours at $19.00 per hour 152 Total $ 282 The following information pertains to July: Direct material purchased: 55,100 yards at $2.65 per yard, or $146,015 Direct material used: 51,300 yards Direct labor: 7,100 hours at $19.5 per hour, or $138,450 Actual completed production: 1,090 units Use the information to compute the following variances: Required: Compute...
Global corporation has developed the following cost standards for the production of leather backpacks: Leather 0.9...
Global corporation has developed the following cost standards for the production of leather backpacks: Leather 0.9 yards x $22 per yard = $19.80 Direct labor 1.3 hours x $9.00 per hour = $11.70 Variable overhead 1.3 hours x $15.00 per hour = $19.50 Variable overhead is applied on the basis of direct labor hours. The actual results for last month were as follows: Number of backpacks produced 15,000 Direct labor hours incurred 18,800 Yards of leather purchased 14,500 Yards of...
The budget for the month of May was for 13,200 units at a direct materials cost...
The budget for the month of May was for 13,200 units at a direct materials cost of $24 per unit. Direct labor was budgeted at 33 minutes per unit for a total of $118,800. Actual output for the month was 9,400 units with $150,000 in direct materials and $86,775 in direct labor expense. The direct labor standard of 33 minutes was obtained throughout the month. Variance analysis of the performance for the month of May would show a(n): (CMA adapted)
The budget for the month of May was for 11,600 units at a direct materials cost...
The budget for the month of May was for 11,600 units at a direct materials cost of $20 per unit. Direct labor was budgeted at 29 minutes per unit for a total of $104,400. Actual output for the month was 9,000 units with $140,000 in direct materials and $82,775 in direct labor expense. The direct labor standard of 29 minutes was obtained throughout the month. Variance analysis of the performance for the month of May would show a(n): (CMA adapted)
The Brown Manufacturing​ Company's costing system has two​ direct-cost categories: direct materials and direct manufacturing labor....
The Brown Manufacturing​ Company's costing system has two​ direct-cost categories: direct materials and direct manufacturing labor. Manufacturing overhead​ (both variable and​ fixed) is allocated to products on the basis of standard direct manufacturing labor hours​ (DLH). At the beginning of 2014 Brown adopted the following standards for its manufacturing​ costs:  Direct materials 3 lbs. at $4 per lb. $12.00 Direct manufacturing labor 4 hrs. at $20 per hr. 80.00 Manufacturing overhead: Variable $6 per DLH 24.00 Fixed $7 per DLH...
The Basket Co. produces intricate baskets. The direct materials and direct labor standards for one basket...
The Basket Co. produces intricate baskets. The direct materials and direct labor standards for one basket is as follows: Standard Quantity of Hours Standard Rate or Cost Standard Cost per Basket Direct Materials 2 meters of plastic $2.00/meter $4.00 Direct Labour 1.5 hours $12/hour $18 Variable Overhead 1.5 hours $4/direct labour hour $6 The budgeted fixed overhead is $10,000. The allocation base is direct labour hours which was estimated to be 2,100 hours. During the most recent month, the following...
Direct Materials, Direct Labor, and Reports budgeted and actual costs for variable and fixed factory overhead...
Direct Materials, Direct Labor, and Reports budgeted and actual costs for variable and fixed factory overhead along with the related controllable and volume variances.Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. A detailed estimate of what a product should cost.Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 6,800 units of product were as follows: Standard Costs Actual Costs Direct materials 8,800 lb. at $4.90 8,700...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • The Blueberry Company is considering a project which will cost $304 initially. The project will not...
    asked 10 minutes ago
  • Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or...
    asked 27 minutes ago
  • Case 12.1 Determine what variables are categorical (either nominal or ordinal scales), perform the appropriate descriptive...
    asked 32 minutes ago
  • GDebi Enterprises is thinking of building a chemical processing plant to produce 4-hydroxy-3-methoxybenzaldehyde. The firm estimates...
    asked 32 minutes ago
  • Suppose you are picking one number from the set of natural numbers from 97 to 4....
    asked 39 minutes ago
  • What is the wavelength (in meters) of photons with the following energies? Part A.) 136 kJ/mol...
    asked 40 minutes ago
  • In your own words, define nonverbal communication and explain three differences between verbal and nonverbal communication...
    asked 44 minutes ago
  • A new fuel injection system has been engineered for pickup trucks. The new system and the...
    asked 49 minutes ago
  • Robots can be trained to do dangerous, stinky, montonous work that human may not want to...
    asked 50 minutes ago
  • Steam at 250oC and 1 MPa enters a compressor at a steady rate of 2 m3...
    asked 51 minutes ago
  • What is the Cost of Equity? Provide a definition, and suggest least one way that we...
    asked 56 minutes ago
  • The scores of fourth grade students on a mathematics achievement test follow a normal distribution with...
    asked 1 hour ago