Your answer is incorrect.What was the master budget amount for fixed overhead?Master Budget Amount for Fixed Overhead$ The following information is available for Carla Shirts:Direct MaterialsDirect LabourVariable OverheadFixed OverheadStandard Quantity3 metres2 hours2 machine hours2 machine hoursMaterials Price VarianceMaterials Quantity VarianceLabour Rate VarianceLabour Efficiency VarianceVOH Spending VarianceVOH Efficiency VarianceFOH Budget VarianceFOH Volume Variance?Standard Cost$10/metre$9/hour$270 U$513 U$243 F$96 F$120 F$80 F$20 U$2/machine hourThe normal production level is 280 shirts. This production period Carla produced 270 shirts. Concert Wear purchased 840 metres offabric for $7,476. The variances for the production period are:$1/machine hourTotal Standard Cost$30$18$4$2$54

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Description: Your answer is incorrect.What was the master budget amount for fixed overhead?Master Budget Amount for Fixed Overhead$ The following information is available for Carla Shirts:Direct MaterialsDirect LabourVariable OverheadFixed OverheadStandard Quant

Cost variance analysis involves examining the difference between the actual cost of a project or…

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Your answer is incorrect. What was the master budget amount for fixed overhead? Master Budget Amount for Fixed Overhead $

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 23E: (Appendix) Calculating factory overhead: three variances Using the data given in E8-17, calculate...

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Fixed Overhead Spending and Volume Variances, Columnar and Formula Approaches Corey Company provided the following information: Required: 1. Using the columnar approach, calculate the fixed overhead spending and volume variances. 2. Using the formula approach, calculate the fixed overhead spending variance. 3. Using the formula approach, calculate the fixed overhead volume variance. 4. Calculate the total fixed overhead variance.
(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.
Fixed Overhead Spending and Volume Variances, Columnar and Formula Approaches Branch Company provided the following information: Required: 1. Using the columnar approach, calculate the fixed overhead spending and volume variances. 2. Using the formula approach, calculate the fixed overhead spending variance. 3. Using the formula approach, calculate the fixed overhead volume variance. 4. Calculate the total fixed overhead variance.
Variable Overhead Spending and Efficiency Variances, Columnar and Formula Approaches Aretha Company provided the following information: Required: 1. Using the columnar approach, calculate the variable overhead spending and efficiency variances. 2. Using the formula approach, calculate the variable overhead spending variance. 3. Using the formula approach, calculate the variable overhead efficiency variance. 4. Calculate the total variable overhead variance.
Performance Report for Variable Variances Humo Company provided the following information: Required: Prepare a performance report that shows the variances for each variable overhead item (inspection and power).
Variable Overhead Spending and Efficiency Variances, Columnar and Formula Approaches Rath Company provided the following information: Required: 1. Using the columnar approach, calculate the variable overhead spending and efficiency variances. 2. Using the formula approach, calculate the variable overhead spending variance. 3. Using the formula approach, calculate the variable overhead efficiency variance. 4. Calculate the total variable overhead variance.
Kamen Manufacturing Co. estimates the following labor and overhead costs for the period: Required: Use the four-variance method for overhead analysis. Calculate the variances for direct labor and overhead. Prove that the overhead variances equal over- or underapplied factory overhead for the period.
Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Steffan Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Direct material Standard (2 lb. @ $9.50/lb.) Actual (4,200 lb. @ $10.20/lb.) Direct labor Standard (0.5 hr. @ $24/hr.) Actual (970 hrs. @ $23.40/hr.) Variable overhead Standard (0.5 hr. @ $6/hr.) Actual Total Actual cost: Split cost: Standard Units Costs $ $ $19 $12 $3 $34 Total Actual Costs $42,840 22,698 Assume that the 4,200 lb. of materials purchased were all used in producing the 2,000 completed units. Determine the materials price and efficiency variances, labor rate and efficiency variances, and variable overhead spending and efficiency variances. Materials Variances 6,200 $71,738
You are provided with the following information. Direct materials Direct labor Variable manufacturing overhead Actual results: Actual output Actual variable manufacturing overhead cost $ Inputs Actual direct materials cost Actual direct labor cost Actual Quantity 8,050 Required: Use the information above to calculate the variances. Note: Use ABS() formula for variances. Actual Hours Actual Hours Actual Quantity 8,050 pounds 1,420 hours Actual Price Actual Rate Standard Quantity 2.9 pounds Actual Rate 0.65 hours 0.65 hours 2,420 units 9,060 $ su $ $ in is in $ $ Standard Price 4.90 22.30 per hour 6.19 per hour Actual Price 4.30 per pound 21.65 per hour Actual Quantity Actual Hours per pound Direct Materials Actual Hours Direct Labor Variable Overhead Standard Price Standard Rate Standard Rate Standard Quantity Standard Hours Standard Hours Standard Price Standard Rate Standard Rate
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…
Requirement 2. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance Direct labor cost variance Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole…
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…