For each of the following independent cases, fill in the missing amounts in the table:Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance).Direct Labor RateCaseDirect Labor Efficiency Direct Labor SpendingVarianceVarianceVarianceA$1,450 U$2,600 FB$1,300 F$2,100 UC$1,700 F$3,200 FD$1,200 U$3,900 UE$1,800 F$2,650 UF$1,350 U$1,850 U

Step 1:CaseDirect Labor Spending VarianceA= Direct Labor Rate Variance(U) + Direct Labor Efficiency…

Answered: For each of the following independent…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 13MC: When is the labor rate variance unfavorable? A. when the actual quantity used is greater than the...

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When is the labor rate variance unfavorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
When is the direct labor time variance favorable? A. when the actual quantity used is greater than the standard quantity B. when the actual quantity used is less than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price
1.What is the labor rate variance ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 2. What is the variable overhead efficiency variance ? ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 3. what is the variable overhead rate variance?
Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $4.00 per pound) Direct labor (1.8 hours @ $12.00 per hour) $ 12.00 21.60 33.30 Overhead (1.8 hours @ $18.50 per hour) Standard cost per unit $ 66.90 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 Indirect materials $ 15,000 Indirect labor 75,000 Power 15,000 Maintenance 30,000 135,000 Total variable overhead costs Fixed overhead costs Depreciation-Building 24,000 70,000 Depreciation-Machinery Taxes and insurance 16,000 Supervisory salaries 254,500 Total fixed overhead costs 364,500
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) $…
For each of the following independent cases, fill in the missing amounts in the table: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Case A B с D E T Direct Labor Rate Direct Labor Efficiency Direct Labor Spending Variance Variance Variance $ $ $ 1,350 U 1,400 F 1,600 F U U 1,250 U $ $ 5A5A5A $ $ 2,400 F U |F 1,100 U 1,700 F 1,750 U $ $ $ $ 2,300 U 3,000 F 3,700 U 2,550 U EU
For each of the following independent cases, fill in the missing amounts in the table: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Case A B C D E F Direct Labor Rate Direct Labor Efficiency Direct Labor Spending Variance Variance Variance $ $ SA 1,450 U 1,300 F 1,700 F U U 1,350 U $ $ GA 2,600 F U 1,200 U 1,800 F 1,850 U $ $ $ GA IF 2,100 U 3,200 F 3,900 U 2,650 U U
Which of the following equations can be used to compute a labor rate variance (where AH = actual hours; SH = standard hours allowed; AR = actual rate; SR = standard rate)? Multiple Choice [SH x (AR – SR)] [AH - (AR – SR)] [AH x (AR – SR)] [SH - (AR – SR)]
Find the missing values and label F/U Direct Labor Direct Labor Direct Labor Rate Variance Efficiency Variance Spending Variance A.$ 1500 U $2700 F ? B.$ 1250 F ? $2000 U C.$ 1750 F ? $3300 F D. ? $ 1250 U $4000 U E. ? $ 1850 F $ 2700 F.$1400 U $1900 U ?
Looking at the excel worksheet please answers these three fallowing questions: B-1. What is the labor efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the labor efficiency variance ? U c-1. What is the variable overhead efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead efficiency variance U c-2. What is the variable overhead rate variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead rate variance U
c. What is spending variance for wages and salaries? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the spending variance for wages and salaries d. What is spending variance for total expenses? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the spending variance for total expenses
Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a customer, the order is forwarded to Logistics Solutions, which pulls the item from storage, packs it, and ships it to the customer. The company uses a predetermined variable overhead rate based on direct labor-hours. In the most recent month, 175,000 items were shipped to customers using 7,400 direct labor-hours. The company incurred a total of $24,790 in variable overhead costs. k According to the company's standards, 0.04 direct labor-hours are required to fulfill an order for one item and the variable overhead rate is $3.40 per direct labor-hour. nt Required: 1. What is the standard labor-hotfs allowed (SH) to ship 175,000 items to customers? 2. What is the standard variable overhead cost allowed (SH x SR) to ship 175,000 items to customers? 3. What is the variable overhead spending…

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