Acme Inc. has the following information available: Actual price paid for material $0.90 Standard price for material $1.10 Actual quantity purchased and used in production 90 Standard quantity for units produced 100 Actual labor rate per hour $16 Standard labor rate per hour $18 Actual hours 210 Standard hours for units produced 240 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Favorable v Material quantity variance Favorable v Labor rate variance Favorable v Labor efficiency variance Favorable v B. What are some possible causes for this combination of favorable and unfavorable variances? We paid less for our raw material, and assembly took fewer hours than expected. V

Acme Inc. has the following information available: Actual price paid for material $0.90 Standard price for material $1.10 Actual quantity purchased and used in production 90 Standard quantity for units produced 100 Actual labor rate per hour $16 Standard labor rate per hour $18 Actual hours 210 Standard hours for units produced 240 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Favorable v Material quantity variance Favorable v Labor rate variance Favorable v Labor efficiency variance Favorable v B. What are some possible causes for this combination of favorable and unfavorable variances? We paid less for our raw material, and assembly took fewer hours than expected. V

Name: Acme Inc. has the following information available:Actual price paid f
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Acme Inc. has the following information available:Actual price paid for material$0.90Standard price for material$1.10Actual quantity purchased and used in production90Standard quantity for units produced100Actual labor rate per hour$16Standard labor

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 3P: Scattergraph method Using the data in P4-2 and a piece of graph paper: 1. Plot the data points on...

See similar textbooks

Similar questions

Scattergraph method Using the data in P4-2 and a piece of graph paper: 1. Plot the data points on the graph and draw a line by visual inspection, indicating the trend shown by the data points. 2. Determine the variable cost per unit and the total fixed cost from the information on the graph. 3. Determine the variable cost to be charged to the product for the year. 4. Determine the fixed cost to be charged to factory overhead for the year. 5. Do these answers agree with the answers to P4-2? Why or why not?
Mulliner Company showed the following information for the year: Required: 1. Calculate the standard direct labor hours for actual production. 2. Calculate the applied variable overhead. 3. Calculate the total variable overhead variance.
Rath Company showed the following information for the year: Required: 1. Calculate the standard direct labor hours for actual production. 2. Calculate the applied variable overhead. 3. Calculate the total variable overhead variance.
A company reports the following information for its direct labor. Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced ! AH = Actual Hours SH= Standard Hours AR= Actual Rate SR Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Q F1 Actual Cost @ 2 W F2 # 3 E 80 F3 $ $ 4 0 Ơ F4 R $ % 5 0 0 * DII 8 F8 Standard Cost ( 9 F9 ) U I O F1
Acme Inc. has the following information available: Actual price paid for material $0.900 Standard price for material $0.625 Actual quantity purchased and used in production 90 Standard quantity for units produced 60 Actual labor rate per hour $16 Standard labor rate per hour $14 Actual hours 210 Standard hours for units produced 220 Compute the material price and quantity, and the labor rate and efficiency variances. Round your answers to two decimal places. Enter all amounts as positive numbers. Material price variance $fill in the blank 1 Material quantity variance $fill in the blank 3 Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7
Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $0.80 Actual quantity purchased and used in production 100 Standard quantity for units produced 120 Actual labor rate per hour $15 Standard labor rate per hour $13 Actual hours 190 Standard hours for units produced 210 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance $fill in the blank 1 Material quantity variance $fill in the blank 3 Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7 B. What are some possible causes for this combination of favorable and unfavorable variances?
Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $15 Standard labor rate per hour $17 Actual hours 200 Standard hours for units produced 230 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance
Print Item Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 90 Actual quantity purchased and used in production 110 Standard quantity for units produced Actual labor rate per hour $15 Standard labor rate per hour $16 Actual hours 200 230 Standard hours for units produced A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance 2$ B. What are some possible causes for this combination of favorable and unfavorable variances?
Acme Inc. has the following information available: Actual price paid for material $1.000 Standard price for material $0.730 Actual quantity purchased and used in production 100 Standard quantity for units produced 80 Actual labor rate per hour $16 Standard labor rate per hour $14 Actual hours 200 Standard hours for units produced 230 Compute the material price and quantity, and the labor rate and efficiency variances. Round your answers to two decimal places. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance $ Labor efficiency variance $ Favorable Unfavorable
Acme Inc. has the following information available: Actual Price paid for material $1.00 Standard Price for material $0.90 Actual quantity purchased and used in production 100 Standard quantity for units produced 90 Actual labor rate per hour $15.00 Standard labor rate per hour $14.00 Actual hours 200 hours Standard hours for units produced 190 hours Variance Variance Amount Favorable (F) or Unfavorable (U) Material Price Material Quantity Total DM Cost Variance Labor Rate Labor Efficiency Total DL Cost Variance
A company reports the following information for its direct labor. Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced AH = Actual Hours SH Standard Hours AR = Actual Rate SR Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Actual Cost $ 0 $ 74,000 $15 $14 75, 200 0 0 $ 0 Standard Cost
Acme Inc. has the following information available: Actual price paid for material $0.90 Standard price for material $0.80 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $14 Standard labor rate per hour $17 Actual hours 200 Standard hours for units produced 210 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance $4 Material quantity variance Labor rate variance Labor efficiency variance B. What are some possible causes for this combination of favorable and unfavorable variances? %24 %24 %24