Standard Costs And Variances Managerial Accounting Homework Help
- July 16, 2017
- Posted by:
- Category: Accounting QA
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1. Hurren Corporation makes a product with the following standard costs
Inputs | Standard Quantity or Hours | Standard Price or Rate | Standard Cost Per Unit |
Direct materials | 4.7 grams | $2.00 per gram | $9.40 |
Direct labor | 0.7 hours | $12.00 per hour | $8.40 |
Variable overhead | 0.7 hours | $7.00 per hour | $4.90 |
The company reported the following results concerning this product in June.
Originally budgeted output | 6,900 | units |
Actual output | 6,800 | units |
Raw materials used in production | 28,410 | grams |
Actual direct labor-hours | 4,200 | hours |
Purchases of raw materials | 32,100 | grams |
Actual price of raw materials purchased | $2.10 | per gram |
Actual direct labor rate | $12.90 | per hour |
Actual variable overhead rate | $6.70 | per hour |
The company applies variable overhead on the basis of direct labor-hours. The direct materials price variance is computed when the materials are purchased.
The labor rate variance for June is (Round your intermediate calculations to 2 decimal places.)
A. $4,284 F
B. $4,284 U
C. $3,780 F
D. $3,780 U
2. The following standards for variable manufacturing overhead have been established for a company that makes only one product:
Standard hours per unit of output 3.50 hours
Standard variable overhead rate $10.85 per hour
The following data pertain to operations for the last month:
Actual hours 9,100 hours
Actual total labor cost $95,810
Actual output 2,400 units
What is the variable overhead rate variance for the month? (Do not round intermediate calculations.)
A. $3,206 F
B. $2,925 U
C. $2,925 F
D. $3,206 U
3.The following standards for variable manufacturing overhead have been established for a company that makes only one product:
Standard hours per unit of output 3.50 hours
Standard variable overhead rate $10.85 per hour
The following data pertain to operations for the last month:
Actual hours 9,100 hours
Actual total labor cost $95,810
Actual output 2,400 units
What is the variable overhead efficiency variance for the month? (Do not round intermediate calculations.)
A. $3,852 U
B. $7,333 U
C. $7,595 U
D. $7,333 F
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4. Landram Corporation makes a product with the following standard costs
Inputs | Standard Quantity or Hours | Standard Price or Rate |
Direct materials | 2.0 kilos | $7.00 per kilo |
Direct labor | 0.6 hours | $14.00 per hour |
Variable overhead | 0.6 hours | $6.00 per hour |
In March the company produced 4,600 units using 10,120 kilos of the direct material and 2,100 direct labor-hours. During the month, the company purchased 10,690 kilos of the direct material at a cost of $76,570. The actual direct labor cost was $38,256 and the actual variable overhead cost was $11,957.
The company applies variable overhead on the basis of direct labor-hours. The direct materials price variance is computed when the materials are purchased.
The materials price variance for March is: (Do not round intermediate calculations.)
A. $1,740 F
B. $1,740 U
C. $1,600 U
D. $1,600 F
5. Landram Corporation makes a product with the following standard costs
Inputs | Standard Quantity or Hours | Standard Price or Rate |
Direct materials | 2.0 kilos | $7.00 per kilo |
Direct labor | 0.9 hours | $15.00 per hour |
Variable overhead | 0.9 hours | $5.00 per hour |
In March the company produced 4,600 units using 10,270 kilos of the direct material and 2,250 direct labor-hours. During the month, the company purchased 10,840 kilos of the direct material at a cost of $76,720. The actual direct labor cost was $38,237 and the actual variable overhead cost was $11,938.
The company applies variable overhead on the basis of direct labor-hours. The direct materials price variance is computed when the materials are purchased.
The materials quantity variance for March is:
A. $7,573 F
B. $7,490 F
C. $7,490 U
D. $7,573 U
Product Code: ACC69
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