仁 Monty Company provided the following information about its standard costing system for 2022 Standard Data Actual Data Materials 10 lbs. @ 54 per Ibs. 4,100units paɔnpo Labor 3 hrs. @ $21 per hr. Materials purchased 51,000 lbs. costing 5219,300 Budgeted production 3,600 units Materials used Labor worked 11,200 hrs. costing $224,000 Calculate the labor price variance and thelaborquantity variance. Identifywhethereach variance is favorable or unfavorable. Labor Price Variance Labor Quantity Variance e Textbook and Media Saie for Later Attempts: 0 of 3 used Submit Anewer

仁 Monty Company provided the following information about its standard costing system for 2022 Standard Data Actual Data Materials 10 lbs. @ 54 per Ibs. 4,100units paɔnpo Labor 3 hrs. @ $21 per hr. Materials purchased 51,000 lbs. costing 5219,300 Budgeted production 3,600 units Materials used Labor worked 11,200 hrs. costing $224,000 Calculate the labor price variance and thelaborquantity variance. Identifywhethereach variance is favorable or unfavorable. Labor Price Variance Labor Quantity Variance e Textbook and Media Saie for Later Attempts: 0 of 3 used Submit Anewer

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
Harper Company's performance report indicated the following information for the past month:Actual total overhead P1,600,000Budgeted fixed overhead 1,500,000Applied fixed overhead at P3 per labor hour 1,200,000Applied variable overhead at P0.50 per labor hour 200,000Actual labor hours 430,000Remember that we assume cost is applied using the standard costing. Harper's total overhead efficiency variance (OSV) for the month was:
Barium Corporation has provided the following data concerning its most important raw material. Compound XYY2 Standand cost Standard quantity Material used in production in August Actual output in August $ 27.40 per liter 5.5 liters per unit of output 2,390 liters 420 units When recording the use of materials in production under a standard costing system, Materials Inventory would be: Multiple Choice credited for $63,294. deblted for $63,294. credited for $65.486. debited for $65,486.
Given the following data, calculate product cost per unit under absorption costing. dir labor: $7.00. Direct Materials: $1.00. total variable overhead: 20,000. Total fixed overhead: 90000 expected units to be produced: 40,000
Seacoast Company provided the following information about its standard costing system for 2013: Standard Data Actual Data Materials 10 lbs. @ $4 per lbs. Produced 4,000 units Labor 3 hrs. @ $21 per hr. Materials purchased 50,000 lbs. for $215,000 Budgeted production 3,500 units Materials used 41,000 lbs. Labor worked 11,000 hrs. costing $220,000 InstructionsCalculate the labor price variance and the labor quantity variance.
Using simple regression to estimate factory overhead, an internal auditor finds that the line of best fit intersects at the y-axis at $5,000 for overhead allocation. The slope of the line is 0.30. The dependent variable, represented by factory wages, amounts to $900,000 for the month. What is the estimated amount of factory overhead to be allocated for the month? Multiple Choice $180,000 $5,000 $905,000 $275,000 some other answer
.a. Millat manufacturing produces two product models: Regular and Special. The following information was taken from the accounting records for the first quarter of 2020.Regular Special TotalUnits produced 80,000 20,000 100,000Material cost Rs. 320,000 Rs. 180,000 Rs. 500,000Labor cost Rs. 480,000 Rs. 140,000 Rs. 620,000Millat currently uses a traditional cost accounting system where total overhead cost is assigned to products based on the total number of units produced. Company president Michael has approached the controller Kashif, with concerns about sagging profit margins and his inability to explain competitors’ pricing of similar products. Kashif suggest that the company explore the possibility of a costing system that is based less on volume and more on identifying the consumption of resources by products. Kashif identifies the following overhead costs related to the production process:Wages and costs related to machine setups Rs. 360,000Material handling costs 480,000 Quality…
Required information [The following information applies to the questions displayed below.] Adria Company recently implemented an activity-based costing system. At the beginning of the year, management made the following estimates of cost and activity in the company's five activity cost pools: Expected Activity Overhead Expected Activity 6,500 DLHS 2,400 orders 700 receipts 1,400 relays 41,000 MHs Activity Cost Pool Labor-related Purchase orders Measure Cost $ 58,500 $ 12,000 $ 11, 200 $ 14,000 $369, 000 Direct labor-hours Material receipts Relay assembly General factory Number of orders Number of receipts Number of relays Machine-hours Required: 1. Compute the activity rate for each of the activity cost pools. Activity Cost Pool Activity Rate Labor-related per DLH Purchase orders per order Material receipts per receipt Relay assembly per relay General factory per MH
in Feed | LinkedIn studenthomeworks.... Hours Calculator: S... Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,900; and selling expenses, $45,290. Oa. $384,200 Ob. $731,700 Oc. $187,900 Od. $543,800 Chock M. Marl البال ghmentSessionLocator=&inprogress=false Login to Applicant... 3 BMTX: Card Status South University Disney+ | Movies a... W a O 2 46°F Previous 4x » (? Next ENG 10:09 PM US 3/25/2023
The XYZ Company uses Standard costing system. Following data are taken from its cost record.STANDARD ACTUALDirect Material Rate per unit Rs. 10 Rate per unit Rs. 12Total Cost Rs. 80,000 Quantity 8,600 unitsDirect Labour Wages per hour Rs. 40 Wages per hour Rs. 30Total labour hours 600 Total labour cost Rs. 16,500Factory Overhead 90% of Direct labour Rs. 20,000Required:1] Compute the Following. a) Material Price Varianceb) Material Quantity Variance c) Labour Rate Varianced) Labour efficiency variance e) Overhead Variance
A company uses a standard cost system using direct labor-hours (DLHS) to apply muinufactoring overficad Cost datu reled fo fed manufacturing overhead (FMOH) for a recent period was: Actual FMOH cost incurred $ 840,000 FMOH budget variance 42,000 favorable Activity data for the month was: Denominator activity level in DLHS Standard hours allowed for actual output 21,000 19,600 22,050 DLHS DLHS DLHS Actual number of DLHS incurred The amount of total fixed manufacturing overhead cost applied to production last month was closest to $ 744,800 $ 823,200 $ 784,000 S 837,900 E None of the above is correct. A. B. C. D.
The following labor standards have been established for a particular product Standard labor-hours per unit of output Standard labor rate 10 hours $13.80 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output 7,800 hours $104,520 1,050 units What is the labor efficiency variance for the month? Multiple Cholcel $40,380 F s36180 FI Mc. Graw < Prev Type here to search