Q3: From the following data prepare a unit cost statement showing the prime cost of product X and Y together with analysis of variances: Material Labor Standard Actual Standard Actual Product X 500 kgs @ Rs.3.00 450 kgs @ Rs.3.60 120 hours @ Rs.3.00 138 hours @ Rs.2.25 Required: Do material and labor variances analysis. Product Y 80 kgs @ Rs.5.00 85 kgs @ Rs.4.75 60 hours @ Rs.2.10 56 hours @ Rs.2.00

Q3: From the following data prepare a unit cost statement showing the prime cost of product X and Y together with analysis of variances: Material Labor Standard Actual Standard Actual Product X 500 kgs @ Rs.3.00 450 kgs @ Rs.3.60 120 hours @ Rs.3.00 138 hours @ Rs.2.25 Required: Do material and labor variances analysis. Product Y 80 kgs @ Rs.5.00 85 kgs @ Rs.4.75 60 hours @ Rs.2.10 56 hours @ Rs.2.00

Name: Q3: From the following data prepare a unit cost statement showing the
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Q3: From the following data prepare a unit cost statement showing the prime cost of product Xand Y together with analysis of variances:MaterialLaborStandardActualStandardActualProduct X500 kgs @ Rs.3.00450 kgs @ Rs.3.60120 hours @ Rs.3.00138 hours @

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 9PB: Ribcos labor cost information for making its only product for March is as follows: A. What is the...

See similar textbooks

Similar questions

Rayan Ltd has provided the following information:Quantity (kg) Unit Rate (Rs.) Total (Rs.)StandardMaterial X 10 2 20Material Y 20 3 60Material Z 20 6 120Total 50 200ActualMaterial X 5 3 15Material Y 10 6 60Material Z 15 5 75Total 30 150You are required to compute the following and interpret the result:a) Material cost varianceb) Material price variancec) Material usage variance Do not give answer in image
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
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…
a.Compute for the actual cost paid per kilogram b.Compute for the Labor Efficiency Variance Present your answer as 1000 FAVORABLE OR 1000 UNFAVORABLE if applicable Topic: Standard Costing and Variance Analysis
5. Using the data below, find the graphical solution for variance on quantity first and material cost first, then find the total variance. Product Element Estimate Material cost per unit $30.00 Number of units 150 Actual $40.00 250
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) $…
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
Longman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.9 pound per glass at a cost of $0.50 per pound. The actual result for one month's production of 7,100 glasses was 1.4 pounds per glass, at a cost of $0.40 per pound. Calculate the direct materials cost variance and the direct materials efficiency variance. .....
Problem 13: Jimmy Company manufactures a hand soap. The company employs both skilled and unskilled workers. To produce one 55-gallon drum of soap requires Materials A. and B as well as skilled labor and unskilled labor. The standard and actual material and labor information is presented below: Standard: Material A: 30.25 gallons @ P1.25 per gallon Material B: 24.75 gallons @ P2.00 per gallon Skilled Labor: 4 hours @ P12 per hour Unskilled Labor: 2 hours @ P 7 per hour Actual: Material A: 10,716 gallons purchased and used @ P1.50 per gallon Material B: 17,484 gallons purchased and used @ P1.90 per gallon Skilled labor hours: 1,950 @ P11.90 per hour Unskilled labor hours: 1,300 @ P7.15 per hour During the current month Jimmy Company manufactured 500 55-gallon drums.
What is the cost volume variance under 4-way analysis? Sponge Inc. presents the following amounts per unit:
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…
2. Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced A. Compute the material price and quantity, and the labor rate and B. C. D. E. unfavorable variances. $1.00 $0.90 100 90 15 $ $ 16 200 220 efficiency variances. Describe the possible causes for this combination of favorable and