Required information[The following information applies to the questions displayed below.]A manufactured product has the following information for June.Standard5 lbs. @ $7 per lb.2 hrs. @ $16 per hr.2 hrs. @ $11 per hr.ActualDirect materials44,500 lbs. @ $7.10 per lb.17,400 hrs. @ $16.50 per hr.$200,2008,800Direct laborOverheadUnits manufactured(1) Compute the standard cost per unit.(2) Compute the total cost variance for June.Complete this question by entering your answers in the tabs below.Required 1Required 2Compute the total cost variance for June. (Indicate the effect of each variance by selecting for favorable, unfavorable, and novariance.)Total cost variance< Required 1Required 2 >50 Required information[The following information applies to the questions displayed below.]A manufactured product has the following information for June.Standard5 lbs. @ $7 per lb.2 hrs. @ $16 per hr.2 hrs. @ $11 per hr.ActualDirect materials44,500 lbs. @ $7.10 per lb.17,400 hrs. @ $16.50 per hr.$200,2008,800Direct laborOverheadUnits manufactured(1) Compute the standard cost per unit.(2) Compute the total cost variance for June.Complete this question by entering your answers in the tabs below.Required 1Required 2Compute the standard cost per unit.Direct materialsDirect laborOverheadTotal< Required 1Required 2 >

Standard Cost per unit: A predetermined dollar amount that one unit of a finished product should…

Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. e $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. e $11 per hr. Actual Direct materials Direct labor Overhead Units manufactured 44,500 lbs. e $7.10 per lb. 17,400 hrs. @ $16.50 per hr. $200,200 8,800 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June.

Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. e $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. e $11 per hr. Actual Direct materials Direct labor Overhead Units manufactured 44,500 lbs. e $7.10 per lb. 17,400 hrs. @ $16.50 per hr. $200,200 8,800 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June.

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 10E: Compute the total job cost for each of the following scenarios: a. If the direct labor cost method...

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The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory overhead?
Compute the total job cost for each of the following scenarios: a. If the direct labor cost method is used in applying factory overhead and the predetermined rate is 100%, what amount should be charged to Job 2010 for factory overhead? Assume that direct materials used totaled 5,000 and that the direct labor cost totaled 3,200. b. If the direct labor hour method is used in applying factory overhead and the predetermined rate is 10 an hour, what amount should be charged to Job 2010 for factory overhead? Assume that the direct materials used totaled 5,000, the direct labor cost totaled 3,200, and the number of direct labor hours totaled 250. c. If the machine hour method is used in applying factory overhead and the predetermined rate is 12.50 an hour, what amount should be charged to Job 2010 for factory overhead? Assume that the direct materials used totaled 5,000, the direct labor cost totaled 3,200, the direct labor hours were 250 hours, and the machine hours were 295 hours.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds e $7 per pound 2 DLH e $16 per DLH 2 DLH e $12 per DLH Actual Results 44,900 pounds e $7.10 per pound 14,500 hours e $16.40 per hour $ 182,800 7,400 units Direct materials Direct labor Overhead Units manufactured Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual 49, 200 lbs. @ $7.10 per lb. 16,000 hrs. @ $16.50 per hr. $183,400 Direct materials 6 lbs. @ $7 per lb. Direct labor 2 hrs. @ $16 per hr. Overhead Units manufactured 2 hrs. @ $11 per hr. 8,100 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the total cost variance for June. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Total cost variance
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour 8,900 units $ 325,700 Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH Actual Hours SH Standard Hours Standard Rate AR Actual Rate SR Actual Cost G < Prev 8 of 8 Next Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. e $7 per lb. 2 hrs. e $16 per hr. 2 hrs. e $11 per hr. Actual Direct materials Direct labor 44,500 lbs.e $7.10 per lb. 17,400 hrs.e $16.50 per hr. $200,200 8,800 Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour $ 325,700 8,900 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total S
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds @ $7 per pound 2 DLH @ $17 per DLH 2 DLH @ $11 per DLH Actual Results Direct materials Direct labor 44,300 pounds @ $7.20 per pound 14,300 hours @ $17.40 per hour $ 165,800 7,300 units Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual 6 lbs. @ $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. 49, 200 lbs. @ $7.10 per lb. 16,000 hrs. @ $16.50 per hr. $183,400 8,100 Direct materials Direct labor Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP 49.200 $ 7.10 $ 349,320 $ $ 2$
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. @ $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Actual Direct materials 44,500 lbs. @ $7.10 per lb. 17,400 hrs. @ $16.50 per hr. $200,200 8,800 Direct labor Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity %3D AP = Actual Price SP = Standard Price %3D Actual Cost Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. @ $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Actual Direct materials 44,500 lbs. @ $7.10 per lb. 17,400 hrs. @ $16.50 per hr. $200,200 8,800 Direct labor Overhead Units manufactured 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.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost