Reference no: EM13824053
Direct materials, direct labor, and factory overhead cost variance analysis Specialty Polymers, Inc., processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 19,000 units of product were as follows:
Standard Costs Actual Costs
Direct materials 2,500 lbs. at $8.10 2,440 lbs. at $8.30
Direct labor 3,800 hrs. at $17.50 3,750 hrs. at $17.68
Factory overhead Rates per direct labor hr.,
based on 100% of normal
capacity of 3,900 direct
labor hrs.:
Variable cost, $2.20 $8,100 variable cost
Fixed cost, $3.50 $13,650 fixed cost
Each unit requires 0.2 hour of direct labor.
Instructions
Determine (a) the price variance, quantity variance, and total direct materials cost variance;
(b) the rate variance, time variance, and total direct labor cost variance; and (c) variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead cost variance.
Prepare condensed divisional income statements for the year
: The vice president of operations of Avigi IQ Company is evaluating the performance of two divisions organized as investment centers. Prepare condensed divisional income statements for the year ended December 31, 2012, assuming that there were no serv..
|
Prepare condensed divisional income statements for divisions
: Edward Baird Company is a diversified investment company with three operating divisions organized as investment centers. Prepare condensed divisional income statements for the three divisions, assuming that there were no service department charges.
|
Profit center responsibility reporting
: Johnson Products Inc. has three regional divisions organized as profit centers. The chief executive officer (CEO) evaluates divisional performance, using income from operations as a percent of revenues. Prepare quarterly income statements showing inc..
|
Prepare a factory overhead cost variance report
: Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May 2012. The company expected to operate the department at 100% of normal capacity of 7,000 hours. Pre..
|
Determine the price variance and quantity variance
: Direct materials, direct labor, and factory overhead cost variance analysis Specialty Polymers, Inc., processes a base chemical into plastic. Determine (a) the price variance, quantity variance, and total direct materials cost variance; the rate vari..
|
Direct materials and direct labor variance analysis
: Oasis Faucet Company manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Manufacturing has 50 employees. Each employee presently provides 36 hours of labor per week. Determine (a) the standard cost per unit for dir..
|
Insured personal casualty losses
: In 2014, Georgia had the following insured personal casualty losses (arising from one casualty). Georgia also had $20,000 adjusted gross income for the year. What is Georgia’s itemized deduction for her casualty losses?
|
Allocate manufacturing overhead-cost accounting system
: Envision yourself as a CFO at a customized furniture manufacturer and you have been given the task of setting up the cost accounting system. Based on the concepts learned in chapters 19, 20 and your personal experience, describe to me the quantitativ..
|
Taxable income and tax liability
: What is the total amount of itemized deductions Jan may claim on her tax return, what is Jan’s taxable income and tax liability?
|