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The following standard costs were developed for one of the products of Ferrars Company:Standard Cost CardPer UnitMaterials: 4 feet x $14.25 per foot $ 57.00Direct labor: 8 hours x $10 per hour 80.00Variable overhead: 8 direct labor hours x $8 per hour 64.00Fixed overhead: 8 direct labor hours x $12 per hour 96.00Total standard cost per unit $297.00The following information is available regarding the company's operations for the period:Units produced: 11,000Materials purchased: 52,000 feet @ $13.95 per footMaterials used: 40,000 feetDirect labor: 84,000 hours costing $840,000Manufacturing overhead incurred:Variable $756,000Fixed $1,000,000Budgeted fixed manufacturing overhead for the period is $960,000, and the standard fixed overhead rate is based on expected capacity of 80,000 direct labor hours.Required:a. Calculate the materials price variance.b. Calculate the materials usage variance.c. Calculate the direct labor rate variance.d. Calculate the direct labor efficiency variance.e. Calculate the variable manufacturing overhead spending variance.f. Calculate the variable manufacturing overhead efficiency variance.g. Calculate the fixed manufacturing overhead spending variance.h. Calculate the fixed manufacturing overhead volume variance.i. Prepare all necessary journal entries.
A organization is evaluating a proposed 4-year project. The depreciable cost will have the following: $300,000 for the equipment, $20,000 for shipping, and $30,000 for installatio
list and explain all the procedures of material control
HOW DOES IDLE CAPACITY EFFECT COST BEHAVIOR PATTERNS AND FACTORY OVERHEAD METHODS?
Material Usage Variance (MUV): This is the variation between the actual quantity of material consumed and standard quantity which should have been consumed, expressed in terms
A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $550,000; M
limitations in cost plus pricing
what are the material management questions
DEMERITS OF BREAK EVEN POINT 1. It pays no attention to considerations like effect of government policy changes, changes in the marketing environment etc 2. Fixed cost, enti
what is cost
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