Question
In: Accounting
Regency Corp. uses a standard cost system to account for the costs of its one product....
Regency Corp. uses a standard cost system to account for the costs of its one product. Fixed overhead is applied to production at a rate of $27.10 per unit, based on budgeted production is 2,445 per month. During November, Regency produced 2,295 units. Fixed overhead incurred totaled $70,420.
a. Calculate the fixed overhead spending variance.
b. Calculate the fixed overhead volume variance.
Solutions
ekkarill92 answered 1 month agoRelated Solutions
11. Regent Corp. uses a standard cost system to account for the costs of its one...
11.
Regent Corp. uses a
standard cost system to account for the costs of its one product.
Materials standards are 2.8 pounds of material at $13 per pound,
and labor standards are 4 hours of labor at a standard wage rate of
$10. During July Regent Corp. produced 3,280 units. Materials
purchased and used totaled 10,050 pounds at a total cost of
$132,050. Payroll totaled $147,380 for 13,240 hours
worked.
a. Calculate the direct materials price variance.
(Do not round...
Viking Corp. uses a standard cost system to account for the costs of its one products....
Viking Corp. uses a
standard cost system to account for the costs of its one products.
Material standards are 13 pounds of material at $1.30 per pound and
3 hours of labor at a standard wage rate of $13.4. During November,
Viking Corp. produced and sold 2,400 units. Material purchases
totaled 31,470 pounds at a total cost of $41,421. Material usage
totaled 31,290 pounds. Payroll totaled $97,282 for 7,430 hours
worked. Viking Corp. does not maintain inventories other than
direct...
Ferry Chemical uses a standard cost system to account for the costs of its production of...
Ferry Chemical uses a standard cost system to account for the
costs of its production of Chemical X. Standards are 3.0 gallons of
materials at $121 per gallon and 26 hours of labor at a standard
wage rate of $28. During September, Ferry Chemical produced 3,250
gallons of Chemical X. Ferry Chemical purchased and used totaled
3,730 gallons at a total cost of $455,180. Payroll totaled $318,730
for 26,230 hours worked.
a. Calculate the direct materials price variance.
(Do not...
West and Jones Granite Corp uses a standard cost system for its single product. The following...
West and Jones Granite Corp uses a standard cost system for its
single product. The following data are available: ACTUAL for the
current year: Purchase of raw materials (5,200 sq ft at $11.80)
$61,360 Raw materials used 4,800 sq ft Direct Labor costs (22,000
at $13.80) $303,600 Actual variable overhead cost $64,250 Units
produced 5,820 units Standards per unit of product: Raw materials
1.0 sq ft at $10.70/sq ft Direct labor 3.8 hours at $13.50/hr
Variable overhead $2.75 per direct...
West and Jones Granite Corp uses a standard cost system for its single product. The following...
West and Jones Granite Corp uses a standard cost system for its
single product. The following data are available: ACTUAL for the
current year: Purchase of raw materials (5,200 sq ft at $11.80)
$61,360 Raw materials used 4,800 sq ft Direct Labor costs (22,000
at $13.80) $303,600 Actual variable overhead cost $64,250 Units
produced 5,820 units Standards per unit of product: Raw materials
1.0 sq ft at $10.70/sq ft Direct labor 3.8 hours at $13.50/hr
Variable overhead $2.75 per direct...
West Manufacturing Company uses a standard cost system in its accounting records. The standard costs for...
West Manufacturing Company uses a standard cost system in its
accounting records. The standard costs for its one product are as
follows:
Materials
8 pounds at $1.00 = $ 8.00
Direct
labor
1.2 hours at $14.00 = 16.80
Variable overhead 1.2 direct-labor hours at
$4.00 = 4.80
Fixed overhead 1.2
direct-labor hours at $6.00 =
7.20
Total standard
cost
$36.80
The standard costs per unit are based on normal capacity of 3,600
direct-labor...
Wallis Company manufactures only one product and uses a standard cost system. The company uses a...
Wallis Company manufactures only one product and uses a standard
cost system. The company uses a predetermined plantwide overhead
rate that relies on direct labor-hours as the allocation base. All
of the company's manufacturing overhead costs are fixed—it does not
incur any variable manufacturing overhead costs. The predetermined
overhead rate is based on a cost formula that estimated $2,892,000
of fixed manufacturing overhead for an estimated allocation base of
289,200 direct labor-hours. Wallis does not maintain any beginning
or ending...
Phoenix Company manufactures only one product and uses a standard cost system. The company uses a...
Phoenix Company manufactures only one product and uses a
standard cost system. The company uses a plantwide predetermined
overhead rate that relies on direct labor-hours as the allocation
base. The predetermined overhead rate is based on a cost formula
that estimated $2,887,200 of fixed and variable manufacturing
overhead for an estimated allocation base of 240,600 direct
labor-hours. Phoenix does not maintain any beginning or ending work
in process inventory.
The company’s beginning balance sheet is as follows:
Phoenix Company
Balance...
Wallis Company manufactures only one product and uses a standard cost system. The company uses a...
Wallis Company manufactures only one product and uses a standard
cost system. The company uses a predetermined plantwide overhead
rate that relies on direct labor-hours as the allocation base. All
of the company's manufacturing overhead costs are fixed—it does not
incur any variable manufacturing overhead costs. The predetermined
overhead rate is based on a cost formula that estimated $2,886,000
of fixed manufacturing overhead for an estimated allocation base of
288,600 direct labor-hours. Wallis does not maintain any beginning
or ending...
Owen limited uses a standard costing system. The standard cost card for one product is shown...
Owen limited uses a standard costing system. The standard cost
card for one product is shown below.
Direct material
4kg @$5 per
kg
20
Direct labour
2 hour @ $8 per
hour
16
Variable
overhead
2 hours @ $3.5 per
hour
7
Total variable
cost
43
Fixed
overhead
2 hours @ $7 per
hour
14
Total production
cost
57
Standard selling
price
70
Standard profit
margin
13
The budgeted output and sales was 1000 units. Actual production
and...
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