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In: Accounting
Lido Company's standard and actual costs per unit for the most recent period, during which 400...
Lido Company's standard and actual costs per unit for the most recent period, during which 400 units were actually produced, are given below: Standard Actual Materials: Standard: 2 metres. at $1.50 per metre $3.00 Actual: 2.1 metres at $1.60 per metre $3.36 Direct labour: Standard: 1.5 hrs. at $6.00 per hr. 9.00 Actual: 1.4 hrs. at $6.50 per hr. 9.10 Variable overhead: Standard: 1.5 hrs. at $3.40 per hr. 5.10 Actual: 1.4 hrs. at $3.10 per hr. 4.34 Total unit cost $17.10 $16.80 All materials used were purchased during the period - there were no opening or closing inventories. Required: From the foregoing information, compute the following variances. Show whether the variance is favourable (F) or unfavourable (U): 1. Material price variance 2. Material quantity variance 3. Direct labour rate variance 4. Direct labour efficiency variance 5. Variable overhead spending variance 6. Variable overhead efficiency variance
Solutions
Expert Solution
Please find below table useful to compute desired results: -
End results would be as follows: -
ekkarill92 answered 2 years agoRelated Solutions
BlayCo's standard and actual costs per unit for the most recent period, during which 600 units...
BlayCo's standard and actual costs per unit for the most recent
period, during which 600 units were actually produced, are given
below:
Standard Quantity/Hours:
Materials- 4 feet per unit,
Labor -unit 2 hours, Variable
MOH- 2 hours per unit
Standard Price/Rate:
Materials $2.00 per feet,
Labor-$8.00foot per hour, Variable
MOH- $3.00 per hour
Actual Quantity/Hours: Materials
-1,000 feet, Labor-800 hours, Variable
MOH- 800 hours
Actual Total Cost: Materials-$1,500,
Labor-$4,000, Variable
MOH-$2,000
Required (show your work): From the foregoing information,
compute...
Orville Company’s standard and actual costs per unit are provided below for the most recent period....
Orville Company’s standard and actual
costs per unit are provided below for the most recent period.
During this time period 1200 units were actually produced.
Standard
Actual
Materials:
Standard: 2-6
metres at $2.30 per m.
$5.98
Actual: 2.1
metres at $2.60 per m.
$5.46
Direct labour:
Standard: 2.2
hrs. at $7.90 per hr.
17.38
Actual: 1.7
hrs. at $8.50 per hr.
14.45
Variable overhead:
Standard: 2.2
hrs. at $4.60 per hr.
10.12
Actual: 1.7...
Orville Company’s standard and actual costs per unit are provided below for the most recent period....
Orville Company’s standard and actual
costs per unit are provided below for the most recent period.
During this time period 1200 units were actually
produced.
Standard
Actual
Materials:
Standard:
2-6 metres at $2.30 per m.
$5.98
Actual:
2.1 metres at $2.60 per m.
$5.46
Direct labour:
Standard:
2.2 hrs. at $7.90 per hr.
17.38
Actual:
1.7 hrs. at $8.50 per hr.
14.45
Variable overhead:
Standard:
2.2 hrs. at $4.60 per hr.
10.12
Actual:
1.7 hrs. at $4.20 per hr.
7.14...
A company has the following actual and standard production measures during the period: Actual units...
A company has the following actual and standard production
measures during the period:
Actual units produced 390
Actual materials purchased and used
2,583 lbs
Actual materials price $9 per lb
Actual labor
hours
1430
Actual labor
rate
$21.4 per hour
Actual variable
overhead
$ 7,950
Standard materials per
unit 6 lbs
Standard materials purchased and used $8.6 per lb
Standard labor hours per unit 3
Standard labor rate
$22.5 per...
Standard costs for X Limited along with actual data for the last period is given below....
Standard costs for X Limited along with actual data for the last
period is given below.
Standard costs and revenues (per unit of product Alpha):
Direct Materials: Rs.
4 kg of X at Rs. 20 per kg 80
2 kg of Y at Rs. 30 per kg 60
Direct Labour:
6 hours at Rs. 18 per hour 108
Variable Overheads:
6 direct labour hours at Rs. 4 per hour 24
Standard contribution margin 80
Standard Selling Price 352
Budgeted fixed...
During this accounting period, a company has variable costs of €27410, total fixed costs per period...
During this accounting period, a company has variable costs of
€27410, total fixed costs per period of €20820, contribution margin
ratio of 67 percent and an income tax rate of 27 percent.
If the desired after tax net income is €9320; then the sales
revenue (in Euros) for this period is ________.
standard labor hours per unit 4.5 hours standard labor rate $17 per hour actual hours worked...
standard labor hours per unit
4.5 hours
standard labor rate
$17 per hour
actual hours worked
2,000 hours
actual labor
$38,000
actual output
500 units
What is the labor efficiency variance?
$4,250 favorable
$1,500 unfavorable
$4,250 unfavorable
$1,500 favorable
Which is correct?
The standard costs and actual costs for direct materials for the manufacture of 2,700 actual units...
The standard costs and actual costs for direct materials for the
manufacture of 2,700 actual units of product are
Standard Costs
Direct materials (per completed unit)
1,040 kilograms @$8.64
Actual Costs
Direct materials
2,700 kilograms @ $8.20
Round your final answer to the nearest dollar.
The amount of direct materials price variance is
a.$458 favorable
b.$458 unfavorable
c.$1,188 unfavorable
d.$1,188 favorable
Lee Company's standards for the most recent period are given below. Fixed and variable manufacturing overhead...
Lee Company's standards for the most recent period are given
below. Fixed and variable manufacturing overhead costs are applied
to products on the basis of machine hours. The denominator volume
of machine hours is 9,000.
Standard Quantity
or Hours per unit
Standard Price
or Rate per unit
Standard Cost
per unit
Direct Materials
3 feet
$6 per foot
$18
Direct Labor
1.5 direct labor hours
$10 per direct labor hour
$15
Variable Overhead
2 machine hours
$12 per machine hour...
Lee Company's standards for the most recent period are given below. Fixed and variable manufacturing overhead...
Lee Company's standards for the most recent period are given
below. Fixed and variable manufacturing overhead costs are applied
to products on the basis of machine hours. The denominator volume
of machine hours is 9,000.
Standard Quantity
or Hours per unit
Standard Price
or Rate per unit
Standard Cost
per unit
Direct Materials
3 feet
$6 per foot
$18
Direct Labor
1.5 direct labor hours
$10 per direct labor hour
$15
Variable Overhead
2 machine hours
$12 per machine hour...
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