The following information is provided to assist you in evaluating the performance of the production operations...

The following information is provided to assist you in evaluating the performance of the production operations of Studio Company:


Units produced (actual)	49,000
Master production budget
Direct materials	$130,020
Direct labor	110,320
Overhead	171,390
Standard costs per unit
Direct materials	$1.65 × 2 gallons per unit of output
Direct labor	$14 per hour × 0.2 hour per unit
Variable overhead	$12.50 per direct labor-hour
Actual costs
Direct materials purchased and used	$124,160 (77,600 gallons)
Direct labor	125,307 (9,180 hours)
Overhead	169,200 (61% is variable)

Variable overhead is applied on the basis of direct labor-hours.

Required:

Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

The following information is provided to assist you in evaluating the performance of the production operations...

The following information is provided to assist you in evaluating the performance of the production operations of Studio Company: Units produced (actual) 52,000 Master production budget Direct materials $129,030 Direct labor 109,480 Overhead 164,220 Standard costs per unit Direct materials $1.65 × 2 gallons per unit of output Direct labor $14 per hour × 0.2 hour per unit Variable overhead $12.00 per direct labor-hour Actual costs Direct materials purchased and used $134,470 (79,100 gallons) Direct labor 132,246 (9,480 hours) Overhead...

The following information is provided to assist you in evaluating the performance of the production operations...

The following information is provided to assist you in evaluating the performance of the production operations of Studio Company: Units produced (actual) 63,000 Master production budget Direct materials $125,400 Direct labor 106,400 Overhead 182,400 Standard costs per unit Direct materials $1.65 × 2 gallons per unit of output Direct labor $14 per hour × 0.2 hour per unit Variable overhead $14.00 per direct labor-hour Actual costs Direct materials purchased and used $176,050 (100,600 gallons) Direct labor 135,953 (10,580 hours) Overhead...

ch 16 (4) The following information is provided to assist you in evaluating the performance of...

ch 16 (4) The following information is provided to assist you in evaluating the performance of the production operations of Studio Company: Units produced (actual) 53,000 Master production budget Direct materials $128,700 Direct labor 109,200 Overhead 173,550 Standard costs per unit Direct materials $1.65 × 2 gallons per unit of output Direct labor $14 per hour × 0.2 hour per unit Variable overhead $13.00 per direct labor-hour Actual costs Direct materials purchased and used $127,360 (79,600 gallons) Direct labor 132,683...

The vice president of operations of Free Ride Bike Company is evaluating the performance of two...

The vice president of operations of Free Ride Bike Company is evaluating the performance of two divisions organized as investment centers. Invested assets and condensed income statement data for the past year for each division are as follows: Road Bike Division Mountain Bike Division Sales $2,970,000 $3,080,000 Cost of goods sold 1,307,000 1,448,000 Operating expenses 1,187,800 1,231,600 Invested assets 2,700,000 2,200,000 Required: 1. Prepare condensed divisional income statements for the year ended December 31, 20Y7, assuming that there were no...

The vice president of operations of Pavone Company is evaluating the performance of two divisions organized...

The vice president of operations of Pavone Company is evaluating the performance of two divisions organized as investment centers. Invested assets and condensed income statement data for the past year for each division are as follows: Business Division Consumer Division Sales $2,250,000 $2,550,000 Cost of goods sold 1,320,000 1,330,000 Operating expenses 705,000 914,000 Invested assets 978,261 2,833,333 Required: 1. Prepare condensed divisional income statements for the year ended December 31, assuming that there were no service department charges. 2. Using...

The vice president of operations of Recycling Industries is evaluating the performance of two divisions organized...

The vice president of operations of Recycling Industries is evaluating the performance of two divisions organized as investment centers. Invested assets and condensed income statement data for the past year for each division are as follows: Business Division Consumer Division Sales $42,800,000 $56,000,000 Cost of goods sold 23,500,000 30,500,000 Operating expenses 11,424,800 14,300,000 Invested assets 34,240,000 70,000,000 Required: 1. Prepare condensed divisional income statements for the year ended December 31, 20Y8, assuming that there were no service department charges. 2....

The Blackbeard Company Ltd provided the following information in regard to its operations for the year...

The Blackbeard Company Ltd provided the following information in regard to its operations for the year ended 30 June 2014: Cash Book Summary Opening balance $20,000 Accounts Payable $40,000 Accounts receivable 100,000 Bills Payable (suppliers) 20,000 Bills Receivable (suppliers) 20,000 Interest paid 60,000 Debenture Issue 400,000 Operating expenses 180,000 Dividends received 20,000 Salaries & wages 200,000 Interest received 40,000 Current tax payable 80,000 Motor vehicles 60,000 Plant & machinery 100,000 Share capital 200,000 Dividend paid 120,000 Balance c/d 60,000 860,000...

Utilizing the information provided by Juan Carlos, assist him to determine the monthly cash inflows and...

Utilizing the information provided by Juan Carlos, assist him to determine the monthly cash inflows and needs for his Café. The following table provides a breakdown of the cash inflows and outflows for September through January. The September figures are provided, so all you have to do is to place them in the correct row in the chart. Credit and cash sales are projected to grow at 10% each month, which can be calculated by simply multiplying the previous month’s...

QUESTION 3 The following production information is provided for Ludicrow Productions related to the month of...

QUESTION 3 The following production information is provided for Ludicrow Productions related to the month of June 2017: Direct materials used $ 15,600 Direct Labor 11,900 Total Factory overhead 4,800 Beginning work in process 7,600 Ending work in process 2,100 Beginning finished goods inventory 11,300 Ending finished goods inventory 7,900 a. What is the Cost of Goods Manufactured? b. What is the Cost of Goods Sold? QUESTION 4 Mango Company applies overhead based on direct labor costs. For the...

Baldwin Company has provided the following information for 2019, the first year of the company’s operations....

Baldwin Company has provided the following information for 2019, the first year of the company’s operations. (i) Purchased raw materials on account for $240,000. (ii) Issued $230,000 in raw materials to production ($32,000 were not traceable to specific jobs). (iii) Incurred $242,000 in direct labour costs (24,120 hours) and $92,500 in supervision costs (paid in cash). (iv) Incurred the following additional manufacturing overhead costs: factory utilities $24,000 (paid in cash); depreciation on equipment $45,000; indirect supplies $17,500 (paid in cash)....

Subjects