Question
In: Accounting
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 |
|
|
Total unit cost |
$33.48 |
$27,05 |
For simplicity, assume there was no inventory of materials at the beginning or end of the period.
Required:
Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable.
- Materials price variance (3 marks)
- Materials quantity variance (3 marks)
- Direct labour rate variance (3 marks)
- Direct labour efficiency variance (3 marks)
- Variable overhead efficiency variance (3 marks)
6. Variable overhead spending variance (3
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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...
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...
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...
Question 3 • Time: 30 minutes • Total: 18 marks Orville Company’s standard and actual costs...
Question 3
• Time: 30 minutes
• Total: 18 marks
Orville Company’s standard and actual costs per unit are
provided below for the most recent period. During this time period
1300 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...
Question 3 • Time: 30 minutes • Total: 18 marks Orville Company’s standard and actual costs...
Question 3
• Time: 30 minutes
• Total: 18 marks
Orville Company’s standard and actual costs per unit are provided
below for the most recent period. During this time period 1400
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:...
Miller Company’s most recent contribution format income statement is shown below: Total Per Unit Sales...
Miller Company’s most recent contribution format income
statement is shown below:
Total Per Unit
Sales (33,000 units) $330,000 $10.00
Variable expenses 231,000 7.00
Contribution margin 99,000 $3.00
Fixed expenses 40,000
Net operating income $ 59,000
Required: Prepare a new contribution format income statement
under each of the following conditions (consider each case
independently): (Do not round intermediate calculations. Round your
"Per unit" answers to 2 decimal places.)
1. The number of units sold increases by 16%.
2....
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...
Miller Company’s most recent contribution format income statement is shown below: Total Per Unit Sales (31,000...
Miller Company’s most recent contribution format income
statement is shown below:
Total
Per Unit
Sales (31,000 units)
$217,000
$7.00
Variable expenses
124,000
4.00
Contribution margin
93,000
$3.00
Fixed expenses
48,000
Net operating income
$ 45,000
Required:
Prepare a new contribution format income statement under each of
the following conditions (consider each case independently):
(Do not round intermediate calculations. Round your "Per
unit" answers to 2 decimal places.)
1. The number of units sold increases by 10%.
2. The selling...
Miller Company’s most recent contribution format income statement is shown below: Total Per Unit Sales (32,000...
Miller Company’s most recent contribution format income
statement is shown below:
Total
Per Unit
Sales
(32,000 units)
$320,000
$10.00
Variable
expenses
224,000
7.00
Contribution
margin
96,000
$3.00
Fixed
expenses
43,000
Net operating
income
$
53,000
1. The number of units sold increases by 19%.
2. The selling price decreases by $1.20 per unit, and the number
of units sold increases by 21%.
3. The selling price increases by $1.20 per unit, fixed expenses
increase by $8,000, and the number of...
Kelly Company’s most recent contribution format income statement is shown below: Total Per Unit Sales (50,000...
Kelly Company’s most recent contribution format income statement
is shown below:
Total
Per Unit
Sales (50,000 units)
$
700,000
$
14
Variable costs
300,000
6
Contribution margin
400,000
$
8
Fixed costs
240,000
Operating income
$
160,000
Required:
Prepare a new contribution format income statement with a per
unit column under each of the following conditions (consider each
case independently):
The selling price increases by $1 per unit, fixed costs
increase by $20,000, and the number of units...
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