1 answer

2. Compute the direct labor cost variance, including its rate and efficiency variances. Standard Cost Actual...

Question:

2. Compute the direct labor cost variance, including its rate and efficiency variances. Standard Cost Actual Cost $ $ 0 0 0 03. Compute the overhead controllable and volume variances. Controllable Variance Actual overhead Budgeted overhead ControllabCheck my work 1 ! Required information 12.5 [The following information applies to the questions displayed below.] points TricDuring the current quarter, the company operated at 90% of capacity and produced 50,400 units of product; actual direct laborRequired: 1. Compute the direct materials cost variance, including its price and quantity variances. Actual Cost Standard Cos

2. Compute the direct labor cost variance, including its rate and efficiency variances. Standard Cost Actual Cost $ $ 0 0 0 0
3. Compute the overhead controllable and volume variances. Controllable Variance Actual overhead Budgeted overhead Controllable variance Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance
Check my work 1 ! Required information 12.5 [The following information applies to the questions displayed below.] points Trico Company set the following standard unit costs for its single product Skipped Direct materials (30 Ibs. $5.10 per Ib.) Direct labor (6 hrs. 8 $15 per hr.) Factory overhead-variable (6 hrs. 8 $7 per hr.) Factory overhead-fixed (6 hrs. $11 per hr.) $153.00 90.00 eBook 42.00 66.00 Print $351.00 Total standard cost References The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 56,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 808 90% 50,400 302,400 Production in units 39,200 235,200 44,800 268,800 Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $2,956,800 $2,956,800 $2,956,800 $1,646,400 $1,881,600 $2,116,800 During the current quarter, the company operated at 90% of capacity and produced 50,400 units of product; actual direct labor totaled 299,400 hours. Units produced were assigned the following standard costs. Direct materials (1,512,000 Ibs. $5.10 per Ib.) 7,711,200 Direct labor 302.400 hrs. $15 per hr. 4.536.000
During the current quarter, the company operated at 90% of capacity and produced 50,400 units of product; actual direct labor totaled 299,400 hours. Units produced were assigned the following standard costs. 12.5 points Direct materials (1,512,000 Ibs. $5.10 per 7,711,200 ть.) Direct labor (302,400 hrs. $15 per hr.) Factory overhead 302,400 hrs. $18 per hr.) Skipped 4,536,000 5,443,200 $17,690,400 Total standard cost еВook Print Actual costs incurred during the current quarter follow. References Direct materials (1,499,000 Ibs. e $6.30 per lb.) Direct labor (299,400 hrs. $12.50 per hr.) Fixed factory overhead costs Variable factory overhead costs 9,443,700 3,742,500 2,604,700 2,438,500 $18,229,400 Total actual costs Required: 1. Compute the direct materials cost variance, including its price and quantity variances. Actual Cost Standard Cost
Required: 1. Compute the direct materials cost variance, including its price and quantity variances. Actual Cost Standard Cost $ 0 0 $ 0 0

Answers

Solution 1:

Direct Material Cost Variance
Actual Cost Standard cost for actual quantity Standard Cost
AQ * AP = AQ * SP = SQ * SP =
1499000 $6.30 $9,443,700.00 1499000 $5.10 $7,644,900.00 1512000 $5.10 $7,711,200.00
$1,798,800.00 U $66,300.00 F
Direct Material Price Variance Direct Material Qty variance
Direct material price variance $1,798,800.00 U
Direct material quantity variance $66,300.00 F
Direct material cost variance $1,732,500.00 U

Solution 2:

Direct Labor Cost Variance
Actual Cost Standard cost for actual quantity Standard Cost
AH * AR = AH * SR = SH * SR =
299400 $12.50 $3,742,500.00 299400 $15.00 $4,491,000.00 302400 $15.00 $4,536,000.00
$748,500.00 F $45,000.00 F
Direct Labor rate Variance Direct Labor Efficiency Variance
Direct Labor Rate variance $748,500.00 F
Direct Labor Efficiency variance $45,000.00 F
Direct labor cost variance $793,500.00 F

Solution 3:

Controllable Variance
Actual overhead $5,043,200.00
Budgeted overhead $5,073,600.00
Controllable variance $30,400.00 F
Fixed overhead volume variance
Budgeted fixed overhead $2,956,800.00
Fixed overhead cost applied $3,326,400.00
Fixed overhead volume variance $369,600.00 F
.

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