Homework Answers
| Standard fixed overhead application rate | 1.35 | =13500/10000 |
| Standard labor hours allowed | 11000 | |
| X Standard fixed overhead application rate | 1.35 | |
| Fixed overhead applied | 14850 | |
| Fixed overhead applied | 14850 | |
| Less: Budgeted fixed overhead | 13500 | |
| Fixed overhead volume variance | 1350 | F |
| Option A $1,350 F is correct |
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19. Gina Production Limited uses a standard costing system. The following information perta to 2011: Actual...
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1. Colina Production Company uses a standard costing system. The following information pertains to the current year. Direct labor hours is the driver used to assign overhead costs to products. Actual production 5,500 units Actual factory overhead costs ($16,500 is fixed) $40,125 Actual direct labor costs (11,250 hours) $131,625 Standard direct labor for 5,500 units: Standard hours allowed 11,000 hours Labor rate $12.00 The factory overhead rate is based on an activity level of 10,000 direct labor hours. Standard cost...
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ABC Company uses a standard costing system for production costing and control Standard direct labor hours based on practical capacity are used to compute overhead rates. The standard cost for the one of its products is as follows: Quantity Cost per unit Total Cost 4.0 kilograms $ 10.00 $ 40.00 2.6 hours 31.20 2.6 hours 10.00 26.00 2.6 hours 6.00 15.60 + Raw material Direct labor Variable overhead Fixed overhead 12.00 Annual practical capacity 60,000 units NU UN During the...
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Milberg Co. uses absorption costing and standard costing to improve cost control. In 2016, the total...
Milberg Co. uses absorption costing and standard costing to
improve cost control.
In 2016, the total budgeted overhead rate was $1.55 per direct
labour hour. When preparing the budget, Milberg expected a monthly
activity level of 10,000 direct labour hours. The monthly variable
overhead cost budgeted for this level of activity was $9,500.
The following data on actual results are provided for the month
of November 2016.
Solve for:
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Variable Overhead Efficiency Variance
Variable Overhead Total...
Cyberdyne Systems Corporation uses a standard-costing system. The production budget for the fiscal year (FY) ended...
Cyberdyne Systems Corporation uses a standard-costing system. The production budget for the fiscal year (FY) ended 30 November 2018 was based on 200,000 units of output. Each unit requires two standard hours of manufacturing labor for completion. Total overhead was budgeted at $900,000 for the year, and the budgeted fixed overhead rate was $3 per unit of output. Both fixed and variable overhead are allocated to the product on the basis of direct manufacturing labor-hours. The actual data for the...
Cyberdyne Systems Corporation uses a standard-costing system. The production budget for the fiscal year (FY) ended...
Cyberdyne Systems Corporation uses a standard-costing system. The production budget for the fiscal year (FY) ended 30 November 2018 was based on 200,000 units of output. Each unit requires two standard hours of manufacturing labor for completion. Total overhead was budgeted at $900,000 for the year, and the budgeted fixed overhead rate was $3 per unit of output. Both fixed and variable overhead are allocated to the product on the basis of direct manufacturing labor-hours. The actual data for the...
Wave Fashions uses standard costs for its manufacturing division. The allocation base for overhead costs is...
Wave Fashions uses standard costs for its manufacturing division. The allocation base for overhead costs is direct labor hours. From the following data, calculate the total fixed overhead variance. Actual fixed overhead $ 32,000 Budgeted fixed overhead $ 26,000 Allocated fixed overhead $ 28,350 Standard overhead allocation rate $ 6.75 Standard direct labor hours per unit 2.1 DLHr Actual output 2,000 units A. $ 3,650 F B. $ 3,650 U C. $ 13,500 F D. $ 13,500 U
Milberg Co. uses absorption costing and standard costing to improve cost control. In 2016, the total...
Milberg Co. uses absorption costing and standard costing to
improve cost control.
In 2016, the total budgeted overhead rate was $1.55 per direct
labour hour. When preparing the budget, Milberg expected a monthly
activity level of 10,000 direct labour hours. The monthly variable
overhead cost budgeted for this level of activity was $9,500.
The following data on actual results are provided for the month
of November 2016.
calculate the following variances:
Material Price Variance
Materials Quantity Variance
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Happy Valley Pet Products uses a standard costing system that applies overhead to products based on...
Happy Valley Pet Products uses a standard costing system that
applies overhead to products based on standard direct labour-hours
allowed for actual output of the period. During the recent year,
the following data were collected:
Total budgeted fixed overhead cost for the
year
$
148,770
Actual fixed overhead cost for the year
$
145,070
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26,100
Actual direct labour-hours
27,600
Standard direct labour-hours allowed for the actual
output
24,100
Required:
1.
Compute the fixed portion of...
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Milberg Co. uses absorption costing and standard costing to improve cost control. In 2020, the total budgeted overhead rate was $1.55 per direct labour hour. When preparing the budget, Milberg expected a monthly activity level of 10,000 direct labour hours. The monthly variable overhead cost budgeted for this level of activity was $9,500. The following data on actual results are provided for the month of November 2020. Materials purchased 20,000 units Direct labour costs incurred $36,000 Total of direct labour...
ABC Company uses a standard costing system for production costing and control Standard direct labor hours based on practical capacity are used to compute overhead rates. The standard cost for the one of its products is as follows: Quantity Cost per unit Total Cost 4.0 kilograms $ 10.00 $ 40.00 2.6 hours 31.20 2.6 hours 10.00 26.00 2.6 hours 6.00 15.60 + Raw material Direct labor Variable overhead Fixed overhead 12.00 Annual practical capacity 60,000 units NU UN During the...
Milberg Co. uses absorption costing and standard costing to
improve cost control.
In 2016, the total budgeted overhead rate was $1.55 per direct
labour hour. When preparing the budget, Milberg expected a monthly
activity level of 10,000 direct labour hours. The monthly variable
overhead cost budgeted for this level of activity was $9,500.
The following data on actual results are provided for the month
of November 2016.
Solve for:
Variable Overhead Spending Variance
Variable Overhead Efficiency Variance
Variable Overhead Total...
Milberg Co. uses absorption costing and standard costing to
improve cost control.
In 2016, the total budgeted overhead rate was $1.55 per direct
labour hour. When preparing the budget, Milberg expected a monthly
activity level of 10,000 direct labour hours. The monthly variable
overhead cost budgeted for this level of activity was $9,500.
The following data on actual results are provided for the month
of November 2016.
calculate the following variances:
Material Price Variance
Materials Quantity Variance
Total Materials Variance...
Happy Valley Pet Products uses a standard costing system that
applies overhead to products based on standard direct labour-hours
allowed for actual output of the period. During the recent year,
the following data were collected:
Total budgeted fixed overhead cost for the
year
$
148,770
Actual fixed overhead cost for the year
$
145,070
Budgeted standard direct labour-hours
26,100
Actual direct labour-hours
27,600
Standard direct labour-hours allowed for the actual
output
24,100
Required:
1.
Compute the fixed portion of...
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