The following data is given for the Stringer Company:
| Budgeted production | 900 units |
| Actual production | 1,056 units |
| Materials: | |
| Standard price per ounce | $1.9 |
| Standard ounces per completed unit | 12 |
| Actual ounces purchased and used in production | 13,052 |
| Actual price paid for materials | $26,757 |
| Labor: | |
| Standard hourly labor rate | $14.30 per hour |
| Standard hours allowed per completed unit | 5.0 |
| Actual labor hours worked | 5,438.4 |
| Actual total labor costs | $82,936 |
| Overhead: | |
| Actual and budgeted fixed overhead | $1,153,000 |
| Standard variable overhead rate | $28.00 per standard labor hour |
| Actual variable overhead costs | $152,275 |
| Overhead is applied on standard labor hours. | |
The direct materials quantity variance is
Use this information for Stringer Company to answer the question that follow. The following data are given for Stringer Company: 941 units Budgeted production 1,061 units Actual production Materials: $1.77 Standard price per ounce 10 Standard ounces per completed unit 10,928 Actual ounces purchased and used in production $22,402 Actual price paid for materials Labor: $14.86 per hour Standard hourly labor rate Standard hours allowed per completed unit 4.1 Actual labor hours worked 5,464.15 Actual total labor costs $83,328 Overhead:...
2.
The following data have been provided by Lopus Corporation: Budgeted production Standard machine-hours per unit Standard lubricants Standard supplies 4,000 units 4.1 machine-hours 5.60 per machine-hour 4.30 per machine-hour $ $ Actual production Actual machine-hours Actual lubricants (total) Actual supplies (total) 4,300 units 9,480 machine-hours $ 54,833 $40,239 Required: Compute the variable overhead rate variances for lubricants and for supplies. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect...
1,005 units 956 units $1.90 11 10,201 $20,912 The following data are given for Bahia Company: Budgeted production (at 100% of normal capacity) Actual production Materials: Standard price per pound Standard pounds per completed unit Actual pounds purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs Overhead: Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs...
1)
2)
3)
4)
5)
A favorable cost variance occurs when Oa. actual costs are the same as standard costs Ob. actual costs are more than standard costs Oc. standard costs are more than actual costs Od. standard costs are less than actual costs The Flapjack Corporation had 8,042 actual direct labor hours at an actual rate of $12.00 per hour. Original production had been budgeted for 1,100 units, but only 999 units were actually produced. Labor standards were 7.9...