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Attached below is 6 questions for coast accounting. I will need this to be completed by Sunday night by 10 p.m. EST. Question # 1

Attached below is 6 questions for coast accounting. I will need this to be completed by Sunday night by 10 p.m. EST.

image text in transcribed Question # 1 The standard direct labor cost per unit for a company was $13.50 (= $27 per hour 0.5 hours per unit). During the period, actual direct labor costs amounted to $89,000, 3,200 labor-hours were worked, and 5,200 units were produced. Required: Compute the direct labor price and efficiency variances for the period. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) (Compute for Price variance and Efficiency variance) Question # 2 The following data reflect the current month's activity for Sills, Inc.: Actual total direct labor Actual hours worked Standard labor-hours allowed for actual output (flexible budget) Direct labor price variance Actual variable overhead Standard variable overhead rate per standard direct labor-hour $ 168,35 0 13,000 14,200 $ 4,550 U $ 45,400 $ 3.60 Variable overhead is applied based on standard direct labor-hours allowed. Required: Compute the labor and variable overhead price and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Do not round intermediate calculations.) (Compute for Efficiency Variance, and The Variable Overhead for Price Variance, and Efficiency Variance) Question # 3 The records of Simon Company show the following for February: Standard labor-hours allowed per unit of output Standard variable overhead rate per standard direct labor-hour Good units produced Actual direct labor-hours worked Actual total direct labor Direct labor efficiency variance Actual variable overhead 1.3 $ 28 60,000 80,000 1,617,00 $ 0 $ 38,000 U $ 2,037,00 0 Required: Compute the direct labor and variable overhead price and efficiency variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) (Compute the Direct Labor for Price Variance. Compute the Variable Overhead for Price and Efficiency Variance) Question # 4 Stoker Corporation applies fixed overhead at the rate of $0.70 per unit. For May, budgeted fixed overhead was $564,410. The production volume variance amounted to $5,110 unfavorable, and the price variance was $10,300 unfavorable. Required: (a What was the budgeted volume in units for May? ) (b What was the actual volume of units produced in May? ) (c What was the actual fixed overhead incurred for May? ) Question # 5 Wagner, Inc., manufactures truck tires. The following information is available for the last operating period. Wagner produced and sold 38,000 tires for $50 each. Budgeted production was 42,000 tires. Standard variable costs per tire follow: Direct materials: 4 pounds at $2.00 Direct labor: .85 hours at $17.00 Variable production $ 8.00 14.45 1.50 overhead: .10 machine-hours at $15 per hour Total variable costs $ 23.95 Fixed production overhead costs: Monthly budget $840,000 Fixed overhead is applied at the rate of $20 per tire. Actual production costs: Direct materials purchased and used: 171,000 pounds at $1.70 Direct labor: 30,500 hours at $17.30 Variable overhead: 4,300 machine-hours at $15.80 per hour Fixed overhead $ 290,70 0 527,65 0 67,940 905,00 0 Required: (a Prepare the cost variance analysis for each variable cost for Wagner. (Indicate ) the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) (Compute the Direct Materials, Direct Labor, and Variance Overhead total variance) (b Prepare the fixed overhead cost variance analysis. (Indicate the effect of the ) variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) (c Prepare the journal entries to record the activity for the last period using ) standard costing. Assume that all variances are closed to Cost of Goods Sold at the end of the operating period. (If no entry is required for an event, select "No journal entry required" in the first account field.) Question # 6 Sweetwater Company manufactures two products, Mountain Mist and Valley Stream. The company prepares its master budget on the basis of standard costs. The following data are for March: Standards Direct materials Direct labor Variable overhead (per direct laborhour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual results Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) Mountain Mist 3 ounces at $14.70 per ounce 5 hours at $60.30 per hour Valley Stream 4 ounces at $16.80 per ounce 6 hours at $78.00 per hour $48.00 $52.80 $364,211 6,610 $399,360 7,800 4,500 ounces at $13.80 per ounce 5,040 hours at $61.50 per hour $258,550 $330,950 1,030 units 4,700 ounces at $18.00 per ounce 7,430 hours at $79.50 per hour $392,510 $402,500 1,230 units Required: (a Compute a variance analysis for each variable cost for each product. (Indicate ) the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Do not round intermediate calculations.) (b Compute a fixed overhead variance analysis for each product. (Indicate the ) effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Do not round intermediate calculations.)

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