can i please get help with problem P11-4B

2 11 Standard Costs and Balanced Scorecard Cost Element Direct materials Direct labor Overhead Standard (per unit) Actual yards at $6.75 per yard 5547,200 for 76,000 yards $165,760 for 14,800 hours $120,000 fixed overhead ($7.20 per yard) 1.0 hours at $11.45 per hour ($11.20 per hour) 1.0 hours at $9.40 per hour (fixed $6.25; variable $3.15) $49,000 variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $125,000, and budgeted variable overhead costs were $63,000. Instructions (a) Compute the total, price, and quantity variances for(1) materials and (2) labor (b) Compute the total overhead variance (c)Which of the materials and labor variances should be investigated if manage- (a) MPV 534,200 U ment considers a variance of more than 5% from standard to he significant? Answer questions abour P11-4B Beta Company uses a standard cost accounting system. In 2016, 45,000 units were produced. Each unit took several pounds of direct materials and 2 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 86,000 direct labor hours. During the year, 200,000 pounds of raw materials were purchased at $1.00 per pound. All materials purchased were used during the year Instructions (a) If the materials price variance was $10,000 unfavorable, what was the standard materials (LO 2, 3), AN price per pound 5.0 pounds (b) If the materials quantity variance was $23,750 favorable, what was the standard materials quantity per unit? (c) What were the standard hours allowed for the units produced? (d) If the labor quantity variance was $10,080 unfavorable, what were the actual direct labor hours worked? (e) If the labor price variance was $18,168 favorable, what was the actual rate per hour? (f) If total budgeted manufacturing overhead was $713,800 at normal capacity, what was $8.30 per DLH the predetermined overhead rate per direct labor hour? (g) What was the standard cost per unit of product? (h) How much overhead was applied to production during the year? i) Using selected answers above, what were the total costs assigned to work in process? Compute variances, prepare an income statement, arnd explain unfavorable P11-5B Bonita Labs performs steroid testing services to high schools, colleges, and uni- versities. Because the company deals solely with educational institutions, the price of each test is strictly regulated. Therefore, the costs incurred must be carefully monitored and controlled. Shown below are the standard costs for a typical test LO 2, 3, 4), AP Direct materials (I petri dish @ $1.80 per dish) Direct labor (0.5 hours $20.50 per hour) Variable overhead (0.5 hours @ $8 per hour) Fixed overhead (0.5 hours $5 per hour) 1.80 10.25 2.50 Total standard cost per test 18.55 The lab does not maintain an inventory of petri dishes. Therefore, the dishes purchased each month are used that month Actual activity for the month of May 2016, when 2,500 tests were conducted, resulted in the following. Direct materials (2,530 dishes) Direct labor (1,240 hours) Variable overhead Fixed overhead 5,060 26,040 10,100 5,700 Monthly budgeted fixed overhead is $6,000. Revenues for the month were $55,000, and selling and administrative expenses were $2,000. Instructions (a) Compute the price and quantity variances for direct materials and direct labor (a) LOV $205 F (b) Compute the total overhead variance