Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For each of the following independent cases, fill in the missing amounts in the table: (Indicate the effect of each variance by selecting F for

image text in transcribed
image text in transcribed
image text in transcribed
For each of the following independent cases, fill in the missing amounts in the table: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Caso Direct Labor Rato Variance S 1,000 U 1,750 F B $ Direct Labor Emiciency Direct Labor Spending Variance Variance $ 1.700 F $ 3,000 U $ 2,300 F $ 750 U $ 3,000 U $ 1,350 F S 2,200 U S 1,400 U s $ 1,250 F D mo E F s 900 U Acoma, Inc. has determined a standard direct materials cost per unit of $7.20 (2 feet * $3.60 per foot). Last month, Acoma purchased and used 4.600 feet of direct materials for which it paid $16,100. The company produced and sold 2,130 units during the month Calculate the direct materials price, quantity, and spending variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance), Round your intermediate calculations to 2 decimal places.) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Beverly Company has determined a standard variable overhead rate of $2.90 per direct labor hour and expects to incur 0.50 labor hour per unit produced. Last month, Beverly incurred 1150 actual direct labor hours in the production of 2,400 units. The company has also determined that its actual variable overhead rate is $2.40 per direct labor hour. Calculate the variable overhead rate and efficiency variances as well as the total amount of over- or underapplied variable overhead, (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance) Variable Overhead Rate Variance Variable Overhead Efficiency Varianco Over or Underapplied Variable Overhead

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting 2007 FASB Update Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

12th Edition

0470128763, 978-0470128763

More Books

Students also viewed these Accounting questions