Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Managerial accounting Willow Inc. has provided the following information: Standards: Per unit Direct materials 18 lbs :9 $4.38flb 5 43.68 Direct labor 2 hours {i

Managerial accounting

image text in transcribedimage text in transcribedimage text in transcribed
Willow Inc. has provided the following information: Standards: Per unit Direct materials 18 lbs :9 $4.38flb 5 43.68 Direct labor 2 hours {i 531.58!hour 63.68 Variable overhead 2 hours @- 51sjhour 32.68 Fixed overhead 15.68 Total $153.68 [ Eludgeted production = 1500 units Actual results Materials ?F,538 lbs $331,523 Direct labor 14,838 actual hours $453365 variable overhead $243,418 Fixed overhead $133,338 Units produced 3,338 units l a. Calculate the direct materials price variance. [Do not round your intermediate calculations. Indicate the effect of variance by selecting \"Favorable , \"Unfavorable", or "None" for no e'ect (i.e.I zero variance\" _:l:| b. Calculate the direct materials quantity variance. (Indicate the efect of variance by selecting "Favorable", \"Unfavorable", or \"None\" for no effect {i.e.I zero varience}.] _:l:| c. Calculate the direct labor rate variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Fairlnrable"I "Unfairlnrable"I or "None" for no efect [i.e., zero varianceH _:i:l cl. Calculate the direct labor efficiency variance. (Indicate the efFect of variance by selecting "Favorable , \"Unfavorable", or \"None\" for no effect {i.e.l zero varianceH _:i:l e. Calculate the variable overhead rate variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting \"Favorable , \"Unfavorable", or "hIone'I for no effect (i.e., zero variance\" _:i:l f. Calculate the variable overhead efciency variance. (Indicate the effect ofvariance by selecting \"Favorable , \"Unfavorable", or "None" for no effect (i.e., zero variance\" _::| 9. Calculate the xed overhead spending variance. {Indicate the effect of variance by selecting "Favorable , "Unfavorable\

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

Financial Accounting Plus

Authors: Robert Libby, Patricia Libby, Daniel Short

8th Edition

1259116832, 9781259116834

More Books

Students also viewed these Accounting questions