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Need help with accounting questions. please show your work. Only 9 problems. 1. Hettinger Hospital bases its budgets on patient-visits. The hospital's static budget for
Need help with accounting questions. please show your work.
Only 9 problems.
1. Hettinger Hospital bases its budgets on patient-visits. The hospital's static budget for March appears below: Budgeted number of patient-visits Budgeted variable costs: Supplies (@ $9.60 per patient-visit) $ 81,600 Laundry (@ $9.30 per patient-visit) 79,050 Total variable cost Budgeted fixed costs: Wages and salaries 8,500 160,650 99,800 Occupancy costs 107,800 Total fixed cost 207,600 Total cost $368,250 The total variable cost at the activity level of 8,600 patient-visits per month should be: A. $160,650 B. $209,930 C. $207,600 D. $162,540 2. Epley Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 2.0 pounds $7.00 per pound Direct labor 1.2 hours $12.00 per hour Variable overhead 1.2 hours $2.00 per hour In July the company produced 4,900 units using 10,300 pounds of the direct material and 2,280 direct labor-hours. During the month, the company purchased 10,870 pounds of the direct material at a cost of $76,750. The actual direct labor cost was $38,240 and the actual variable overhead cost was $11,941. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for July is: A. $520 U B. $660 F C. $3,500 U D. $520 F 3. Epley Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 10.5 pounds $10.0 per pound Direct labor 0.8 hours $33.00 per hour Variable overhead 0.8 hours $15.50 per hour In July the company produced 3,440 units using 13,760 pounds of the direct material and 2,872 direct labor-hours. During the month, the company purchased 14,520 pounds of the direct material at a cost of $35,100. The actual direct labor cost was $94,363 and the actual variable overhead cost was $42,684. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for July is: A. $413 F B. $413 U C. $3,547 U D. $3,547 F 4. Pardoe, Inc., manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: Standard Quantity Standard Price or Rate Standard Cost Direct materials 2.0 pounds $6.25 per pound $12.50 Direct labor 0.5 hours $19 per hour $9.5 Variable manufacturing overhead 0.5 hours $4.50 per hour $2.25 During March, the following activity was recorded by the company: The company produced 5,600 units during the month. A total of 14,700 pounds of material were purchased at a cost of $41,160. There was no beginning inventory of materials on hand to start the month; at the end of the month, 2,940 pounds of material remained in the warehouse. During March, 3,000 direct labor-hours were worked at a rate of $19.50 per hour. Variable manufacturing overhead costs during March totaled $6,950 The direct materials purchases variance is computed when the materials are purchased. The materials price variance for March is: A. $50,715 U B. $22,960 F C. $22,960 U D. $50,715 F 5. Oddo Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Rate Standard Cost Per Unit Hours Direct materials 3.0 ounces $7.10 per ounce $21.30 Direct labor 0.6 hours $21.00 per hour $12.60 Variable overhead 0.6 hours $6.00 per hour $3.60 The company reported the following results concerning this product in December. Originally budgeted output 4,410 units Actual output 4,210 units Raw materials used in production 13,000 ounces Actual direct labor-hours 14,690 hours Purchases of raw materials 2,896 ounces Actual price of raw materials $6.90 per ounce Actual direct labor rate Actual variable overhead rate $18.40 $6.10 per hour per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for December is: A. $2,627 U B. $2,553 F C. $2,627 F D. $2,553 U 6. Oddo Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit 3.0 ounces $8.50 per ounce $25.50 0.8 hours $14.50 per hour $11.60 0.8 hours $7.00 per hour $5.60 The company reported the following results concerning this product in December. Originally budgeted output 8,400 units Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials 8,200 24,360 6,760 25,960 Actual price of raw materials units ounces hours ounces 8.25 per ounce Actual direct labor rate 15.60 per hour Actual variable overhead rate 7.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for December is: A. $8,130 U B. $8,130 F C. $6,490 F D. $6,490 U 7. Oddo Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials Direct labor 3.0 ounces 0.6 hours $7.10 per ounce $21.00 per hour $21.30 $12.60 Variable overhead 0.6 hours $6.00 per hour $3.60 The company reported the following results concerning this product in December. Originally budgeted output 4,410 units Actual output 4,210 units Raw materials used in production 13,000 ounces Actual direct labor-hours 2,896 hours Purchases of raw materials 14,690 ounces Actual price of raw materials $6.90 per ounce Actual direct labor rate $18.40 per hour Actual variable overhead rate $6.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for December is: A. $2,257 F B. $2,220 U C. $2,220 U D. $2,257 F 8. Oddo Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials Direct labor 3.0 ounces 0.7 hours $8.90 per ounce $25.00 per hour $26.70 $17.50 Variable overhead 0.6 hours $4.00 per hour $2.40 The company reported the following results concerning this product in December. Originally budgeted output 4,590 units Actual output 4,390 units Raw materials used in production 13,490 ounces Actual direct labor-hours 15,360 hours Purchases of raw materials 2,954 ounces per Actual price of raw materials $8.70 ounce Actual direct labor rate $20.20 per hour Actual variable overhead rate $4.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for December is: A. $295 U B. $295 F C. $263 F D. $263 U 9. Midgley Corporation makes a product whose direct labor standards are 0.6 hours per unit and $20 per hour. In April the company produced 6,950 units using 3,670 direct labor-hours. The actual direct labor cost was $77,070. The labor efficiency variance for April is: A. $10,000 U B. $10,000 F C. $6,330 F D. $6,330 UStep by Step Solution
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