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NO EXPLANATION NEEDED, please, just solve everything, would be greatly appreciated (thumbs up)! :) Required information Use the following information for the Problems below. (The
NO EXPLANATION NEEDED, please, just solve everything, would be greatly appreciated (thumbs up)! :)
Required information Use the following information for the Problems below. (The following information applies to the questions displayed below.] Trico Company set the following standard unit costs for its single product. Direct materials (30 lbs. @ $4.80 per Ib.) Direct labor (7 hrs. @ $14 per hr.) Factory overhead-Variable (7 hrs. @ $6 per hr.) Factory overhead-Fixed (7 hrs. @ $9 per hr.) Total standard cost $ 144.00 98.00 42.00 63.00 $ 347.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 67,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 46,900 53,600 328,300 375,200 90% 60,300 422,100 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $3,376,800 $3,376,800 $1,969,800 $2,251,200 $3,376,800 $2,532,600 During the current quarter, the company operated at 90% of capacity and produced 60,300 units of product, actual direct labor totaled 399,200 hours. Units produced were assigned the following standard costs. Direct materials (1,809,000 Ibs. @ $4.80 per Ib.) Direct labor (422,100 hrs. @ $14 per hr.) Factory overhead (422,100 hrs. @ $15 per hr.) Total standard cost $ 8,683,200 5,909,400 6,331,500 $ 20,924,100 Actual costs incurred during the current quarter follow. Direct materials (1,711,000 Ibs. @ $6.30 per lb.) Direct labor (399,200 hrs. @ $11.20 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $10,779,300 4,471,040 2,813,700 3,084, 100 $21, 148, 140 Problem 23-4A Computing materials, labor, and overhead variances LO P3, P4 Required: 1. Compute the direct materials cost variance, including its price and quantity variances. 2. Compute the direct labor cost variance, including its rate and efficiency variances. 3. Compute the overhead controllable and volume variances. Compute the direct materials cost variance, including its price and quantity variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) Actual Cost Standard Cost $ 0 Actual quantity Standard quantity Actual price Standard price Favorable No variance Unfavorable Direct labor efficiency variance Direct labor rate variance Direct materials price variance Direct materials quantity variance Total direct materials variance Total variable overhead cost variance Variable overhead efficiency variance Variable overhead spending variance Volume variance Compute the direct labor cost variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost Standard Cost S $ 0 Actual hours Standard hours Actual rate Standard rate 93 Controllable Variance > Favorable Direct labor efficiency variance Direct labor rate variance Direct materials price variance Direct materials quantity variance Unfavorable No variance Total direct labor variance Total direct materials variance Total variable overhead cost variance Variable overhead efficiency variance Variable overhead spending variance Volume variance Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Controllable Variance Actual overhead Budgeted overhead Controllable variance Req 4 Volume Variance > Favorable Unfavorable No variance Compute the volume variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance Favorable Unfavorable No variance
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