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Chapter 10 Exercises/Problems Check my work According to the company's standards, 0.03 direct labor-hours are required to fulfill an order for one item and the variable overhead rate is $3.35 per direct labor-hour. 11.11 points Required: 1. What is the standard labor-hours allowed (SH) to ship 170,000 items to customers? 2. What is the standard variable overhead cost allowed (SH SR) to ship 170,000 items to customers? 3. What is the variable overhead spending variance? 4. What is the variable overhead rate variance and the variable overhead efficiency variance? eBook Hint (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do no round intermediate calculations.) Print References 1. Standard quantity of labor-hours allowed 2. Standard variable overhead cost allowed 3. Variable overhead spending variance 4. Variable overhead rate variance Variable overhead efficiency variance Check my work Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help control costs and has established the following standards for the Maze toy: 11.11 points Direct materials: 8 microns per toy at $0.33 per micron Direct labor: 1.3 hours per toy at $6.60 per hour During July, the company produced 5,000 Maze toys. The toy's production data for the month are as follows: eBook Direct materials. 76,000 microns were purchased at a cost of $0.30 per micron. 26,000 of these microns were still in inventory at the end of the month. Direct labor. 7,100 direct labor-hours were worked at a cost of $50,410. Print References Required: 1. Compute the following variances for July (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Round final answer to the nearest whole dollar amount.) a. The materials price and quantity variances. b. The labor rate and efficiency variances. 1a. Material price variance Material quantity variance Labor rate variance Labor efficiency variance 1b. Lau Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 630 hours each month to produce 2,100 sets of covers. The standard costs associated with this level of production are: 11.11 points Per Set Total of Covers $ 38,640 $18.40 $ 6,300 3.00 Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) $ 3, 150 1.50 $22.90 eBook Print During August, the factory worked only 500 direct labor-hours and produced 2,000 sets of covers. The following actual costs were recorded during the month: References Direct materials (5,000 yards) Direct labor Variable manufacturing overhead Total $36,000 $ 6,400 $ 4,400 Per Set of Covers $18.00 3.20 2.20 $23.40 At standard, each set of covers should require 2.3 yards of material. All of the materials purchased during the month were used in production. Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) 4 Materialov Direct materials (5,000 yards) Direct labor Variable manufacturing overhead $36, VVU $ 6,400 $ 4,400 $18.00 3.20 2.20 $23.40 11.11 points At standard, each set of covers should require 2.3 yards of material. All of the materials purchased during the month were used in production. eBook Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August Print (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) References Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance 3. Variable overhead rate variance Variable overhead efficiency variance Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: 11.11 points Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Standard Quantity or Hours 2.50 ounces 0.90 hours 0.90 hours Standard Price or Rate $22.00 per ounce $16.00 per hour $ 2.00 per hour Standard Cost $55.00 14.40 1.80 $71.20 eBook During November, the following activity was recorded related to the production of Fludex: Print References a. Materials purchased, 14,000 ounces at a cost of $289,800. b. There was no beginning inventory of materials; however, at the end of the month, 4,050 ounces of material remained in ending inventory c. The company employs 26 lab technicians to work on the production of Fludex. During November, they each worked an average of 150 hours at an average pay rate of $15.00 per hour. d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable manufacturing overhead costs during November totaled $5,000. e. During November, the company produced 3,900 units of Fludex. Required: 1. For direct materials: a. Compute the price and quantity variances. b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 2. For direct labor: a. Compute the rate and efficiency variances. b. In the past, the 26 technicians employed in the production of Fludex consisted of 6 senior technicians and 20 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued? 3. Compute the variable overhead rate and efficiency variances. b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 11.11 points 2. For direct labor: a. Compute the rate and efficiency variances. b. In the past, the 26 technicians employed in the production of Fludex consisted of 6 senior technicians and 20 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued? 3. Compute the variable overhead rate and efficiency variances. eBook Complete this question by entering your answers in the tabs below. Print Req 1A Req 1B Req 2A Req 2B Req 3 References For direct materials, compute the price and quantity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Materials price variance Materials quantity variance Req1A Req 1B > Required: 1. For direct materials: a. Compute the price and quantity variances. b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 11.11 points 2. For direct labor: a. Compute the rate and efficiency variances. b. In the past, the 26 technicians employed in the production of Fludex consisted of 6 senior technicians and 20 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued? eBook 3. Compute the variable overhead rate and efficiency variances. Print Complete this question by entering your answers in the tabs below. References Req 1A Req 1B Req 2A Req 2B Req3 For direct labor, compute the rate and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Labor rate variance Labor efficiency variance Required: 1. For direct materials: a. Compute the price and quantity variances. b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 11.11 points 2. For direct labor: a. Compute the rate and efficiency variances. b. In the past, the 26 technicians employed in the production of Fludex consisted of 6 senior technicians and 20 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued? eBook 3. Compute the variable overhead rate and efficiency variances. Print Complete this question by entering your answers in the tabs below. References Req 1A Req 1B Reg 2A Req 2B Req 3 Compute the variable overhead rate and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead efficiency variance Check my work und 3 Reg 4 through i for Wallis Company. palances for Wallis Company's balance sheet. 25 and decreases in balance sheet accounts should be entered with a minus sign. Enter your dollars in thousands.) 11.12 points Wallis Company Transaction Analysis For the Year Ended 12/31/XX (dollars in thousands) eBook Print Raw Materials Work-in- Process Finished Goods PP&E (net) - Materials Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Fixed Overhead Budget Variance Fixed Overhead Volume Variance Retained Earnings References LLL Complete this question by entering your answers in the tabs below. 11.12 points Req 1 Req 2 and 3 Req 4 Prepare Wallis Company's income statement for the year. (Enter your dollars in thousands. Round your answers to the nearest whole dollar amount.) eBook Wallis Company Income Statement For the Year Ended 12/31/XX (dollars in thousands) Print References Total variance adjustments Required: 1. For direct materials: a. Compute the price and quantity variances. b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 11.11 points 2. For direct labor: a. Compute the rate and efficiency variances. b. In the past, the 26 technicians employed in the production of Fludex consisted of 6 senior technicians and 20 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued? eBook 3. Compute the variable overhead rate and efficiency variances. Print Complete this question by entering your answers in the tabs below. References Req 1A Req 1B Req 2A Req 2B Req3 For direct labor, compute the rate and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Labor rate variance Labor efficiency variance Required: 1. For direct materials: a. Compute the price and quantity variances. b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 11.11 points 2. For direct labor: a. Compute the rate and efficiency variances. b. In the past, the 26 technicians employed in the production of Fludex consisted of 6 senior technicians and 20 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued? eBook 3. Compute the variable overhead rate and efficiency variances. Print Complete this question by entering your answers in the tabs below. References Req 1A Req 1B Reg 2A Req 2B Req 3 Compute the variable overhead rate and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead efficiency variance Check my work und 3 Reg 4 through i for Wallis Company. palances for Wallis Company's balance sheet. 25 and decreases in balance sheet accounts should be entered with a minus sign. Enter your dollars in thousands.) 11.12 points Wallis Company Transaction Analysis For the Year Ended 12/31/XX (dollars in thousands) eBook Print Raw Materials Work-in- Process Finished Goods PP&E (net) - Materials Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Fixed Overhead Budget Variance Fixed Overhead Volume Variance Retained Earnings References LLL Complete this question by entering your answers in the tabs below. 11.12 points Req 1 Req 2 and 3 Req 4 Prepare Wallis Company's income statement for the year. (Enter your dollars in thousands. Round your answers to the nearest whole dollar amount.) eBook Wallis Company Income Statement For the Year Ended 12/31/XX (dollars in thousands) Print References Total variance adjustments