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Exercise 113 Kimm Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.20 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.70 pounds. Materials cost $5 per pound, but Kimm always takes the 4.07% cash discount all of its suppliers offer. Freight costs average $0.36 per pound. Direct labor. Each unit requires 2.20 hours of labor. Setup, cleanup, and downtime average 0.11 hours per unit. The average hourly pay rate of Kimm's employees is $11.90. Payroll taxes and fringe benefits are an additional $3.90 per hour. Manufacturing overhead. Overhead is applied at a rate of $7.80 per direct labor hour. Compute Kimm's total standard cost per unit. (Round answer to 2 decimal places, e.g. 1.25.) Total standard cost per unit $ Exercise 116 Lewis Company's standard labor cost of producing one unit of Product DD is 3.50 hours at the rate of $11.00 per hour. During August, 40,100 hours of labor are incurred at a cost of $11.10 per hour to produce 11,200 units of Product DD. (a) Compute the total labor variance. Total labor variance $ (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance $ $ (c) Compute the labor price and quantity variances, assuming the standard is 3.82 hours of direct labor at $11.30 per hour. Labor price variance Labor quantity variance $ $ Problem 111A Costello Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials2 pound plastic at $7.67 per pound $ 15.34 Direct labor2.00 hours at $12.00 per hour 24.00 Variable manufacturing overhead 13.00 Fixed manufacturing overhead 19.00 Total standard cost per unit $71.34 The predetermined manufacturing overhead rate is $16 per direct labor hour ($32.00 2.00). It was computed from a master manufacturing overhead budget based on normal production of 11,600 direct labor hours (5,800 units) for the month. The master budget showed total variable costs of $75,400 ($6.50 per hour) and total fixed overhead costs of $110,200 ($9.50 per hour). Actual costs for October in producing 3,700 units were as follows. Direct materials (7,600 pounds) $ 59,128 Direct labor (7,210 hours) 88,250 Variable overhead 85,483 Fixed overhead 34,897 Total manufacturing costs $267,758 The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored. (a) Compute all of the materials and labor variances. (Round answers to 0 decimal places, e.g. 125.) Total materials variance Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ $ $ $ $ $ (b) Compute the total overhead variance. Total overhead variance $ Exercise 113 Kimm Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.20 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.70 pounds. Materials cost $5 per pound, but Kimm always takes the 4.07% cash discount all of its suppliers offer. Freight costs average $0.36 per pound. Direct labor. Each unit requires 2.20 hours of labor. Setup, cleanup, and downtime average 0.11 hours per unit. The average hourly pay rate of Kimm's employees is $11.90. Payroll taxes and fringe benefits are an additional $3.90 per hour. Manufacturing overhead. Overhead is applied at a rate of $7.80 per direct labor hour. Compute Kimm's total standard cost per unit. (Round answer to 2 decimal places, e.g. 1.25.) Total standard cost per unit $ 74.63 Material cost = (3.2+0.7)*5*(1-0.0407) + (3.2+0.7)*0.36 = 20.11 Labor = (2.2+0.11)*11.9 + (2.2+0.11)*3.9 = 36.5 Overhead = (2.2+0.11)*7.8 = 18.02 Total cost per unit = 74.63 Exercise 116 Lewis Company's standard labor cost of producing one unit of Product DD is 3.50 hours at the rate of $11.00 per hour. During August, 40,100 hours of labor are incurred at a cost of $11.10 per hour to produce 11,200 units of Product DD. (a) Compute the total labor variance. Total labor variance $ 75,510 Unfavorable (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance $ $ 4,010 Unfavorable 71,500 Unfavorable Standard Price of Labor =$11 Actual price of labor = $11.10 Standard Labor hours = 3*11,200 =33,600 Actual labor hours = 40,100 So, Labor pricevariance = Standard price * actual labor hours Actual price* actual labor hours = 11*40100 11.1*40100 = 4010 unfavorable Labor quantity variance = standard price* standard labor hours - Standard price * actual labor hours = 11*33600 - 11*40100 = 71500 unfavorable Total labor Variance = 4010 + 71500 = 75510 unfavorable (c) Compute the labor price and quantity variances, assuming the standard is 3.82 hours of direct labor at $11.30 per hour. Labor price variance Labor quantity variance $ $ 8,020 Favorable 30,329.20 Favorable Standard Price of Labor =$11.3 Actual price of labor = $11.10 Standard Labor hours = 3.82*11,200 =42,784 Actual labor hours = 40,100 So, Labor price variance = Standard price * actual labor hours Actual price* actual labor hours = 11.3*40100 11.1*40100 = 8020 favorable Labor quantity variance = standard price* standard labor hours - Standard price * actual labor hours = 11.3*42,784 - 11.3*40100 = 30329.2 favorable Problem 111A Costello Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials2 pound plastic at $7.67 per pound $ 15.34 Direct labor2.00 hours at $12.00 per hour 24.00 Variable manufacturing overhead 13.00 Fixed manufacturing overhead 19.00 Total standard cost per unit $71.34 The predetermined manufacturing overhead rate is $16 per direct labor hour ($32.00 2.00). It was computed from a master manufacturing overhead budget based on normal production of 11,600 direct labor hours (5,800 units) for the month. The master budget showed total variable costs of $75,400 ($6.50 per hour) and total fixed overhead costs of $110,200 ($9.50 per hour). Actual costs for October in producing 3,700 units were as follows. Direct materials (7,600 pounds) $ 59,128 Direct labor (7,210 hours) 88,250 Variable overhead 85,483 Fixed overhead 34,897 Total manufacturing costs $267,758 The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored. (a) Compute all of the materials and labor variances. (Round answers to 0 decimal places, e.g. 125.) Total materials variance $ Materials price variance $ Materials quantity variance $ Total labor variance $ Labor price variance $ Labor quantity variance $ 2,370 Unfavorable 836 Unfavorable 1,534 Unfavorable 550 Favorable 1,730 Unfavorable 2,280 Favorable (b) Compute the total overhead variance. Total overhead variance $ 2,070 Unfavorable Materials price variance = standard cost*actual quantity - actual cost * actual quantity = 7.67*7600 - 59128 = 836 unfavorable Materials quantity variance = standard cost*standard quantity - standard cost * actual quantity = 7.67*(3700*2) - 7.67*7600 = 1534 unfavorable Total materials Variance = 836 +1534 = 2370 unfavorable Labor price variance = standard cost*actual quantity - actual cost * actual quantity = 12*7210 - 88250 = 1730 unfavorable Labor quantity variance = standard cost*standard quantity - standard cost * actual quantity = 12*(3700*2) - 12*7210 = 2280 favorable Total labor Variance = -1730 + 2280 = 550 favorable Total overhead variance = standard cost*standard quantity - actual cost * actual quantity = (85483 +34897) - (13+19)*3700 = 2070 favorable