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Chapter 10(2) 0 Saved Help Save 8: Exit Submit 8 Check my work 2 Problem 10-16 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single 10_ backpack are given below: points Standard Quantity or El Hours Standard Price or Rate Standard Cost Direct materials ? $ 6.00 per yard $ ? eBOOk Direct labor .7 7 ? Variable manufacturing overhead 7 $ 2 per direct labor-hour 7 - Total standard cost er unit 115 7 ii! p = Print Overhead is applied to production on the basis of direct labor-hours. During March, 400 backpacks were manufactured and sold. Selected information relating to the month's production is given below: \"6'66\"\" Materials Direct Variable Manufacturing Used Labor Overhead Total standard cost allowed=k $ 9,120 $ 5,040 $ 960 Actual costs incurred $ 5,520 ? $ 2,620 Materials price variance ? Materials quantity variance $ 1,920 U Labor rate variance ? Labor efficiency variance ? Variable overhead rate variance ? Variable overhead efficiency variance ? 'For the month's production. The following additional information is available for March's production: Actual direct labor-hours 600 Difference between standard and actual cost per backpack produced during March $ 0.20 F Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. Chapter 10(2)0 Saved Help Save5Exit Submit 8 Check my work 2 The following additional information is available for March's production: Actual direct laborhours 60I Difference between standard and actual cost per 10 backpack produced during March $ I.20 F points Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. EBW' 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack? pm 4. What was the materials price variance for March ifthere were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efciency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? Re'e'emes 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 What was the materials price variance for March if there were no beginning or ending inventories of materials? (Do not round intermediate calculations. 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.) Chapter 10(2) 0 Saved Help Save 8. Exit Submit References 8 Check my work *For the month's production. The following additional information is available for March's production: Actual direct laborhours 6% Difference between standard and actual cost per backpack produced during March $ 0.20 F Required: Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack? 4. What was the materials price variance for March ifthere were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efciency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 5 Required 7 Required 8 What was the labor rate variance for March? The labor efciency variance? (Do not round your intermediate calculations. 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 efciency variance $ 1,260 _ Chapter 10(2) 0 Saved Help Save 8. Exit Submit 8 Check my work 2 *For the month's production. The following additional information is available for March's production: 10 Actual direct laborhou rs 600 points Difference between standard and actual cost per backpack produced during March $ 0.20 F Required: gl Hint: It may be helpful to complete a general model diagram for direct materials, direct labor, and variable manufacturing overhead eBook before attempting to answer any of the requirements. 1. What is the standard cost of a single backpack? 2. What was the actual cost per backpack produced during March? 3. How many yards of material are required at standard per backpack? 4. What was the materials price variance for March ifthere were no beginning or ending inventories of materials? 5. What is the standard direct labor rate per hour? References 6. What was the labor rate variance for March? The labor efciency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 5 Required 7 Required 8 What was the variable overhead rate variance for March? The variable overhead efciency variance? (Do not round intermediate calculations. 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 efciency variance 5 I 5 blackboard collaborate in so long I U Chapter 10(2) 0 saved forgot how to leave the meeting 10 Check my work 4 Problem 10A-8 (Algo) Applying Overhead; Overhead Variances [LO10-3, LO10-4] Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of 10 standard direct labor-hours. The budgeted variable manufacturing overhead is $5.60 per direct labor-hour and the budgeted fixed points manufacturing overhead is $2,880,000 per year. Skippe" The standard quantity of materials is 4 pounds per unit and the standard cost is $12.00 per pound. The standard direct laborhours per unit is 1.5 hours and the standard labor rate is $13.80 per hour. El The company planned to operate at a denominator activity level of 300,000 direct labor-hours and to produce 200,000 units of 32\" product during the most recent year. Actual activity and costs for the year were as follows: Actual number of units produced 240,000 5 Actual direct laborhou rs worked 390,000 Prim Actual variable manufacturing overhead cost incurred $ 1,248,000 Actual fixed manufacturing overhead cost incurred $ 3, 120,000 Required: References 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. 2. Prepare a standard cost card for the company's product. 3a. Compute the standard direct labor-hours allowed for the year's production. 3b. Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. Complete this questlon by entering your answers In the tabs below. Req 1 Req 2 Req 3B Req 4 Compute the standard direct labor-hours allowed for the year's production. I Standard direct labor hours I Chapter 10(2) 0 Saved He", 4 10 points skipped References standard direct labor-hours. The budgeted variable manufacturing overhead is $5.60 per direct labor-hour and the budgeted fixed manufacturing overhead is $2,880,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $12.00 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.80 per hour. The company planned to operate at a denominator activity level of 300,000 direct labor-hours and to produce 200,000 units of product during the most recent year. Actual activity and costs for the year were as follows: Actual number of units produced 240,000 Actual direct labor-hours worked 390,000 Actual variable manufacturing overhead cost incurred $ 1,248,000 Actual fixed manufacturing overhead cost incurred $ 3,120,000 Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and xed elements. 2. Prepare a standard cost card for the company's product 33. Compute the standard direct labor-hours allowed for the year's production. 31). Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req 3A Req 4 Complete the following Manufacturing Overhead T-account for the year. Save & Exit Submit Check my work 10 Chapter 10(2) 0 Saved Help 4 points skipped References Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $5.60 per direct labor-hour and the budgeted fixed manufacturing overhead is $2,880,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $12.00 per pound. The standard direct laborhours per unit is 1.5 hours and the standard labor rate is $13.80 per hour. The company planned to operate at a denominator activity level of 300,000 direct labor-hours and to produce 200,000 units of product during the most recent year. Actual activity and costs for the year were as follows: Actual number of units produced 240,000 Actual direct laborhours worked 390,000 Actual variable manufacturing overhead cost incurred $ 1,248,000 Actual fixed manufacturing overhead cost incurred $ 3,120,000 Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. 2. Prepare a standard cost card for the company's product. 3a. Compute the standard direct labor-hours allowed for the year's production. 3b. Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. Complete thls questlon by entering your answers In the tabs below. Reg 1 Req 2 Reg 3A Reg 35 Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efcienw variances and the xed overhead budget and volume 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 efciency variance Fixed overhead budget variance Fixed overhead volume variance Save 8: Exit Submit Check my wor chapter 10(2) 0 Saved Help Save& Exit Submit 8 Check my work Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: 2 Problem 10-16 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3 J 10 points Standard Quantity or Hours Standard Price or Rate Standard Cost eBook Direct materials 7 $ 6.00 per yard $ 7 Direct labor 7 7 7 Prim Variable manufacturing overhead 7 $ 2 per direct laborhour 7 Total standard cost per unit $ ? References Overhead is applied to production on the basis ofdirect labor-hours. During March, 400 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Materials Direct Variable Manufacturing Used Labor Overhead Total standard cost allowed>l