Subject- Managerial Accounting

EIA #2 Saved 5 20 points 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. cBook Direct materials (30 lbs.& $4.00 per Ib.) Direct labor (7 hrs. # $14 per hr.) Factory overhead Variable 17 hrs. 8 $7 per hr.) Factory overhead Fixed (7 hrs. # $11 per hr.) Total standard cost $120.00 98.00 49.00 77.00 $344.00 Print References The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 63,000 units per quarter. The following flexible budget information is available. Operating Levels 708 808 44,100 50,400 308, 700 352,800 908 56,700 396,900 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $3,880,000 $3,880,800 $3,880, 800 $2,160,900 $2,469,600 $2,778,300 During the current quarter, the company operated at 90% of capacity and produced 56,700 units of product; actual direct labor totaled 393,900 hours. Units produced were assigned the following standard costs. Direct materials (1,701,000 Ibs. @ $4.00 per Ib.) Direct labor (396,900 hrs. $14 per hr.) Factory overhead (396,900 hrs. $19 per hr.) Total standard cost $ 6,804,000 5,556,600 7,144,200 $19,504,800 Actual costs incurred during the current quarter follow. Direct materials (1,686,000 Ibs. @ $5.10 per lb.) Direct labor (393,900 hrs. @ $12.00 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 8,598,600 4,726,800 3,380,000 3, 164,200 $19,869,600 Problem 08-4A 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. 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 Complete this question by entering your answers in the tabs below. Req3 Req 1 Reg 2 Controllable Reg 4 Volume Variance Variance 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 $ $ Reg Req 2 > Complete this question by entering your answers in the tabs below. Req1 Req3 Reg 2 Controllable Reg 4 Volume Variance 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 0 $ 0 $ Complete this question by entering your answers in the tabs below. Reg 3 Req Reg 2 Controllable Reg 4 Volume Variance 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