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29 A furniture manufacturer uses a standard costing system in which standard machine-hours (MHS) is the measure of activity. Data from the company's flexible budget for manufacturing overhead are given below: 1,400 MHS Denominator level of activity Overhead costs at the denominator activity level: Variable overhead cost Fixed overhead cost 01:25:45 $ 12,040 $ 17,360 eBook The following data pertain to operations for the most recent period: Actual hours Standard hours allowed for the actual output Actual total variable manufacturing overhead cost Actual total fixed manufacturing overhead cost 1,300 MHS 1,440 MHS $ 11,440 $ 18,560 The overhead applied to products during the period was closest to: Assume the following information appears in the standard cost card for a company that makes only one product: 3 Standard Quantity or Hours 5 pounds 2 hours 2 hours Direct materials Direct labor Variable manufacturing overhead Standard Price or Rate $10.75 per pound $17.00 per hour $ 3.00 per hour Standard Cost $53.75 $34.00 $ 6.00 8 01:55:40 eBook During the most recent period, the following additional information was available: . 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. . What is the direct materials quantity variance? Assume the following information appears in the standard cost card for a company that makes only one product: 2 Standard Quantity or Hours 5 pounds 2 hours 2 hours Direct materials Direct labor Variable manufacturing overhead Standard Price or Rate $11.00 per pound $17.00 per hour $ 3.90 per hour Standard Cost $55.00 $34.00 $ 7.80 01:57:17 eBook During the most recent period, the following additional information was available: . 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. . Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance? 21 Assume that a company uses a standard cost system that closes all variances to cost of goods sold at the end of the period. During a recent period, it recorded the following variances: 8 01:32:25 Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Fixed overhead budget variance Fixed overhead volume variance $ 3,200 F $ 4,800 U $ 6,500 F $ 12,000 F $ 1,500 U $ 9,200 F eBook What will be the effect on net operating income when all of these variances are closed at the end of the period? 28 Reade Incorporated makes a single product--an electrical motor used in many long-haul trucks. The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period. Data concerning the most recent year appear below: 01:26:30 Total budgeted manufacturing overhead $ 289,520 Budgeted hours 28,000 machine-hours Standard hours allowed for the actual production 25,200 machine-hours Total actual manufacturing overhead $ 321,915 Actual hours 27,700 machine-hours eBook The total manufacturing overhead is underapplied or overapplied by how much? Assume the following: 9 The standard labor rate per hour is $17.30. The standard labor-hours allowed per unit of finished goods is 3 hours. The actual quantity of labor hours worked during the period was 44,000 hours. The total actual direct labor cost for the period was $726,000. The company produced 15,000 units of finished goods during the period. 01:46:39 What is the labor rate variance? eBook Assume the following: 10 . . The standard price per pound is $2.00. The standard quantity of pounds allowed per unit of finished goods is 4 pounds. The actual quantity of materials purchased and used in production is 50,700 pounds. The actual purchase price per pound of materials was $2.35. The company produced 13,000 units of finished goods during the period. . 01:46:32 What is the materials price variance? eBook