Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have been given the following information about the production of Kingbird Co., and are asked to provide the factory manager with information for a

You have been given the following information about the production of Kingbird Co., and are asked to provide the factory manager with information for a meeting with the vice-president of operations:

Standard Cost Card

Direct materials (5.20 kg at $3.20 per kilogram)

$16.64

Direct labour (0.70 hours at $4.00)

2.80

Variable overhead (0.70 hours at $3.20 per hour)

2.24

Fixed overhead (0.70 hours at $7.00 per hour)

4.90

$26.58

The following is a production report for the most recent period of operations:

Variances

Costs

Total Standard Cost

Price/ Rate

Spending/ Budget

Quantity/ Efficiency

Volume

Direct materials

$334,464

$5,366

F

$8,960

U

Direct labour

56,280

3,086

U

5,440

U

Variable overhead

45,024

$1,280

F

?

Fixed overhead

98,490

420

F

$13,930

U

How many units were produced during the period?

Number of units produced enter the number of units produced How many kilograms of raw material were purchased and used during the period?

Raw materials purchased enter the raw materials purchased in kilograms kilograms What was the actual cost per kilogram of raw materials? (Round answer to 2 decimal places, e.g. 15.25.)

Actual cost per kilogram $enter the actual cost per kilogram in dollars rounded to 2 decimal places /kg How many actual direct labour hours were worked during the period?

Actual direct labour hours enter the actual direct labour hours hours What was the actual rate paid per direct labour hour? (Round answer to 2 decimal places, e.g. 15.25.)

Actual rate $enter the actual rate per hour in dollars rounded to 2 decimal places /hr What was the actual variable overhead cost incurred during the period?

Actual variable overhead $enter the actual variable overhead in dollars What is the total fixed overhead cost in the companys master budget?

Budgeted fixed cost $enter the budgeted fixed cost in dollars What were the master budget hours for fixed overhead?

Master budget hours enter a number of master budget hours hours

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Finance, European Edition

Authors: Peter Moles, Robert Parrino, David S. Kidwell

1st Edition

0470683708, 9780470683705

More Books

Students also viewed these Accounting questions

Question

What do you see as your biggest strength/weakness?

Answered: 1 week ago

Question

Customers have to repeat information they have already provided.

Answered: 1 week ago