Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Your next - door neighbor recently began a new job as assistant controller for Conundrum Corporation. As her first assignment, she prepared a performance report
Your nextdoor neighbor recently began a new job as assistant controller for Conundrum Corporation. As her first assignment, she prepared a performance report for January. She was scheduled to present the report to management the next morning, so she brought it home to review. As the two of you chatted in the backyard, she decided to show you the report she had prepared. Unfortunately, your dog thought the report was an object to be fetched. The pup made a flying leap and got a firm grip on the report. After chasing the dog around the block, you managed to wrest the report from its teeth. Needless to say, it was torn to bits. Only certain data are legible on the report. This information follows:
CONUNDRUM CORPORATION
Performance Report for the Month of January
Direct Direct Variable Fixed
Material Labor Overhead Overhead
Standard allowed cost given actual output
kilograms hours
at $ per at $
kilogram per hour
Flexible overhead budget $
Actual cost $
kilograms hours
at $ at per
kilogram per hour
Directmaterial price variance
Directmaterial quantity variance $ U
Directlabor rate variance $ U
Directlabor efficiency variance F
Variableoverhead spending variance $ U
Variableoverhead efficiency variance F
Fixedoverhead budget variance $ U
Fixedoverhead volume variance
In addition to the fragmentary data still legible on the performance report, your neighbor happened to remember the following facts.
Planned production of Conundrum's sole product was units more than the actual production.
All of the direct material purchased in January was used in production.
There were no beginning or ending inventories.
Variable and fixed overhead are applied on the basis of directlabor hours. The fixed overhead rate is $ per hour.
Required:
Feeling guilty, you have agreed to help your neighbor reconstruct the following facts, which will be necessary for her presentation. Do not round your intermediate calculations. Round "Actual variableoverhead rate" to decimal place, and "Standard directmaterial quantity per unit" to nearest whole number. Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter for no effect ie zero variance
Planned production in unitsselected answer correct
Actual production in unitsselected answer correct
Actual fixed overhead. $selected answer correct
Total standard allowed directlabor hours. not attempted
Actual directlabor rate. not attempted
Standard variableoverhead rate per directlabor hour. $selected answer correct
Actual variableoverhead rate per directlabor hour. not attempted
Standard directmaterial quantity per unit. not attempted
Directmaterial price variance. not attempted Unfavorableselected answer correct
Applied fixed overhead. not attempted
Fixedoverhead volume variance. not attempted Unfavorableselected answer correct
PLEASE ANSWER CONUNDRUM CORPORATION
Performance Report for the Month of January
tabletableDirectMaterialtableDirectLabortableVariableOverheadtableFixedOverheadStandard allowed cost given actual output,table kilogramsat $ perkilogramtable
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started