Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your next-door neighbor recently began a new job as assistant controller for Conun Corporation. As her first assignment, she prepared a performance report for March

image text in transcribed

image text in transcribed

image text in transcribed

Your next-door neighbor recently began a new job as assistant controller for Conun Corporation. As her first assignment, she prepared a performance report for March was scheduled to present the report to management the next morning, so she brou home to review. As the two of you chatted in the backyard, she decided to show yo report she had prepared. Unfortunately, your dog thought the report was an object fetched. The pup made a flying leap and got a firm grip on the report. After chasin dog around the block you managed to wrest the report from its teeth. Needless to : was torn to bits. Only certain data are legible on the report. This information follows: CONUNDRUM CORPORATION Performance Report for the Month of March Direct Direct Variable Fixed Material Labor Overhead Overhead Standard allowed cost given actual output (? kilograms at $13 per (4 hours at kilogram) $14 per hour) Flexible overhead budget $30,000 Actual cost $189,000 (13,000 (7,500 hours kilograms at at ? per hour) $13.5 per kilogram) E Direct-material price variance Direct-material quantity $ 6,500 U variance Direct-labor rate variance $7,500 U Direct-labor efficiency variance 1,000 F. Variable-overhead spending $2,680 U variance Variable-overhead efficiency 3,000 F variance Fixed-overhead budget $ 3,750 U variance Fixed-overhead 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 500 units more than the actual production. All of the direct material purchased in March was used in production. . There were no beginning or ending inventories. . Variable and fixed overhead are applied on the basis of direct-labor hours. The fixed overhead rate is $3 per hour. Required: Feeling guilty, you have agreed to help your neighbor reconstruct the following facts, which will be necessary for her presentation. (Round "Actual variable-overhead rate" to 2 decimal place, and "Standard direct-material quantity per unit" to nearest whole number. Do not round your intermediate calculations. Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance).) 1. Planned production (in units). 2. Actual production (in units). 3. Actual fixed overhead. 4. Total standard allowed direct-labor hours. 5. Actual direct-labor rate. Standard variable-overhead rate (per direct-labor hour.) 7. Actual variable-overhead rate (per direct-labor hour.) 8. Standard direct-material quantity per unit. 9. Direct-material price variance. 10. Applied fixed overhead. 11. Fixed-overhead volume variance. Favorable Unfavorable None

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

Principles Of Accounting Volume 1 Financial Accounting

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

1st Edition

1593995946, 978-1593995942

More Books

Students also viewed these Accounting questions

Question

Understand the goals of succession planning

Answered: 1 week ago