Inputs Standard Quantity Standard Price Direct materials 3.0 pounds $4.00 per pound Direct labor 0.50 hours $22.00 per hour Variable manufacturing overhead 0.50 hours $6.00 per hour Actual results: Actual output 2,000 units Actual variable manufacturing overhead cost $7,140 Actual Quantity Actual price Actual direct materials cost 6,500 pounds $3.80 per pound Actual direct labor cost 1,050 hours $21.60 per hour Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-4: Standard Cost Variance Analysis–Direct Materials Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds × ? per pound = Actual Quantity of Input, at Standard Price ? pounds × ? per pound = ? Actual Quantity of Input, at Actual Price ? pounds × ? per pound = ? Direct materials variances: Materials quantity variance ? U Materials price variance ? Materials spending variance ? U Exhibit 10-6: Standard Cost Variance Analysis–Direct Labor Standard Hours Allowed for the Actual Output, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Actual Rate ? hours × ? per hour = ? Direct labor variances: Labor efficiency variance ? Labor rate variance ? Labor spending variance ? Exhibit 10-8: Standard Cost Variance Analysis–Variable Manufacturing Overhead Standard Hours Allowed for the Actual Output, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Actual Rate ? hours × ? per hour = ? Variable overhead variances: Variable overhead efficiency variance ? Variable overhead rate variance ? Variable overhead spending variance ?

Inputs Standard Quantity Standard Price Direct materials 3.0 pounds $4.00 per pound Direct labor 0.50 hours $22.00 per hour Variable manufacturing overhead 0.50 hours $6.00 per hour Actual results: Actual output 2,000 units Actual variable manufacturing overhead cost $7,140 Actual Quantity Actual price Actual direct materials cost 6,500 pounds $3.80 per pound Actual direct labor cost 1,050 hours $21.60 per hour Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-4: Standard Cost Variance Analysis–Direct Materials Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds × ? per pound = Actual Quantity of Input, at Standard Price ? pounds × ? per pound = ? Actual Quantity of Input, at Actual Price ? pounds × ? per pound = ? Direct materials variances: Materials quantity variance ? U Materials price variance ? Materials spending variance ? U Exhibit 10-6: Standard Cost Variance Analysis–Direct Labor Standard Hours Allowed for the Actual Output, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Actual Rate ? hours × ? per hour = ? Direct labor variances: Labor efficiency variance ? Labor rate variance ? Labor spending variance ? Exhibit 10-8: Standard Cost Variance Analysis–Variable Manufacturing Overhead Standard Hours Allowed for the Actual Output, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Standard Rate ? hours × ? per hour = ? Actual Hours of Input, at Actual Rate ? hours × ? per hour = ? Variable overhead variances: Variable overhead efficiency variance ? Variable overhead rate variance ? Variable overhead spending variance ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Inputs	Standard Quantity	Standard Price
Direct materials	3.0	pounds	$4.00	per pound
Direct labor	0.50	hours	$22.00	per hour
Variable manufacturing overhead	0.50	hours	$6.00	per hour

Actual results:
Actual output	2,000	units
Actual variable manufacturing overhead cost	$7,140
	Actual Quantity	Actual price
Actual direct materials cost	6,500	pounds	$3.80	per pound
Actual direct labor cost	1,050	hours	$21.60	per hour

Enter a formula into each of the cells marked with a ? below
Main Example: Chapter 10

Exhibit 10-4: Standard Cost Variance Analysis–Direct Materials
Standard Quantity Allowed for the Actual Output, at Standard Price	?	pounds ×	?	per pound =
Actual Quantity of Input, at Standard Price	?	pounds ×	?	per pound =	?
Actual Quantity of Input, at Actual Price	?	pounds ×	?	per pound =	?
Direct materials variances:
Materials quantity variance	?	U
Materials price variance	?
Materials spending variance	?	U

Exhibit 10-6: Standard Cost Variance Analysis–Direct Labor
Standard Hours Allowed for the Actual Output, at Standard Rate	?	hours ×	?	per hour =	?
Actual Hours of Input, at Standard Rate	?	hours ×	?	per hour =	?
Actual Hours of Input, at Actual Rate	?	hours ×	?	per hour =	?
Direct labor variances:
Labor efficiency variance	?
Labor rate variance	?
Labor spending variance	?

Exhibit 10-8: Standard Cost Variance Analysis–Variable Manufacturing Overhead
Standard Hours Allowed for the Actual Output, at Standard Rate	?	hours ×	?	per hour =	?
Actual Hours of Input, at Standard Rate	?	hours ×	?	per hour =	?
Actual Hours of Input, at Actual Rate	?	hours ×	?	per hour =	?
Variable overhead variances:
Variable overhead efficiency variance	?
Variable overhead rate variance	?
Variable overhead spending variance	?

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Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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