please read question and answer empty boxes. THanks for your time. OBJ. 3,4PR 23-3A Direct materials, direct labor, and factory overhead cost varianceMackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for directmaterials, direct labor, and factory overhead incurred for the manufacture of 40,000 units ofproduct were as follows:Direct MaterialsDirect LaborFactory OverheadStandard Costs120,000 lbs. @ $3.2012,000 hrs. @ $24.40Actual Costs118,500 lbs. @ $3.2511,700 hrs. @ $25.00Rates per direct labor hour, based on 100% of normal capacity of 15,000direct labor hours.Variable cost, $8.00Fixed cost, $10.00$91,200 variable cost$150,000 fixed costEach unit requires 0.3 hour of direct labor.Warren, C. S., Jonick, C. A., & Schneider, J. S., (2021). Accounting (28 ed.). Boston, MA: Cengage.InstructionsDetermine (a) the direct materials price variance, direct materials quantity variance, and totaldirect materials cost variance; (b) the direct labor rate variance, direct labor time variance, andtotal direct labor cost variance; and. (c) the variable factory overhead controllable variance, thefixed factory overhead volume variance, and the total factory overhead cost variance. 1 Problem 23-3A Problem 23-3A2345678910111213141516a.b.Direct Materials Price VarianceDirect Materials Quantity VarianceTotal Direct Materials Cost VarianceDirect Labor Rate VarianceDirect Labor (Time) Efficiency VarianceTotal Direct Labor Cost Variance$5,925$1,125 UnfavorableFavorableWrongWrongCorrectWrongWrongWrong

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Description: please read question and answer empty boxes. THanks for your time. OBJ. 3,4PR 23-3A Direct materials, direct labor, and factory overhead cost varianceMackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for directmate

Direct Material Cost Variance :— It is the difference between standard direct material cost for…

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OBJ. 3, 4 PR 23-3A Direct materials, direct labor, and factory overhead cost variance Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product were as follows: Direct Materials Direct Labor Factory Overhead Standard Costs 120,000 lbs. @ $3.20 12,000 hrs. @ $24.40 Actual Costs 118,500 lbs. @ $3.25 11,700 hrs. @ $25.00 Rates per direct labor hour, based on 100% of normal capacity of 15,000 direct labor hours. Variable cost, $8.00 Fixed cost, $10.00 $91,200 variable cost $150,000 fixed cost Each unit requires 0.3 hour of direct labor. Warren, C. S., Jonick, C. A., & Schneider, J. S., (2021). Accounting (28 ed.). Boston, MA: Cengage.

OBJ. 3, 4 PR 23-3A Direct materials, direct labor, and factory overhead cost variance Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product were as follows: Direct Materials Direct Labor Factory Overhead Standard Costs 120,000 lbs. @ $3.20 12,000 hrs. @ $24.40 Actual Costs 118,500 lbs. @ $3.25 11,700 hrs. @ $25.00 Rates per direct labor hour, based on 100% of normal capacity of 15,000 direct labor hours. Variable cost, $8.00 Fixed cost, $10.00 $91,200 variable cost $150,000 fixed cost Each unit requires 0.3 hour of direct labor. Warren, C. S., Jonick, C. A., & Schneider, J. S., (2021). Accounting (28 ed.). Boston, MA: Cengage.

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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eBook Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows: Standard Costs Actual Costs Direct materials 229,400 lbs. at $4.70 227,100 lbs. at $4.60 Direct labor 18,500 hrs. at $18.20 18,930 hrs. at $18.40 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $3.30 $60,440 variable cost Fixed cost, $5.20 $100,412 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. b. Determine…
19 The controller of Hendershot Corporation estimates the amount of materials handling overhead cost that should be allocated to the company's two products using the data that are given below Total expected units produced Total expected material moves Expected direct labor-hours per unit Wall Specialty Mirrors 14,300 Windows 1,490 1,430 8 1,390 11 The total materials handling cost for the year is expected to be $16,782.40. If the materials handling cost is allocated on the basis of material moves, the total materials handling cost allocated to the specialty windows is closest to Note: Round your intermediate calculations to 4 decimal places. Multiple Choice $2,264 $8,272 $7,241 $5,593
TB MC Qu. 5-124 (Algo) The controller of Hendershot Corporation estimates... The controller of Hendershot Corporation estimates the amount of materials handling overhead cost that should be allocated to the company's two products using the data that are given below: Total expected units produced Total expected material moves Expected direct labor-hours per unit The total materials handling cost for the year is expected to be $17,345.40. If the materials handling cost is allocated on the basis of direct labor-hours, the total materials handling cost allocated to the wall mirrors is closest to: Note: Round your intermediate calculations to 4 decimal places. Multiple Choice Wall Specialty Mirrors Windows $14,246 14,500 1,450 13 1,140 1,040 13
Number of Materials Requisitions Number of Product Inspections 25 Hours of Number of Machine Product Machine Setups Operation 3,000 1,500 Product 001 12 35 Product 002 55 115 Cost per Pool $10,000 $90,000 $135,000 $22,000 Required: a. Compute the unit activity costs for each of the cost drivers listed. b. Assign the overhead costs to products 001 and 002 using activity-based costing.
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…
pok sk int ences = aw 11 Rand Company computed the following activity rates using activity-based costing. Activity Setup Materials handling Inspection $ 60 per materials requisition $3 per unit inspected The company's deluxe model used the following activities to produce 1,000 units. Activity Setup Materials handling Inspection Actual Activity Usage 2 setups 24 materials requisitions 1,000 units inspected Compute the overhead cost per unit for the deluxe model using activity-based costing. Activity Setup Materials handling Inspection Total allocated cost Units produced Overhead cost per unit # 2 3 * $ 10 $ 1,040 per setup 4 Activity Rate % 5 Activity Usage 6 Q Search 17 C- & DA 441
Direct materials Direct labor Variable manufacturing overhead Multiple Choice uring 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. O 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. $745 U Standard Quantity $720 F or Hours assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable verhead efficiency variance? $720 U 5 pounds 2 hours 2 hours $745 F Standard Price or Rate $11.00 per pound $17.00 per hour $ 3.60 per hour Standard Cost $ 55.00 $ 34.00 $ 7.20
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required c. Entries in general journal to record the above information d. What do you realize whether the overall variation is in favorable or unfavorable?
ssment Tool iFrame A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $15 per DLH 3 DLH @ $12 per DLH Actual Results 59,200 pounds @ $8.10 per pound 24,900 hours @ $15.50 per hour $ 308,700 8,400 units Exercise 23-8 (Algo) Standard cost per unit, total budgeted and actual costs, and total cost variance LO P2 (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total $ 0
Production costs incurred in the manufacture of 2,400 units of a product in a period are: $ Direct costs 19,680 Variable overheads 3,120 Fixed overheads 14,640 What would be the expected total cost of manufacturing 2,300 units of the product in a period? $35,880 $36,490 $36,620 $37,310
TB MC Qu. 10-155 (Algo) Majer Corporation makes a product with ... Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.7 ounces $ 2.00 per ounce $ 13.40 Direct labor 0.3 hours $ 14.00 per hour $ 4.20 Variable overhead 0.3 hours $ 2.00 per hour $ .60 The company reported the following results concerning this product in February. Originally budgeted output 5,300 units Actual output 8,100 units Raw materials used in production 30,400 ounces Actual direct labor-hours 1,940 hours Purchases of raw materials 32,800 ounces Actual price of raw materials $ 52.90 per ounce Actual direct labor rate $ 62.40 per hour Actual variable overhead rate $ 1.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate…
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds e $7 per pound 2 DLH e $16 per DLH 2 DLH e $12 per DLH Actual Results 44,900 pounds e $7.10 per pound 14,500 hours e $16.40 per hour $ 182,800 7,400 units Direct materials Direct labor Overhead Units manufactured Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost