ACCT 2101 Chapter Notes - Chapter 9: Standard Cost Accounting, Variable Cost, Cost Driver

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salmoncrow381

26 Oct 2016

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Multiple choice: the standard price of materials is . 10 per pound and the standard quantity allowed for actual output 5,800 pounds. If the actual quantity purchased and used was 6,000 pounds, and the actual price per pound was . 00, the direct materials price variance is: f (6,000x(4. 00-4. 10)=: direct labor standards: Use the time it should take to produce a single unit: the direct materials price variance is the difference between the actual price of materials: And the standards price for materials with the difference multiplied by the actual quantity of materials: ideal standards are problematic because: Using less of a variable resource than expected. Taking less time to produce a unit than expected. Learnsmart chapter 9: standard costing and variances: using the information provided, calculate the direct materials quantity variance: unfavorable (sp(aq-sq)=3. 00(5,200-5,000)= unfavorable: given the following information, calculate the variable overhead efficiency variance.

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The following data were drawn from the records of StuartCorporation.


Planned volume for year (staticbudget)		4,100	units
Standard direct materials costper unit		3.00	pounds	@	$	1.60	per pound
Standard direct labor cost perunit		2.80	hours	@	$	4.50	per hour
Total expected fixed overheadcosts	$	15,580
Actual volume for the year(flexible budget)		4,300	units
Actual direct materials cost perunit		2.70	pounds	@	$	2.00	per pound
Actual direct labor cost perunit		3.20	hours	@	$	4.20	per hour
Total actual fixed overheadcosts	$	11,880

Required

Prepare a materials variance information table showing thestandard price, the actual price, the standard quantity, and theactual quantity.

Calculate the materials price and usage variances. Indicatewhether the variances are favorable (F) or unfavorable (U).

Prepare a labor variance information table showing the standardprice, the actual price, the standard hours, and the actualhours.

Calculate the labor price and usage variances. Indicate whetherthe variances are favorable (F) or unfavorable (U).

Calculate the predetermined overhead rate, assuming that Stuartuses the number of units as the allocation base.

Calculate the fixed cost spending variance. Indicate whether thevariance is favorable (F) or unfavorable (U).

Calculate the fixed cost volume variance. Indicate whether thevariance is favorable (F) or unfavorable (U).

Prepare a materials variance information table showing thestandard price, the actual price, the standard quantity, and theactual quantity. (Round "Standard price" and "Actual price" to 2decimal places.)

Materials Variance Information Table
Standardprice		perpound
Actualprice		perpound
Standardquantity for flexible budget		pounds
Actualquantity used		pounds

Calculate the materials price and usage variances. Indicatewhether the variances are favorable (F) or unfavorable (U). (Select"None" if there is no effect (i.e., zero variance).)


Materialprice variance
Materialusage variance

Prepare a labor variance information table showing the standardprice, the actual price, the standard hours, and the actual hours.(Round "Standard price" and "Actual price" to 2 decimalplaces.)

Labor Variance Information Table
Standardprice		perhour
Actualprice		perhour
Standardhours for flexible budget
Actualhours used

Calculate the labor price and usage variances. Indicate whetherthe variances are favorable (F) or unfavorable (U). (Select "None"if there is no effect (i.e., zero variance).)


Laborprice variance
Laborusage variance

Calculate the predetermined overhead rate, assuming that Stuartuses the number of units as the allocation base. Calculate thefixed cost spending variance and the fixed cost volume variance.Indicate whether the variance is favorable (F) or unfavorable (U).(Round "Predetermined overhead rate" answer to 2 decimal places.Select "None" if there is no effect (i.e., zero variance).)

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e.	Predetermined overhead rate	perunit
f.	Fixedcost spending variance
g.	Fixedcost volume variance

Computation of Variances and Other MissingData
The following data for O'Keefe Company pertain to the production of500 units of Product X during December. Selected data items areomitted. Fill in the missing amounts.

Direct materials (all materials purchased were used duringperiod)

Standard cost per unit: Answer pounds at 2.88 per pound

Total actual cost: Answer pounds costing $5,673

Standard cost allowed for units produced: $5,760

Materials price variance: $Answer AnswerFU

Materials quantity variance: $144 U

Direct labor

Standard cost: 2 hours at $7.00

Actual cost per hour: $7.25

Total actual cost: $Answer

Labor rate variance: $Answer AnswerFU

Labor efficiency variance: $140 U

Variable overhead

Standard costs: Answer hours at $4.00 per direct laborhour

Actual cost: $3,700

Variable overhead spending variance: $Answer AnswerFU

Variable overhead efficiency variance: $Answer AnswerFU

Please answer all parts of the question.

goldlizard184

Computing materials, labor, and cost variance
The following data were drawn from the records of Quentin Corporation:
Planned volume for year (static budget) 6,000 units
Standard direct materials cost per unit 3.1 pounds @ $3.00 per pound
Standard direct labor cost per unit 2 hours @ $8.00 per hour
Total expected fixed overhead costs $56,400
Actual volume for the year (flexible budget) 6,300 units
Actual direct materials cost per unit 2.7 pounds @$4.00 per pound
Actual direct labor cost per unit 2.3 hours @$7.20 per hour
Total actual fixed overhead costs $45,000
Required
Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity

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ACCT 2101 Chapter Notes - Chapter 9: Standard Cost Accounting, Variable Cost, Cost Driver

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