can i please get help with problem # P11-3B Problems: Set B 1 PROBLEMS: SET B P1
ID: 2537912 • Letter: C
Question
can i please get help with problem # P11-3B
Problems: Set B 1 PROBLEMS: SET B P11-1B Buil Corporation manufactures a single product. The standard cost per unit of Compute variances product is as follows. (LO 2, 3), AP Direct materials-2 pounds of plastic at $6 per pound Direct labor-2 hours at $13 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit $12 26 $50 The master manufacturing overhead budget for the month based on normal productive capacity of 20,000 direct labor hours (10,000 units) shows total variable costs of $70,000 ($3.50 per labor hour) and total fixed costs of $50,000 ($2.50 per labor hour). Normal pro- ductive capacity is 20,000 direct labor hours. Overhead is applied on the basis of direct labor hours. Actual costs for November in producing 9,700 units were as follows. Direct materials (20,000 pounds) Direct labor (19,600 hours) Variable overhead $119,000 256,760 68,800 50,000 Total manufacturing costs The purchasing department normally buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored. Instructions (a) Compute all of the materials and labor variances (b) Compute the total overhead variance. a) MPV $1,000 F P11-2B Huang Company uses a standard cost accounting system to account for the man Compute variances, and ufacture of exhaust fans. In July 2016, it accumulates the following data relative to 1,800 prepare income statement units started and finished. (LO 2, 3, 4), AP Actual Standard Cost and Production Data Raw materials XLS Units purchased Units used Unit cost 21,000 21,000 $3.70 22,000 Direct labor Hours worked Hourly rate 3,450 $11.50 3,600 $12.00 Manufacturing overhead $94,800 Incurred Applied $100,800 Manufacturing overhead was applied on the basis of direct labor hours, Normal capacity for the month was 3,400 direct labor hours. At normal capacity, budgeted overhead costs were $16 per labor hour variable and $12 per labor hour fixed. Total budgeted fixed over- head costs were $40,800. Jobs finished during the month were sold for $270,000. Selling and administrative expenses were $20,000. Instructions (a) Compute all of the variances for (1) direct materials and (2) direct labor (b) Compute the total overhead variance. (c) Prepare an income statement for management. (Ignore income taxes.) a) LQV $1,800 F P11-3B Zimmerman Clothiers manufactures women's business suits. The company uses Compute and identify a standard cost accounting system. In March 2016, 15,700 suits were made. The following significant variances. standard and actual cost data applied to the month of March when normal capacity was (LO 2,3, 4), AN 20,000 direct labor hours. All materials purchased were used in production.Explanation / Answer
Problem: P11-3B Standard Cost: Qty Rate Amt Direct Material 5.00 6.75 33.75 Direct Labor 1.00 11.45 11.45 Variable OH 1.00 3.15 3.15 Fixed OH 1.00 6.25 6.25 54.60 Standard Cost for Actual Production: 15700 Actual Cost for Actual Production: 15700 Qty Rate Amt Qty Rate Amt Direct Material 78,500 6.75 529875 Direct Material 76,000 7.20 547200 Direct Labor 15,700 11.45 179765 Direct Labor 14,800 11.20 165760 Variable OH 15,700 3.15 49455 Variable OH 14,800 3.31 49000 Fixed OH 15,700 6.25 98125 Absorbed Fixed OH 120000 857220 881960 Material Variance: Labor Variance: Total (Standard Cost-Actual Cost) Total (Standard Cost-Actual Cost) (529875-547200) (179765-165760) -17325 Adverse 14005 Favourable Price (SP-AP)*AQ Price (SP-AP)*AH (6.75-7.20)*76000 (11.45-11.20)*14800 -34200 Adverse 3700 Favourable Quantity (SQ-AQ)*SP Quantity (SQ-AQ)*SP (78500-76000)*6.75 (15700-14800)*11.45 16875 Favourable 10305 Favourable Total Overhead Variance: Variable OH (Standard Cost-Actual Cost) (49455-49000) 455 Favourable Fixed OH (Absorbed FOH-Actual Fixed OH) (98125-120000) -21875 Adverse Total -21420 Adverse List of Variances: Material: Variance Type Standard Cost % Price -34200 Adverse 513000 -6.67% Significant Investigation Needed (6.75*76000) Quantity 16875 Favourable - - Labor: Variance Price 3700 Favourable - - Quantity 10305 Favourable - - Only Adverse variance are need investigation
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.