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Cabot Company collected the following data regarding 1.Cabot Company collected the following data regarding production of one of its products. Compute the Direct labor standard (2 hrs. @ $13/hr.) $26 per finished unit Actual direct labor hours 81,000 hrs. Budgeted units 42,000 units Actual finished units produced 40,000 units Standard variable OH rate (2hrs.@ $14.30/hr.) $28.60 per finished unit Standard fixed OH rate ($336,000/ ...

Other / Other 12 Apr 2016

Calais Company's fixed budget for the first quarter of the calendar year 1.Chips Co. assigned direct labor cost to its products in May for 1,300 standard hours of direct labor at the standard $8 per hour rate. The direct labor rate variance for the month was $200 favorable and the direct labor efficiency variance was $150 favorable. Prepare the journal entry to charge Goods in Process Inventory for the standard labor cost of the good ...

Other / Other 12 Apr 2016

What is the total labor cost variance for Job 1.Jacques Company planned to use 18,000 pounds of material costing $2.50 per pound to make 4,000 units of its product. In actually making 4,000 units, the company used 18,800 pounds that cost $2.54 per pound. Calculate the direct materials quantity variance. 2.Job #305 was budgeted to require 3.5 hours of labor at $11.00 per hour. However, it was completed in 3 hours by a person who ...

Other / Other 12 Apr 2016

Fairfield Co. collected the following information 1.Fairfield Co. collected the following information about its production activities for the current year. a. Compute the direct materials price and quantity variances and indicate whether each is favorable or unfavorable. b. Prepare the journal entry to record the issuance of direct materials into production. Actual costs and quantities: Direct materials used 95,000 lbs. @ $6.30 per l ...

Other / Other 12 Apr 2016

Briefly describe the procedure of management 1.Briefly describe the procedure of management by exception. 2.Identify and explain the primary differences between fixed and flexible budgets. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help ...

Other / Other 12 Apr 2016

Bok Company's output for the current period 1. When standard manufacturing costs are recorded in the accounts and the cost variances are immaterial at the end of the accounting period, the cost variances should be: A. Carried forward to the next accounting period. B. Allocated between cost of goods sold, finished goods, and goods in process. C. Closed to cost of goods sold. D. Written off as a selling expense. E. Ignored. 2. Land ...

Other / Other 12 Apr 2016

A report based on predicted amounts of revenues 1. Standard costs are used in the calculation of: A. Price and quantity variances. B. Price variances only. C. Quantity variances only. D. Price, quantity, and sales variances. E. Quantity and sales variances. 2. A company provided the following direct materials cost information. Compute the cost Standard costs assigned: Direct materials standard cost (405,000 units @ $2/units) $810 ...

Other / Other 12 Apr 2016

A company uses the following standard costs to produce a single unit 1. The standard materials cost to produce 1 unit of Product M is 6 pounds of material at a standard price of $50 per pound. In manufacturing 8,000 units, 47,000 pounds of material were used at a cost of $51 per pound. What is the total direct materials cost variance? A. $48,000 unfavorable. B. $51,000 favorable. C. $51,000 unfavorable. D. $3,000 favorable. E. $3,0 ...

Other / Other 12 Apr 2016

A company uses the following standard costs 1. A company uses the following standard costs to produce a single unit of Direct materials 6 pounds at $0.90 per pound = $5.40 Direct labor 0.5 hour at $ 12.00 per hour = $ 6.00 Manufacturing overhead 0.5 hour at $ 4.80 per hour = $ 2.40 output. During the latest month, the company purchased and used 58,000 pounds of direct materials at a price of $1.00 per pound to produce 10,000 uni ...

Other / Other 12 Apr 2016

A favorable direct materials price variance 1. The purchasing department is often responsible for the price paid for materials that may create a direct materials price variance. True False 2. A direct labor cost variance may be broken down into a controllable variance and a volume variance. True False 3. When the actual cost of direct materials used exceeds the standard cost, the company must have experienced an unfavorable direct m ...

Other / Other 12 Apr 2016