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STANDARD COSTS homework questions




Question;BE 191;Seven;Manufacturing Corporation uses both standards and budgets. The company;estimates that production for the year will be 100,000 units of Product Fast.;To produce these units of Product Fast, the company expects to spend $600,000;for materials and $800,000 for labor.;Instructions;Compute the estimates for (a) a standard cost and;(b) a budgeted cost.;BE 192;Labor data for;making one pound of finished product in Curling Co. are as follows: (1);Price?hourly wage rate $11.00, payroll taxes $1.80, and fringe benefits $1.20.;(2) Quantity?actual production time 1.1 hours, rest periods and clean up 0.25;hours, and setup and downtime 0.15 hours.;Instructions;Compute the;following.;(a) Standard direct labor;rate per hour.;(b) Standard direct labor;hours per pound.;(c) Standard cost per pound.;BE 193;During March, Patt;Inc. purchases and uses 8,800 pounds of materials costing $35,640 to make 4,000;tiles. Patt?s standard material cost per tile is $8 (2 pounds of material? $4.00).;Instructions;Compute the total, price, and quantity material;variances for Patt, Inc. for March.;BE 194;During January, Ajax;Co. incurs 1,850 hours of direct labor at an hourly cost of $11.80 in producing;1,000 units of its finished product. Ajax standard labor cost per unit of;output is $22;(2 hours x $11.00).;Instructions;Compute the total, price, and quantity labor;variances for Ajax Co. for January.;BE 195;In October, Glazier Inc. reports 42,000;actual direct labor hours, and it incurs $194,000 of manufacturing overhead;costs. Standard hours allowed for the work done is 40,000 hours. Glazier?s;predetermined overhead rate is $5.00 per direct labor hour.;Instructions;Compute the total manufacturing overhead;variance.;Solution 195 (2 min.);aBE 196;Overhead data for Glazier Inc. are given in;BE 195. In addition, the flexible manufacturing overhead budget shows that;budgeted costs are $3.80 variable per direct labor hour and $60,000 fixed.;Instructions;Compute the manufacturing overhead;controllable variance.;aBE 197;Using the data in BE 195 and BE 196, compute;the manufacturing overhead volume variance.;Normal capacity was 50,000 direct labor hours.;aBE 198;Jet Industries;purchased 6,000 units of raw material on account for $17,600, when the standard;cost was $18,000. Later in the month, Jet;Industries issued 5,600 units of raw materials for production, when the;standard units were 5,800.;Instructions;Journalize the transactions for Jet Industries to;account for this activity.;A;aBE 199;Pedra, Inc.;incurred direct labor costs of $54,000 for 6,000 hours. The standard labor cost;was $55,200. During the month, Pedra assigned 6,000 direct labor hours costing;$54,000 to production. The standard;hours were 6,200.;Instructions;Journalize the transactions for Pedra, Inc. to;account for this activity.;aBE 200;Manufacturing overhead data for the production;of Product B by North Bank, Inc. are as follows.;Overhead incurred for 69,000;actual direct labor hours worked $206,000;Overhead rate (variable $2.00;fixed $1.00) at normal capacity of;72,000;direct labor hours $3.00;Standard hours allowed for work;done 69,000;Instructions;Compute the controllable and volume overhead;variances.


Paper#41724 | Written in 18-Jul-2015

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