Required information [The following information applies to the questions displayed below.] Preble Company manufactures one product....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Required information [The following information applies to the questions displayed below.] Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $10 per pound Direct labor: 4 hours at $14 per hour Variable overhead: 4 hours at $4 per hour. Total standard cost per unit $ 50 56 16 $122 The planning budget for March was based on producing and selling 29,000 units. However, during March the company actually produced and sold 34,200 units and incurred the following costs: a. Purchased 180,000 pounds of raw materials at a cost of $9.50 per pound. All of this material was used in production. b. Direct laborers worked 74,000 hours at a rate of $15 per hour. c. Total variable manufacturing overhead for the month was $440,300. 5. If Preble had purchased 189,000 pounds of materials at $9.50 per pound and used 180,000 pounds in production, what would be the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values. Do not round intermediate calculations.) Materials price variance 6. If Preble had purchased 189,000 pounds of materials at $9.50 per pound and used 180,000 pounds in production, what would be the materials quantity variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values. Do not round intermediate calculations.) Materials quantity variance 7. What direct labor cost would be included in the company's planning budget for March? Direct labor cost 8. What direct labor cost would be included in the company's flexible budget for March? Direct labor cost Required information [The following information applies to the questions displayed below.] Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $10 per pound Direct labor: 4 hours at $14 per hour Variable overhead: 4 hours at $4 per hour. Total standard cost per unit $ 50 56 16 $122 The planning budget for March was based on producing and selling 29,000 units. However, during March the company actually produced and sold 34,200 units and incurred the following costs: a. Purchased 180,000 pounds of raw materials at a cost of $9.50 per pound. All of this material was used in production. b. Direct laborers worked 74,000 hours at a rate of $15 per hour. c. Total variable manufacturing overhead for the month was $440,300. 5. If Preble had purchased 189,000 pounds of materials at $9.50 per pound and used 180,000 pounds in production, what would be the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values. Do not round intermediate calculations.) Materials price variance 6. If Preble had purchased 189,000 pounds of materials at $9.50 per pound and used 180,000 pounds in production, what would be the materials quantity variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values. Do not round intermediate calculations.) Materials quantity variance 7. What direct labor cost would be included in the company's planning budget for March? Direct labor cost 8. What direct labor cost would be included in the company's flexible budget for March? Direct labor cost
Expert Answer:
Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
Posted Date:
Students also viewed these accounting questions
-
Source and Reference Question Ford 10 K Toyota 20 F 1c Calculate and compare cycle specific ratios for example property plant and equipment total assets that you deem relevant for Ford and Toyota...
-
How does the statement of cash flows under GASB standards differ from the statement of cash flows under FASB standards?
-
The statement of cash flows for Rowe Furniture Corporation is shown below. Based in Salem, Virginia, the firm manufactures upholstered household furniture including sofas, sofa beds, and chairs....
-
If you deposit $2,000 today into an account earning an annual rate of return of 9 percent, what would your account be worth In 30 years? a. If you deposit $2, 000 today into an account earning an...
-
Operating Activities Section, Direct Method. Pollys Imported Goods, Ltd. recently issued its annual report for the current year. Pollys comparative balance sheets for the current year are presented...
-
The accounts of Wing Telecom Fundamentals at March 31, 2014, are listed in alphabetical order here. Required 1. All adjustments have been journalized and posted, but the closing entries have not yet...
-
The fugacity co-efficient of a substance is the ratio of its fugacity to the (a) Mole fraction (c) Pressure (b) Activity (d) Activity co-efficient.
-
Abardeen Corporation borrowed $90,000 from the bank on October 1, 2016. The note had an 8percent annual rate of interest and matured on March 31, 2017. Interest and principal were paid in cash on the...
-
A two-dimensional array consists of patients' names and IDs in a private clinic is given in Figure 4. Replace "YourName" and "YourStudentNumber" with your particulars. data[9][2] {"YourName",...
-
What type of web server is sending packet/frame 280 of the capture? 2. What type of HTTP Status Code is the web server in packet/frame 314 sending? Google the error and provide a quote summarizing...
-
Which of the following is a differentiated product? A) A hamburger B) A shirt C) An automobile D) All of the above are differentiated products.
-
What are the challenges and risks associated with ethical leadership in politically charged environments, and how can leaders navigate these complexities while maintaining a clear commitment to...
-
Phillips Company bought 40 percent ownership in Jones Bag Company on January 1, 20X1, at underlying book value. During the period of January 1, 20X1, through December 31, 20X3, the market value of...
-
Evaluate the function f(x) for the indicated values of x, if possible. Then find the domain of f f(x)=3x-x+1; x= -2, -4
-
Variable Overhead Week 1 Week 2 Week 3 Week 4 Total Budget Utilities $961 $1,138 $854 $776 $3,730 $4,000 Supplies $3,189 $3,413 $2,477 $2,643 $11,721 $12,000 Support Wages $4,464 $4,010 $3,136 $2,295...
-
Use the commutative and/or associative properties to simplify. 2 21 ( 3 P)
-
The half-life of a substance is the amount of time it takes for half of the substance to remain. If the initial amount of the substance is mo and the half- life is h, then the amount of the substance...
-
Determine the center and radius of each circle. Sketch each circle. 4x 2 + 4y 2 9 = 16y
-
You are aware that GAAP require expenditures for research and development to be charged to expense when incurred. This implies that such expenditures do not provide any benefit to future accounting...
-
Imelda is making equal-sized monthly payments of $288 on her car loan. She has only 18 payments left. Each month, the portion of her payment that goes to pay interest and the portion that goes to...
-
The numbers below are from the records of two small local restaurants. What do these numbers tell you about the operating strategy for each restaurant? What could each do to improve its return...
-
Briefly explain the connections between values such as effort optimism, utilitarian individualism, and the American economic system. Throughout this chapter, we have identified culture as something...
-
Do you speak a language other than English as a first language? If so, do you want your children and grandchildren to speak that language? In the United States, the tools of government and education...
-
If English is your first language, did your parents or grandparents speak a different first language? How do you feel about your ability (or lack of ability) in that language? In the United States,...
Study smarter with the SolutionInn App