Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $5.00 per pound) Direct labor (1.8 hours @ $11.00 per hour) Overhead (1.8 hours @ $18.50 per hour) Standard cost per unit The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials Indirect labor Power Maintenance. Total variable overhead costs Fixed overhead costs. Depreciation-Building Depreciation-Machinery Taxes and insurance. Supervisory salaries Total fixed overhead costs Total overhead costs. Indirect materials Indirect labor Power Maintenance $ 15,000 75,000 15,000 30,000 135,000 Depreciation-Building Depreciation-Machinery. Taxes and insurance Supervisory salaries Total costs $15.00 19.80 33.30 $ 68.10 25,000 71,000 18,000 250,500 364,500 $ 499,500 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (46,500 pounds @ $5.20 per pound) Direct labor (20,000 hours @ $11.10 per hour) Overhead costs $ 41,550 176,800 17,250 34,500 25,000 95,850 16,200 250,500 $ 241,800 222,000 657,650 $ 1,121,450 ences 4. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Expected production volume Production level achieved Volume Variance Variable overhead costs Fixed overhead costs Total overhead costs Volime Varianna ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Flexible Budget Actual Results Variances Favorable/Unfavorable Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $5.00 per pound) Direct labor (1.8 hours @ $11.00 per hour) Overhead (1.8 hours @ $18.50 per hour) Standard cost per unit The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials Indirect labor Power Maintenance. Total variable overhead costs Fixed overhead costs. Depreciation-Building Depreciation-Machinery Taxes and insurance. Supervisory salaries Total fixed overhead costs Total overhead costs. Indirect materials Indirect labor Power Maintenance $ 15,000 75,000 15,000 30,000 135,000 Depreciation-Building Depreciation-Machinery. Taxes and insurance Supervisory salaries Total costs $15.00 19.80 33.30 $ 68.10 25,000 71,000 18,000 250,500 364,500 $ 499,500 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (46,500 pounds @ $5.20 per pound) Direct labor (20,000 hours @ $11.10 per hour) Overhead costs $ 41,550 176,800 17,250 34,500 25,000 95,850 16,200 250,500 $ 241,800 222,000 657,650 $ 1,121,450 ences 4. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Expected production volume Production level achieved Volume Variance Variable overhead costs Fixed overhead costs Total overhead costs Volime Varianna ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Flexible Budget Actual Results Variances Favorable/Unfavorable
Expert Answer:
Answer rating: 100% (QA)
Req 1 Req 2 Req 3 Req 4 SalesIn Units Variable Cost Indirect Material Indirect Labor Power Repairs a... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Kryll Company set the following standard costs per unit for its single product. Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80%...
-
Trini Company set the following standard costs per unit for its single product. Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80%...
-
Green Company has set the following standard costs per unit for the product it manufactures. Direct materials (15 Ibs. @ $3.90 per Ib.) . . . . . . $ 58.50 Direct labor (4 hrs. @ $18 per hr.) . . . ....
-
Power Company acquired 80 percent of Solar Company's outstanding common stock for $200,000 cash on January 2, 2021. The two companies continued to operate as separate entities after the combination....
-
1. From what blood types can a person with type A blood receive donations? 2. From what blood types can a person with type B+ blood receive donations? 3. What are the consequences if an incompatible...
-
A spaceship lifts off vertically with constant acceleration and reaches a speed of \(300 \mathrm{~km} / \mathrm{h}\) in \(1.0 \mathrm{~min}\). What are the ship's (a) average acceleration, \((b)\)...
-
A six cylinder four stroke petrol engine develops \(300 \mathrm{~kW}\) (BP) at \(2500 \mathrm{rpm}\). The stroke to bore ratio is 1.25. The mean effective pressure on each piston is 9 bar and...
-
Lynden Company has the following balances in its general ledger as of June 1 of this year: a. FICA Taxes Payable (liability for May), $ 1,719.40 (total for employee and employer). b. Employees...
-
Suppose a company incurs the following costs: Labor $800 Equipment $400 Materials $300 It owns the building, so it doesnt have to pay the usual $900 in rent. (a) What is the total accounting cost?...
-
Ariana and Nicholas Peterson are about to construct their income and expense statement for the year ending December 31, 2020. They have put together the following income and expense information for...
-
A curve for which y" = x passes through the point (1,-1) with a slope of. Find the value of constant of integration C,. c. . 2 1 . 1 D. 2 MIN
-
Assume a system where the patients arrive at the registration desk of a clinic. The system is M/M/1 with the following input: Patient Arrival Time (in minutes) Service Time (in minutes) 1 0 2 2 3 5 2...
-
Zakaria is the Marketing Manager of the Gumbo Electronics showroom in Dubai. Gumbo electronics sold all kinds of electronic products such as TV's, Computers, Music system etc. Zakaria was given an...
-
On January 1 , 2 0 2 0 , Abbey acquires 9 0 percent of Benjamin's outstanding shares. Financial information for these two companies for the years 2 0 2 0 and 2 0 2 1 follows ( credit balances...
-
The top of a ramp is 5 meters above ground level. The distance a person must travel to get to the bottom of the ramp is 13 meters. What is the horizontal length of the base of the ramp?
-
the volume, V of a cylinder is given by V = r 2 h . Suppose a cylinder is 3.00 cm tall and has a diameter of 5.6. Calculate the volume of the cylinder
-
((a+b) (a + b) (b + a))* is a regular expression of language with strings of even lengths O all strings over {a,b} O odd lengths even-even
-
What key concerns must functional tactics address in marketing? Finance? POM? Personnel?
-
Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of $67,566. The general ledger Cash account, No. 101,...
-
Apple and Samsung make smartwatches. Assume the following data for each company for a recent week. 1. Compute yield for the current week for both Apple and Samsung. Which companys process...
-
At the beginning of the year, Pavelka Companys manager estimated total direct labor cost to be $1,500,000. The manager also estimated the following overhead costs for the year. For the year, the...
-
Figure 4 shows a scatterplot for the variables life expectancy and infant mortality in 16 countries. What type of correlation does it show? Does this correlation make sense? Does it imply causality?...
-
Figure 5 shows a scatterplot for the variables number of farms and mean farm size in the United States. Each dot represents data from a single year between 1950 and 2000; on this diagram, the earlier...
-
The scatterplots in Figure 6 show two weeks of data comparing the actual high temperature for the day with the same-day forecast (part a) and the three-day forecast (part b). Estimate the correlation...
Study smarter with the SolutionInn App