Kropf Incorporated has provided the following data concerning one of the products in its standard cost...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Kropf Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead Standard Quantity or Hours per Unit of Output 8.20 liters 0.50 hours 0.50 hours Standard Price or Rate $ 7.80 per liter $29.70 per hour $ 6.70 per hour The company has reported the following actual results for the product for September: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost Required: a. Compute the materials price variance for September. 10,400 units 87,800 liters $ 690,500 85,310 liters 4,700 hours $ 145,302 b. Compute the materials quantity variance for September. c. Compute the labor rate variance for September. d. Compute the labor efficiency variance for September. $ 27,414 e. Compute the variable overhead rate variance for September. f. Compute the variable overhead efficiency variance for September. Kropf Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead Standard Quantity or Hours per Unit of Output 8.20 liters 0.50 hours 0.50 hours Standard Price or Rate $ 7.80 per liter $29.70 per hour $ 6.70 per hour The company has reported the following actual results for the product for September: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost Required: a. Compute the materials price variance for September. 10,400 units 87,800 liters $ 690,500 85,310 liters 4,700 hours $ 145,302 b. Compute the materials quantity variance for September. c. Compute the labor rate variance for September. d. Compute the labor efficiency variance for September. $ 27,414 e. Compute the variable overhead rate variance for September. f. Compute the variable overhead efficiency variance for September.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Problem 3.6.1 Given the random variable Y in Problem 3.4.1, let U = g(Y) = Y2. (a) Find Pu(u). (b) Find Fu(u). (c) Find E[U].
-
Listed below are items that may relate to property, plant, and equipment. 1. Purchase price of a machine 2. Delinquent property taxes 3. Interest on debt used to purchase equipment 4. Sales taxes...
-
David Anderson has been working as a lecturer at Michigan State University for the last three years. He teaches two large sections of introductory accounting every semester. While he uses the same...
-
For the most part, chairs change regularly, but the chief executive stays in place for a longer period of time. How can this situation affect the dynamics of the two positions?
-
The following adjusted revenue and expense accounts appeared in the accounting records of Pashi, Inc., an accrual basis taxpayer, for the year ended December 31, Year 2. Revenues Net sales $3,000,000...
-
Here are the percentage returns on two stocks. Month Digital Cheese Executive fruit january 15% 7% february -3 1 march 5 4 april 7 13 may -4 2 june 3 5 july -2 -3 august -8 -2 a-1. Calculate the...
-
Quiz 6 (Round answer to two decimal places) A 10 kg disc is released from rest. Determine the angular velocity of disc after 2 s if the coefficient of kinetic friction between the disk and the...
-
Recent Merger and Acquisition (M&A) Activities, Evaluate the effect of interest rates and time value of money by presenting a summary of recent M&A activities for Verizon & A&Ts. Summary should...
-
A risk-free, zero-coupon bond with a face value of $5,000 has 10 years to maturity. If the YTM is 4.5%, what price is this bond will trade at?
-
2 2 . Where do you enter the employee default deductions? 2 3 . What linked accounts must you set up for import duties? 2 4 . How does historical payroll information affect the employees T 4 ? 2 5 ....
-
Gwen is a real estate agent, and she knows that she will have some good years and some bad years. She figures that half the time she'll earn $90,000 per year, and half the time she'll earn $20,000...
-
Suppose at a particular restaurant you have 6 choices for an appetizer, 1 choices for a main course, and 2 choices for dessert. If you are allowed to choose exactly one item from each category for...
-
you have used the companys estimated cost of capital of 10%. The other directors are familiar with this term but do not understand where the 10% comes from. In order to demonstrate this, you look at...
-
Four GWU students have been selected to taste food sold by 3 different food trucks labeled as food truck A, B and C on H & 22nd Streets every Monday for 3-weeks. For each student, food trucks are...
-
How do we know whether the monopolist is making a profit?
-
How does the monopolist decide what output to produce?
-
How do we know whether the monopolist is incurring a loss?
Study smarter with the SolutionInn App