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The New Chrome Web Store Person Collections 8:34 Flexible-budget variances, review of Chapters 7 and 80. En Williams is a cost accountant and business analyst for Diamond Design Company (DDC), which manufactures expensive brass doorknobs DDC uses two direct cost categones direct materials and direct manufacturing labor Williams feels that manufacturing overhead is most closely related to material usage. Therefore, DDC allocates manufacturing overhead to production based upon pounds of materials used At the beginning of 2017, DDC budgeted annual production of 420 000 doorknobs and adopted the following standards for each doorknob Input Cost/Doorknob Direct materials (brass) 03 lb. @$10/1b. $ 3.00 Direct manufacturing labor 1.2 hours @$17/hour 20.40 Manufacturing overhead: Variable $5/lb. X 0.3 lb. 1.50 Fixed $15/lb. X 0.3 lb. 4.50 Standard cost per doorknob $29.40 e The s the Actual results for April 2017 were as follows Production Direct materials purchased Direct materials used Direct manufacturing labor Variable manufacturing overhead Fixed manufacturing overhead 29,000 doorknobs 12,400 lb. at $11/lb. 8,500 lbs. 29,200 hours for $671,600 $ 65,100 $158,000 A For the month of April, compute the following vanances indicating whether each is favorable (F) or unfavorable (U) Required a Direct materials price variance (based on purchases) b Direct materials efficiency variance c Direct manufacturing labor price variance d Direct manufacturing labor efficiency variance 2/4/2/0/6/0/2/6/200421 Chrome Web Store P Panton Collections Manufacturing overhead: Variable Fixed Standard cost per doorknob $5/1b. X 0.3 lb. $15/1b. X 0.3 lb. 4.50 $29.40 Actual results for April 2017 were as follows Production Direct materials purchased Direct materials used Direct manufacturing labor Variable manufacturing overhead Fixed manufacturing overhead 29,000 doorknobs 12,400 lb. at $11/1b. 8,500 lbs. 29,200 hours for $671,600 $ 65,100 S158,000 The A For the month of April, compute the following variances indicating whether each is favorable (F) or unfavorable (U) Required a Direct materials price variance (based on purchases) b. Direct materials efficiency vanance c. Direct manufacturing labor price variance d. Direct manufacturing labor efficiency variance e Variable manufacturing overhead spending variance 1 Vanable manufacturing overhead efficiency variance g Production-volume variance h Fixed manufacturing overhead spending vanance B Can Williams use any of the variances to help explain any of the other variances? Give examples 8 Aa 90 The New Chrome Web Store Person Collections 8:34 Flexible-budget variances, review of Chapters 7 and 80. En Williams is a cost accountant and business analyst for Diamond Design Company (DDC), which manufactures expensive brass doorknobs DDC uses two direct cost categones direct materials and direct manufacturing labor Williams feels that manufacturing overhead is most closely related to material usage. Therefore, DDC allocates manufacturing overhead to production based upon pounds of materials used At the beginning of 2017, DDC budgeted annual production of 420 000 doorknobs and adopted the following standards for each doorknob Input Cost/Doorknob Direct materials (brass) 03 lb. @$10/1b. $ 3.00 Direct manufacturing labor 1.2 hours @$17/hour 20.40 Manufacturing overhead: Variable $5/lb. X 0.3 lb. 1.50 Fixed $15/lb. X 0.3 lb. 4.50 Standard cost per doorknob $29.40 e The s the Actual results for April 2017 were as follows Production Direct materials purchased Direct materials used Direct manufacturing labor Variable manufacturing overhead Fixed manufacturing overhead 29,000 doorknobs 12,400 lb. at $11/lb. 8,500 lbs. 29,200 hours for $671,600 $ 65,100 $158,000 A For the month of April, compute the following vanances indicating whether each is favorable (F) or unfavorable (U) Required a Direct materials price variance (based on purchases) b Direct materials efficiency variance c Direct manufacturing labor price variance d Direct manufacturing labor efficiency variance 2/4/2/0/6/0/2/6/200421 Chrome Web Store P Panton Collections Manufacturing overhead: Variable Fixed Standard cost per doorknob $5/1b. X 0.3 lb. $15/1b. X 0.3 lb. 4.50 $29.40 Actual results for April 2017 were as follows Production Direct materials purchased Direct materials used Direct manufacturing labor Variable manufacturing overhead Fixed manufacturing overhead 29,000 doorknobs 12,400 lb. at $11/1b. 8,500 lbs. 29,200 hours for $671,600 $ 65,100 S158,000 The A For the month of April, compute the following variances indicating whether each is favorable (F) or unfavorable (U) Required a Direct materials price variance (based on purchases) b. Direct materials efficiency vanance c. Direct manufacturing labor price variance d. Direct manufacturing labor efficiency variance e Variable manufacturing overhead spending variance 1 Vanable manufacturing overhead efficiency variance g Production-volume variance h Fixed manufacturing overhead spending vanance B Can Williams use any of the variances to help explain any of the other variances? Give examples 8 Aa 90