will thumbs up posting pt2 in a new question Data table Standards: Direct material 40 pounds per batch at $5.00 per pound Direct labor 3.0 hours per batch at $14.00 per hour Variable MOH standard rate $3.00 per direct labor hour Predetermined fi1 answer

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Standards: Direct material 40 pounds per batch at $5.00 per pound Direct labor 3.0 hours per batch at $14.00 per hour Variable MOH standard rate $3.00 per direct labor hour Predetermined fixed MOH standard rate $5.00 per direct labor hour Total budgeted fixed MOH cost $1,550 Purchased 3,120 pounds at a cost of $4.70 per pound Used 2,500 pounds in producing 60 batches Actual direct labor cost of $2,738 at an average direct labor cost per hour of $14.80 Actual variable MOH $666 Actual fixed MOH $1,850 Requirement 2c. Calculate the variable manufacturing overhead variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) First, determine the formula for the rate variance, then compute the rate variance for variable manufacturing overhead. Variable overhead rate variance Now compute the variable manufacturing overhead efficiency variance. First determine the formula for the efficiency variance, then compute the efficiency variance for variable manufacturing overhead. Variable overhead efficiency variance *( Requirement 2d. Calculate the fixed manufacturing overhead variances. (Enter the variances as positive numbers. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: MOH = Manufacturing overhead) Begin by computing the fixed manufacturing overhead budget variance. First determine the formula for the budget variance, then compute the budget variance for fixed manufacturing overhead. Fixed MOH = budget variance Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volume variance for fixed manufacturing overhead. = Fixed MOH volume variance Requirement 3. Have the company s managers done a good job or a poor job controlling materials, labor and overhead costs? Why or why not? Overall, the managers have done a have job of controlling materials, labor, and overhead costs. This is evidenced by the fact that they Requirement 4. Describe how the company s managers can benefit from the standard costing system. (If an input field is not used in the table, leave the input field empty; do not select a label.) The following are benefits of a standard costing system: Do you think the company should continue with the standard cost system? The company Standards: Direct material 40 pounds per batch at $5.00 per pound Direct labor 3.0 hours per batch at $14.00 per hour Variable MOH standard rate $3.00 per direct labor hour Predetermined fixed MOH standard rate $5.00 per direct labor hour Total budgeted fixed MOH cost $1,550 Purchased 3,120 pounds at a cost of $4.70 per pound Used 2,500 pounds in producing 60 batches Actual direct labor cost of $2,738 at an average direct labor cost per hour of $14.80 Actual variable MOH $666 Actual fixed MOH $1,850 Requirement 2c. Calculate the variable manufacturing overhead variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) First, determine the formula for the rate variance, then compute the rate variance for variable manufacturing overhead. Variable overhead rate variance Now compute the variable manufacturing overhead efficiency variance. First determine the formula for the efficiency variance, then compute the efficiency variance for variable manufacturing overhead. Variable overhead efficiency variance *( Requirement 2d. Calculate the fixed manufacturing overhead variances. (Enter the variances as positive numbers. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: MOH = Manufacturing overhead) Begin by computing the fixed manufacturing overhead budget variance. First determine the formula for the budget variance, then compute the budget variance for fixed manufacturing overhead. Fixed MOH = budget variance Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volume variance for fixed manufacturing overhead. = Fixed MOH volume variance Requirement 3. Have the company s managers done a good job or a poor job controlling materials, labor and overhead costs? Why or why not? Overall, the managers have done a have job of controlling materials, labor, and overhead costs. This is evidenced by the fact that they Requirement 4. Describe how the company s managers can benefit from the standard costing system. (If an input field is not used in the table, leave the input field empty; do not select a label.) The following are benefits of a standard costing system: Do you think the company should continue with the standard cost system? The company

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Actual Actual Standard Variable overhead 20 labor hours rate rate rate variance X 666185 185 ... View the full answer