About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:

Algebra,Applied Sciences See all

Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all

Teaching Since:	May 2017
Last Sign in:	402 Weeks Ago, 6 Days Ago
Questions Answered:	66690
Tutorials Posted:	66688

Education

MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011

Experience

Professor
Phoniex University
Oct-2001 - Nov-2016

Category > Accounting Posted 13 Aug 2017 My Price 14.00

efficiency variance

Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below:

	Standard Quantity or Hours	Standard Price or Rate	Standard Cost
Direct materials	?	$6.00 per yard	$ ?
Direct labor	?	?	?
Variable manufacturing overhead	?	$2 per direct labor-hour	?

Total standard cost			$?

Overhead is applied to production on the basis of direct labor-hours. During March, 770 backpacks were manufactured and sold. Selected information relating to the month’s production is given below:

	Materials Used	Direct Labor	Variable Manufacturing Overhead
Total standard cost allowed*	$18,480	$16,016	$2,464
Actual costs incurred	$16,000	?	$3,460
Materials price variance	?
Materials quantity variance	$ 720 U
Labor rate variance		?
Labor efficiency variance		?
Variable overhead rate variance			?
Variable overhead efficiency variance			?

*For the month's production.

The following additional information is available for March’s production:


Actual direct labor-hours	1,330
Standard overhead rate per direct labor-hour	$2.00
Difference between standard and actual cost per backpack produced during March	$0.10	F

Required:

1.	What is the standard cost of a single backpack?

2.	What was the actual cost per backpack produced during March? (Round your answers to 2 decimal places.)

3.	How many yards of material are required at standard per backpack?

4.	What was the materials price variance for March if there were no beginning or ending inventories of materials? (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

5.	What is the standard direct labor rate per hour?

6.	What was the labor rate variance for March? The labor efficiency variance? (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance))

7.	What was the variable overhead rate variance for March? The variable overhead efficiency variance? (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance))

8.	Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.)

Answers

Maurice Tutor

(5)

Status NEW Posted 13 Aug 2017 09:08 PM My Price 14.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll

Not Rated(0)

Buy Answer

Relevent Questions

Hire Dedicated Virtual Team / Business Solution for SMEs.