Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 9.00

Filano Corp.

Filano Corp. has the following standards for one unit of product:

Direct material: 80 pounds X $6

$480

Direct labor: 3 hours X $16 per hour

48

Variable overhead: 1.5 hours of machine time X $50 per hour

75

Fixed overhead: 1.5 hours of machine time X $30 per hour

45

The predetermined OH rates were developed using a practical capacity of 6,000 units per year. Production is assumed to occur evenly throughout the year.

During May 2010, the company produced 525 units. Actual data for May 2010 are as follows:

Direct material purchased: 45,000 pounds X $5.92 per pound

Direct material used: 43,020 pounds (all from May’s purchases)

Total labor cost: $24,955 for 1,550 hour

Variable overhead incurred: $43,750 for 800 hours of machine time

Fixed overhead incurred: $22,800 for 800 hours of machine time

Required:

a. Calculate the following:

1. Material price variance based on purchases

2. Material quantity variance

3. Labor rate variance

4. Labor efficiency variance

5. Variable overhead spending and efficiency variances

6. Fixed overhead spending and volume variances

7. Overhead variances using a three-variance approach

8. Overhead variances using a two-variance approach

9. Overhead variance using a one-variance approach

b. Record the entries to recognize the variances.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 01:09 PM My Price 9.00

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