Maurice Tutor

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Category > Management Posted 13 Jan 2018 My Price 10.00

headphone cases

SmartSound manufacturers headphone cases. During September 2011, the company produced 105,000
cases and recorded the following data:
Standard Cost Information:
Quantity Price
Direct materials 2 parts 0.15 per part
Direct labor 0.02 hours 9.00 per hour
Variable manufacturing overhead 0.02 hours 9.00 per hour
Fixed manufacturing overhead ($28,500 for static budget volume of 95,000 units and 1,900 hours, or $ 15 per hour)
Actual Information:
Direct materials (235,000 parts @ $0.20 per part= $47,000
Direct labor (1,700 hours @ $9.15 per hour=$15,555
Manufacturing overhead $61,000

Price variance for Direct Material = Actual Qty x (Actual price - standard price)

= 235,000 x (0.20 - 0.15)

= 11,750 (unfavorable)

Price variance for Direct Labour = Actual Hours x ( Actual rate - standard rate)

= 1700 x (9.15 - 9.00)

= 255 (unfavorable)

Usage (Efficiency) variance for Direct Material = Standrard Price x (Actual qty - Standard qty)

= 0.15 x (235000 - 105000 * 2 )

= 3,750 (unfavorable)

Efficiency variance for Direct Labour = Standard rate x (Actual hours - Standard hours)

= 9 x (1700 - 105000 * 0.02)

= 3,600 (favourable)

Total Manufacturing Variance = Actual overhead - Absorbed overhead

= 61,000 - ( 28,500 fixed + 18,900 variable)

= 13,600 (unfavorable)

Production volume variance = Budgeted overhead rate x ( Actual production - Budgeted production)

= 0.48 [(28500 fixed + variable 17100) / 95000] x (105000 - 95000)

= 4,800 (favorable)

Prepare a standard cost income statement through gross profit to report all variances to management.
Sale price of the headset cases was $1.50 each

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Jan 2018 07:01 PM My Price 10.00

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