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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 04 Aug 2017 My Price 9.00

Huang Company

P11-2B Huang Company uses a standard cost accounting system to account for the man- ufacture of exhaust fans. In July 2014, it accumulates the following data relative to 1,800 units started and finished.

 

Cost and Production Data

 

Actual

 

Standard

Raw materials

 

 

 

 

Units purchased

 

21,000

 

 

Units used

 

21,000

 

22,000

Unit cost

 

$3.70

 

$3.50

Direct labor

 

 

 

 

Hours worked

 

3,450

 

3,600

Hourly rate

 

$11.50

 

$12.00

Manufacturing overhead

Incurred                                                        $94,800

Applied                                                                                             $100,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing overhead was applied on the basis of direct labor hours. Normal capacity for the month was 3,400 direct labor hours. At normal capacity, budgeted overhead costs were $16 per labor hour variable and $12 per labor hour fixed. Total budgeted fixed over- head costs were $40,800.

Jobs finished during the month were sold for $270,000. Selling and administrative expenses were $20,000.

Instructions

(a)  Compute all of the variances for (1) direct materials and (2) direct labor.

(b)  Compute the total overhead variance.

(c)   Prepare an income statement for management. (Ignore income taxes.)

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Aug 2017 10:08 PM My Price 9.00

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