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Category > Accounting Posted 07 Aug 2017 My Price 11.00

Variance analysis

part C—august Variance analysis

During September of the current year, the controller was asked to perform variance analyses for August. The January operating data provided the  standard  prices,  rates, times, and quantities per case. There were 1,500 actual cases produced during August, which was 250 more cases than planned at the beginning of the month. Actual data for August were as  follows:

actual direct materials Quantity per Case

 

Cream base                                                            $0.016 per oz.                                        102 ozs.

Natural oils                                                               $0.32 per oz.                                            31 ozs.

Bottle (8-oz.)                                                            $0.42 per bottle                               12.5 bottles

 

 

actual direct Labor Rate

actual direct Labor Time per Case

 

Mixing                                                                             $18.20                                                     19.50 min.

Filling                                                                                  14.00                                                       5.60 min.

 

Actual variable overhead                               $305.00

Normal volume                                                           1,600 cases

The prices of the materials were different than standard due to fluctuations in market prices. The standard quantity of materials used per case was an ideal standard. The Mix- ing Department used a higher grade labor classification during the month, thus causing the actual labor rate to exceed standard. The Filling Department used a lower grade labor classification during the month, thus causing the actual labor rate to be less than standard.

instructions

10.     Determine and interpret the direct materials price and quantity variances for the three materials.

11.     Determine and interpret the direct labor rate and time variances for the two departments. Round hours to the nearest hour.

12.     Determine and interpret the factory overhead controllable variance.

13.     Determine and interpret the factory overhead volume variance.

14.     Why are the standard direct labor and direct materials costs in the calculations for parts (10) and (11) based on the actual 1,500-case production volume rather than the planned 1,250 cases of production used in the budgets for parts (6) and (7)?

Answers

Maurice Tutor
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Status NEW Posted 07 Aug 2017 09:08 PM My Price 11.00

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