HKmilk Co. has budgeted fixed manufacturing overhead of $14, 275 and budgeted production of 2,049 units for April. In April, the fixed overhead volume variance was favorable $2,502, and overhead was underapplied by $1,894? What was the actual amount of fixed manufacturing overhead that HKmilk Co. incurred in April?
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- Ellis Companys labor information for September is as follows: A. Compute the standard direct labor rate per hour. B. Compute the direct labor time variance. C. Compute the standard direct labor rate if the direct labor rate variance was $2,712.30 (unfavorable).Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid $32 per hour for labor, for a total of $718,848. The standard hours per unit are 6.4, and the standard labor wage rate is $38.40 per hour. A. What are the actual hours worked? B. What are the standard hours for the units made? C. What is the direct labor rate variance for April? D. What Is the direct labor time variance for April? E. What is the total direct labor variance for April?Flaherty, Inc., has just completed its first year of operations. The unit costs on a normal costing basis are as follows: During the year, the company had the following activity: Actual fixed overhead was 12,000 less than budgeted fixed overhead. Budgeted variable overhead was 5,000 less than the actual variable overhead. The company used an expected actual activity level of 12,000 direct labor hours to compute the predetermined overhead rates. Any overhead variances are closed to Cost of Goods Sold. Required: 1. Compute the unit cost using (a) absorption costing and (b) variable costing. 2. Prepare an absorption-costing income statement. 3. Prepare a variable-costing income statement. 4. Reconcile the difference between the two income statements.
- Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Unadjusted Cost of Goods Sold equals 1,500,000, unadjusted Work in Process equals 236,000, and unadjusted Finished Goods equals 180,000. Required: 1. Assume that the ending balances in the variance accounts are immaterial and prepare the journal entries to close them to Cost of Goods Sold. What is the adjusted balance in Cost of Goods Sold after closing out the variances? 2. What if any ending balance in a variance account that exceeds 10,000 is considered material? Close the immaterial variance accounts to Cost of Goods Sold and prorate the material variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. The prime cost in Cost of Goods Sold is 1,050,000, the prime cost in Work in Process is 165,200, and the prime cost in Finished Goods is 126,000. What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances? (Round ratios to four significant digits. Round journal entries to the nearest dollar.)Issy Company ends the month with a volume variance of P6,360 unfavorable. If budgeted fixed overhead was P480,000, overhead was applied on the basis of 32,000 budgeted machine hours and budgeted variable factory overhead was P170,000. What was the actual hours used for the month?Lihue, Inc., applies fixed overhead at the rate of $2.20 per unit. Budgeted fixed overhead was $770,000. This month 345,000 units were produced, and actual overhead was $760,000. Required: a. What are the fixed overhead price and production volume variances for Lihue? b. What was budgeted production for the month?
- Mint Company applies fixed overhead at the rate of $1.50 per unit. For May, budgeted fixed overhead was $604,500. The production volume variance amounted to $4,500 unfavorable, and the price variance was $15,000 favorable. Required:a. What was the budgeted volume in units for May?b. What was the actual volume of units produced in May?c. What was the actual fixed overhead incurred for May?Coe Parts applies fixed overhead at the rate of $7.08 per unit. Budgeted fixed overhead was $216,800. This month 29,800 units were produced, and actual fixed overhead was $211,560. Required:a. What are the fixed overhead price and production volume variances for Coe Parts?b. What was budgeted production for the month? REQUIRED A. FIXED OVERHEAD PRICE VARIANCE ?????? ???? FIXED OVERHEAD PRODUCTION VOLUME VARIANCE ?????? ???? REQUIRED B BUDGETED PRODUCTION ???Required A Required B What was budgeted production for the month? Budgeted production units
- Patton Corporation uses a standard cost system to account for the costs of its one product. Budgeted fixed overhead is $83,000, budgeted production is 2,420 per month, and practical capacity is 3,400 units. During November, Patton produced 2,200 units. Fixed overhead incurred totaled $70,710. Assume Patton calculates its fixed overhead rate based on budgeted production. Required: What is the fixed overhead rate? What is the fixed overhead volume variance? By how much was fixed overhead over- or underapplied? Now assume Patton calculates its fixed overhead rate based on practical capacity. What is the fixed overhead capacity rate? What is the expected (planned) capacity variance? What is the unexpected (unplanned) capacity variance? By how much was fixed overhead over- or underapplied?The amount of budgeted overhead costs at normal capacity of P240,000 was divided by normal capacity of 30,000 direct labor hours to arrive at the predetermined overhead rate of P8, comprised of a variable overhead rate of P5 and a fixed rate of P3. Actual overhead for December was P15,800 variable and P9,100 fixed and standard hours allowed for the product produced in December was 3,000 hours. The total overhead variance is a. P900 Unfavorable b. P4,900 Favorable c. P900 Favorable d. P4,900 Unfavorable Please insert your solutions and explanations. Thank you!!Wilms, Inc. uses a standard cost system. Overhead cost information for product A for the month of November is as follows: Total actual overhead incurred, P12,600Fixed overhead budgeted, P3,300Total standard overhead rate per direct labor, P4.00Variable overhead rate per direct labor hour, P3.00Standard hours allocated for actual production, 3,500 What is the overall (or net) overhead variance?P1,200 unfavorableP1,400 favorableP1,200 favorableP1,400 unfavorable