Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a devicefollows:Direct materials, ? ounces at $2.80 per ounceDirect labor, 0.4 hours at ? per hourOverhead, 0.4 hours at ? per hourTotal costs$ ? per device? per device? per device$ 30 per deviceAssume that the following data appeared in Copland's records at the end of the past month:Actual productionActual sales96,000 units90,000 unitsMaterials costs (505,000 ounces)$ ?Materials price variance63,000 UMaterials efficiency variance70,000 UDirect labor price variance18,750 FDirect labor (37,500 hours)Overapplied overhead (total)There are no materials Inventories.918,75025,200Required:a. Prepare a variance analysis for direct materials and direct labor.b. Assume that all production overhead is fixed and that the $25,200 overapplied is the only overhead variance that can be computed.What are the actual and applied overhead amounts?c. Complete the standard cost sheet for a device given below.Answer is not complete.Complete this question by entering your answers in the tabs below.Required A Required B Required CPrepare a variance analysis for direct materials and direct labor.Actual Inputsat StandardPriceSP x AQ1,414,000Efficiency Variance$ 70,000 UActualPricePrice VarianceAP x AQDirect MaterialsS63,000USDirect laborS 918,750S18,750FF< Required ARequired B >FlexibleBudgetSP x SQ

Variance analysis is a financial and managerial accounting technique used to assess the difference…

Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a device Ollows: Direct materials, ? ounces at $2.80 per ounce Direct labor, 0.4 hours at ? per hour Overhead, 0.4 hours at ? per hour Total costs $ ? per device ? per device per device $ 30 per device ssume that the following data appeared in Copland's records at the end of the past month: Actual production Actual sales Materials costs (505,000 ounces) Materials price variance Materials efficiency variance 96,000 units 90,000 units $ ? 63,000 U 70,000 U Direct labor price variance Direct labor (37,500 hours) Overapplied overhead (total) here are no materials Inventories. 18,750 F 918,750 25,200

Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a device Ollows: Direct materials, ? ounces at $2.80 per ounce Direct labor, 0.4 hours at ? per hour Overhead, 0.4 hours at ? per hour Total costs $ ? per device ? per device per device $ 30 per device ssume that the following data appeared in Copland's records at the end of the past month: Actual production Actual sales Materials costs (505,000 ounces) Materials price variance Materials efficiency variance 96,000 units 90,000 units $ ? 63,000 U 70,000 U Direct labor price variance Direct labor (37,500 hours) Overapplied overhead (total) here are no materials Inventories. 18,750 F 918,750 25,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a device follows: Direct materials, ? ounces at $2.80 per ounce Direct labor, 0.4 hours at ? per hour Overhead, 0.4 hours at ? per hour Total costs $ per device ? per device per device $ 30 per device Assume that the following data appeared in Copland's records at the end of the past month: Actual production Actual sales Materials costs (505,000 ounces) Materials price variance Materials efficiency variance Direct labor price variance Direct labor (37,500 hours) Overapplied overhead (total) There are no materials Inventories. Required: 96,000 units 90,000 units $ ? 63,000 U 70,000 U 18,750 F 918,750 25,200 a. Prepare a variance analysis for direct materials and direct labor. b. Assume that all production overhead is fixed and that the $25,200 overapplied is the only overhead varlance that can be computed. What are the actual and applied overhead amounts? c. Complete the…
Sunland Co. gathered the following information on power costs and factory machine usage for the last six months: Month January February March April May June (a) Power Cost $28,390 (b) 36,069 32,895 26,235 (c) 23,890 20,700 Your answer is correct. Variable power costs $ Using the high-low method of analyzing costs, answer the following questions and show computations to support your answers. eTextbook and Media Your answer is correct. Factory Machine Hours What is the estimated variable portion of power costs per factory machine hour? (Round answer to 2 decimal places, e.g. 15.25.) Fixed power costs $ eTextbook and Media 15,800 21,400 Total power cost $ 18,700 High 15,100 13,500 What is the estimated fixed power cost each month? 10,500 1.41 5,895 per factory machine hour Low 5,895 If it is estimated that 13,800 factory machine hours will be run in July, what is the expected total power cost for July?
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Sunland Co. gathered the following information on power costs and factory machine usage for the last six months: Power Cost Factory Machine Hours $28,390 15,800 36,069 21,400 32,895 18,700 ITT 26,235 15,100 23,890 13,500 20,700 Month January February March April May June Using the high-low method of analyzing costs, answer the following questions and show computations to support your answers. (a) Your answer is correct. What is the estimated variable portion of power costs per factory machine hour? (Round answer to 2 decimal places, e.g. 15.25.) Variable power costs $ (b) eTextbook and Media * Your answer is incorrect. 10.500 Fixed power costs What is the estimated fixed power cost each month? High 1.41 per factory machine hour 20,683 $ Low Attempts: 1 of 5 used
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Robin Inc. provides the following manufacturing costs for the Third quarter of the year in the table below. Manufacturing Costs for the Third Quarter Months Production in Units Total Costs July 3,800 $59,550 August 4,200 $62,450 September 5,500 $71,875 Using the high-low method, determine the variable costs per unit. (Round intermediate calculations and your final answer to two decimal places.) Group of answer choices $14.37 $13.07 $7.25 $15.67
Acacia Manufacturing has compiled the following information from the accounting system for the one product it sells: $45 per unit Sales price Fixed costs (for the month) Marketing and administrative Manufacturing overhead Variable costs (per unit) Marketing and administrative Direct materials Manufacturing overhead Direct labor Units produced and sold (for the month) Required: a. Calculate the product costs per unit Note: Round your answer to 2 decimal places. b. Calculate the period costs for the period. $ 23,100 $ 8,400 Exercise 2-55 (Static) Components of Full Costs (LO 2-6) a. Product costs per unit b. Period costs $2 $ 13 $3 $9 21,000
The controller of Blossom Industries has collected the following monthly expense data for use in analyzing the cost behaviour of maintenance costs: Total Total Month Maintenance Costs Machine Hours January $2,750 2,850 February 3,150 4,400 March 4,000 6.250 April 4,520 8,250 May 3,320 5.000 June 5,693 8,300 (a1) Determine the variable-cost component using the high-low method. (Round answer to 2 decimal places e.g. 12.25.)
Data concerning NikNik Corporation's activity for the 6 months appear below: Machine Electrical Cost Hours January P3,120 February 4,460 March 3.500 April 5.040 May 2.900 June 3,200 4.000 6.000 4,800 5.800 3.600 4,200 Using the high-low method of analysis, estimate the variable electrical cost per machine hour (nearest centavo).
lavs Inc. collected the following production data for the past month: (See image) If the high-low method is used, what is the monthly total cost equation? * Units Produced Total Cost 1,600 1,300 1,500 1,100 P22,000 19,000 22,500 16,500 a. Total cost = P4,400 + P11/unit. %3D b. Total cost = P5,500 + P10/unit. %3D c. Total cost = P0 + P15/unit. %3D