ACC560 Homework 11

ACC560 Homework 11 in $21 only

Exercise 11-4 (Part Level Submission)Monte Services, Inc. is trying to establish the standard labor cost of a typical oil change. The following data have been collected from time and motion studies conducted over the past month.

Actual time spent on the oil change5.00 hour
Hourly wage rate$15
Payroll taxes16% of wage rate
Setup and downtime10% of actual labor time
Cleanup and rest periods34% of actual labor time
Fringe benefits21% of wage rate
(a)

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

(a) Determine the standard direct labor hours per oil change.(Round answer to 2 decimal places, e.g. 1.25.)

(b) Determine the standard direct labor hourly rate.(Round answer to 2 decimal places, e.g. 1.25.)

Student did not submit Show Work for this attempt

PART SCORE
Maximum Point Potential:3.00
Points Earned:3
Show Work file with instructor comments:Instructor did not annotate Show Work
Exercise 11-4 (Part Level Submission)Monte Services, Inc. is trying to establish the standard labor cost of a typical oil change. The following data have been collected from time and motion studies conducted over the past month.

Actual time spent on the oil change5.00 hour
Hourly wage rate$15
Payroll taxes16% of wage rate
Setup and downtime10% of actual labor time
Cleanup and rest periods34% of actual labor time
Fringe benefits21% of wage rate
(b)

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

Determine the standard direct labor cost per oil change.(Round answers to 2 decimal places, e.g. 1.25.)

Exercise 11-4 (Part Level Submission)Monte Services, Inc. is trying to establish the standard labor cost of a typical oil change. The following data have been collected from time and motion studies conducted over the past month.

Actual time spent on the oil change5.00 hour
Hourly wage rate$15
Payroll taxes16% of wage rate
Setup and downtime10% of actual labor time
Cleanup and rest periods34% of actual labor time
Fringe benefits21% of wage rate
(c)

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

If an oil change took 5.6 hours at the standard hourly rate, what was the direct labor quantity variance?(Round answers to 2 decimal places, e.g. 1.25.)

Exercise 11-14

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

Picard Landscaping plants grass seed as the basic landscaping for business campuses. During a recent month the company worked on three projects (Remington, Chang, and Wyco). The company is interested in controlling the materials costs, namely the grass seed, for these plantings projects.

In order to provide management with useful cost control information, the company uses standard costs and prepares monthly variance reports. Analysis reveals that the purchasing agent mistakenly purchased poor-quality seed for the Remington project. The Chang project, however, received higher-than-standard-quality seed that was on sale. The Wyco project received standard-quality seed. However, the price had increased and a new employee was used to spread the seed.

Shown below are quantity and cost data for each project.

ActualStandard
ProjectQuantityCostsQuantityCostsTotal Variance
Remington510lbs.$1,250480lbs.$1,200$50U
Chang4109844201,05066F
Wyco5601,4565501,37581U
Total variance$65U

(a) Prepare a variance report for the purchasing department: (1) Project, (2) Actual Pounds Purchased, (3) Actual Price, (4) Standard Price, and (5) Price Variance.(Round answers to 2 decimal places e.g. 1.25.)

Exercise 11-16

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

Fisk Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances.

Materials price variance$1,288ULabor quantity variance$819U
Materials quantity variance758FOverhead variance805U
Labor price variance419U

In addition, 8,324 units of product were sold at $7 per unit. Each unit sold had a standard cost of $3. Selling and administrative expenses were $7,900 for the month.

Prepare an income statement for management for the month ended January 31, 2014.

Problem 11-1A

http://edugen.wiley.com/edugen/art2/common/pixel.gif

Costello Corporation manufactures a single product. The standard cost per unit of product is shown below.

Direct materials—2 pound plastic at $7.38 per pound$ 14.76
Direct labor—2.00 hours at $11.00 per hour22.00
Variable manufacturing overhead14.00
Fixed manufacturing overhead14.00
Total standard cost per unit$64.76

The predetermined manufacturing overhead rate is $14 per direct labor hour ($28.00 ÷ 2.00). It was computed from a master manufacturing overhead budget based on normal production of 11,800 direct labor hours (5,900 units) for the month. The master budget showed total variable costs of $82,600 ($7.00 per hour) and total fixed overhead costs of $82,600 ($7.00 per hour). Actual costs for October in producing 4,300 units were as follows.

Direct materials (8,740 pounds)$ 66,424
Direct labor (8,420 hours)95,062
Variable overhead90,900
Fixed overhead31,710
Total manufacturing costs$284,096

The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.

(a) Compute all of the materials and labor variances. (Round answers to 0 decimal places, e.g. 125.)

Problem 11-4A (Part Level Submission)Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,970 direct labor hours. During the year, 130,200 pounds of raw materials were purchased at $0.96 per pound. All materials purchased were used during the year.
(a)

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

If the materials price variance was $2,604 favorable, what was the standard materials price per pound?(Round answer to 2 decimal places, e.g. 2.75.)

Problem 11-4A (Part Level Submission)Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,970 direct labor hours. During the year, 130,200 pounds of raw materials were purchased at $0.96 per pound. All materials purchased were used during the year.
(b)

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

If the materials quantity variance was $11,711 unfavorable, what was the standard materials quantity per unit?(Round answer to 1 decimal places, e.g. 1.5.)

Problem 11-4A (Part Level Submission)Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,970 direct labor hours. During the year, 130,200 pounds of raw materials were purchased at $0.96 per pound. All materials purchased were used during the year.
(c)

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

What were the standard hours allowed for the units produced?

Problem 11-4A (Part Level Submission)Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,970 direct labor hours. During the year, 130,200 pounds of raw materials were purchased at $0.96 per pound. All materials purchased were used during the year.
(d)

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

If the labor quantity variance was $7,280 unfavorable, what were the actual direct labor hours worked?

Problem 11-4A (Part Level Submission)Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,970 direct labor hours. During the year, 130,200 pounds of raw materials were purchased at $0.96 per pound. All materials purchased were used during the year.
(e)

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

If the labor price variance was $6,238 favorable, what was the actual rate per hour?(Round answer to 2 decimal places, e.g. 2.75.)

Problem 11-4A (Part Level Submission)Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,970 direct labor hours. During the year, 130,200 pounds of raw materials were purchased at $0.96 per pound. All materials purchased were used during the year.
(f)

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

If total budgeted manufacturing overhead was $344,793 at normal capacity, what was the predetermined overhead rate?(Round answer to 2 decimal places, e.g. 2.75.)

Problem 11-4A (Part Level Submission)Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,970 direct labor hours. During the year, 130,200 pounds of raw materials were purchased at $0.96 per pound. All materials purchased were used during the year.
(h)

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

How much overhead was applied to production during the year?

Problem 11-4A (Part Level Submission)Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,970 direct labor hours. During the year, 130,200 pounds of raw materials were purchased at $0.96 per pound. All materials purchased were used during the year.
(i)

http://edugen.wiley.com/edugen/art2/common/pixel.gif
Correct answer.Your answer is correct.

Using one or more answers above, what were the total costs assigned to work in process?588

Price of Answer: Just US$21 only

Buy Now

Need Assistance…??  email us at [email protected].

If you need any type of help regarding Homework, Assignments, Projects,  Case study, Essay writing or any thing else then just email us at [email protected]solvemyquestion.com. We will get back to you ASAP. Do not forget to maintain the time frame you need you work to be done.