Wright Company has a Standard Costing System

Wright Company has a Standard Costing System in $14 only (Instant Download)Wright Company has a Standard Costing System

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1.

The Wright Company has a standard costing system. The following data are available for September:
Actual quantity of direct materials purchased 25,000 pounds
Standard price of direct materials $2 per pound
Material price variance $2,500 unfavorable
Material quantity variance $4,200 favorable
The actual price per pound of direct materials purchased in September is: (Round your answer to 2 decimal places.)

$1.85$2.00$2.10$2.15

2.

Blue Corporation’s standards call for 2,875 direct labor-hours to produce 1,150 units of product. During May 900 units were produced and the company worked 1,050 direct labor-hours. The standard hours allowed for May production would be:

2,875 hours1,050 hours2,250 hours1,975 hours

3.

The following labor standards have been established for a particular product:
Standard labor-hours per unit of output 9.5 hours
Standard labor rate $13.30 per hour
The following data pertain to operations concerning the product for the last month:
Actual hours worked 7,300 hours
Actual total labor cost $94,170
Actual output 900 units
What is the labor efficiency variance for the month?

$19,545 F$19,545 U$16,125 F$16,625 F

Sample Answer:

Labor Efficiency variance:

Formula: Labor efficiency variance = Actual hours – Standard hours) x Standard Rate

Labor efficiency variance = [$7,300-(900*9.5)] x $13.30

Labor efficiency variance = 16,625 (F)

4.

Krizum Industries makes heavy construction equipment. The standard for a particular crane calls for 30 direct labor-hours at $16 per direct labor-hour. During a recent period 1,800 cranes were made. The labor rate variance was zero and the labor efficiency variance was $6,000 unfavorable. How many actual direct labor-hours were worked?

60,00054,00054,37552,200

5.

The Fischer Corporation uses a standard costing system. The following data have been assembled for December:
Actual direct labor-hours worked 5,100 hours
Standard direct labor rate $8 per hour
Labor efficiency variance $2,800 unfavorable
The standard hours allowed for December’s production is:

4,400 hours4,750 hours5,100 hours5,450 hours

6.

The following standards for variable manufacturing overhead have been established for a company that makes only one product:
Standard hours per unit of output 6.0 hours
Standard variable overhead rate $12.40 per hour
The following data pertain to operations for the last month:
Actual hours 2,600 hours
Actual total variable manufacturing overhead cost $32,870
Actual output 250 units
What is the variable overhead efficiency variance for the month?

$14,270 U$13,640 U$630 F

$18,600 F

7.

Landram Corporation makes a product with the following standard costs:
Standard Quantity or Hours Standard Price or Rate
Direct materials 2.0 liters $7.00 per liters
Direct labor 1.6 hours $12.00 per hour
Variable overhead 1.6 hours $6.00 per hour
The company produced 5,000 units in April using 10,340 liters of direct material and 2,320 direct labor-hours. During the month, the company purchased 10,910 liters of the direct material at $7.30. per liter. The actual direct labor rate was $12.85 per hour and the actual variable overhead rate was $5.80 per hour.
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
The materials quantity variance for April is:

$2,380 F$2,482 U$2,482 F$2,380 U

8.

Hurren Corporation makes a product with the following standard costs:
Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit
Direct materials 3.3 grams $3.00 per gram $9.90
Direct labor 0.8 hours $12.00 per hour $9.60
Variable overhead 0.8 hours $9.00 per hour $7.20
The company reported the following results concerning this product in June.
Originally budgeted output 8,600 units
Actual output 8,500 units
Raw materials used in production 27,000 grams
Actual direct labor-hours 3,400 hours
Purchases of raw materials 30,700 grams
Actual price of raw materials purchased $3.10 per gram
Actual direct labor rate $12.90 per hour
Actual variable overhead rate $8.70 per hour
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
The materials price variance for June is:

$3,070 U$2,715 F$2,715 U$3,070 F

Sample Answer:

Material Price Variance = Actual Quantity * (Standard Rate – Actual Rate)

= 30,700 * ( 3 – 3.10) = 3,070 U

9.

Hurren Corporation makes a product with the following standard costs:
Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit
Direct materials 3.7 grams $5.00 per gram $18.50
Direct labor 0.9 hours $12.00 per hour $10.80
Variable overhead 0.9 hours $5.00 per hour $4.50
The company reported the following results concerning this product in June.
Originally budgeted output 8,000 units
Actual output 7,900 units
Raw materials used in production 28,310 grams
Actual direct labor-hours 6,500 hours
Purchases of raw materials 31,100 grams
Actual price of raw materials purchased $5.10 per gram
Actual direct labor rate $12.90 per hour
Actual variable overhead rate $4.70 per hour
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
The labor efficiency variance for June is:

$7,869 U$7,320 U$7,869 F$7,320 F
10

Hurren Corporation makes a product with the following standard costs:
Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit
Direct materials 8.50 grams $7.00 per gram $59.50
Direct labor 0.2 hours $16.00 per hour $3.20
Variable overhead 0.2 hours $7.00 per hour $1.40
The company reported the following results concerning this product in June.
Originally budgeted output 5,700 units
Actual output 5,800 units
Raw materials used in production 40,100 grams
Purchases of raw materials 45,900 grams
Actual direct labor-hours 580 hours
Actual cost of raw materials purchases $261,540
Actual direct labor cost $8,028
Actual variable overhead cost $2,988
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
The labor rate variance for June is:

$1,268 F$1,252 F$1,268 U$1,252 U

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