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 purchased25,000pounds
Standard price of direct materials$2per pound
Material price variance$2,500unfavorable
Material quantity variance$4,200favorable
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 output9.5hours
Standard labor rate$13.30per hour
The following data pertain to operations concerning the product for the last month:
Actual hours worked7,300hours
Actual total labor cost$94,170
Actual output900units
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 worked5,100hours
Standard direct labor rate$8per hour
Labor efficiency variance$2,800unfavorable
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 output6.0hours
Standard variable overhead rate$12.40per hour
The following data pertain to operations for the last month:
Actual hours2,600hours
Actual total variable manufacturing overhead cost$32,870
Actual output250units
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 HoursStandard Price or Rate
Direct materials2.0 liters$7.00 per liters
Direct labor1.6 hours$12.00 per hour
Variable overhead1.6 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 HoursStandard Price or RateStandard Cost Per Unit
Direct materials3.3 grams$3.00 per gram$9.90
Direct labor0.8 hours$12.00 per hour$9.60
Variable overhead0.8 hours$9.00 per hour$7.20
The company reported the following results concerning this product in June.
Originally budgeted output8,600units
Actual output8,500units
Raw materials used in production27,000grams
Actual direct labor-hours3,400hours
Purchases of raw materials30,700grams
Actual price of raw materials purchased$3.10per gram
Actual direct labor rate$12.90per hour
Actual variable overhead rate$8.70per 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 HoursStandard Price or RateStandard Cost Per Unit
Direct materials3.7 grams$5.00 per gram$18.50
Direct labor0.9 hours$12.00 per hour$10.80
Variable overhead0.9 hours$5.00 per hour$4.50
The company reported the following results concerning this product in June.
Originally budgeted output8,000units
Actual output7,900units
Raw materials used in production28,310grams
Actual direct labor-hours6,500hours
Purchases of raw materials31,100grams
Actual price of raw materials purchased$5.10per gram
Actual direct labor rate$12.90per hour
Actual variable overhead rate$4.70per 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 HoursStandard Price or RateStandard Cost Per Unit
Direct materials8.50 grams$7.00 per gram$59.50
Direct labor0.2 hours$16.00 per hour$3.20
Variable overhead0.2 hours$7.00 per hour$1.40
The company reported the following results concerning this product in June.
Originally budgeted output5,700units
Actual output5,800units
Raw materials used in production40,100grams
Purchases of raw materials45,900grams
Actual direct labor-hours580hours
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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