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Ede4ka [16]
4 years ago
12

Fortes Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing o

verhead is applied to products on the basis of direct labor-hours
Inputs

Standard Quantity or hours per unit of output Standard Price/rate
Direct materials 8.0 ouncs $8.1 per ounce
Direct Labor .5 hours $24.7 per hour
Variable manufacturing overhead .5 hours $6.4 per hour
The company has reported the following actual results for the product for April

Actual output 6,500 units
Raw materials purchased 62,350 ounces
Actual cost of raw materials purchased $386,210
raw materials used in production 52,020 ounces
Actual direct labor hours 3,450 hours
Actual direct labor cost $88,880
Actual variable overhead cost $21,295
Required:

a. Compute the materials price variance for April.

b. Compute the materials quantity variance for April.

c. Compute the labor rate variance for April.

d. Compute the labor efficiency variance for April.

e. Compute the variable overhead rate variance for April.

f. Compute the variable overhead efficiency variance for April.

(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Business
1 answer:
Stells [14]4 years ago
4 0

Answer:

a) Material price variance = (8.1*62350-386210) = 118825 F

b) Material quantity variance = (6500*8-52020)*8.1 = 162 U

c) Labor rate variance = (24.7*3450-88880) = 3665 U

d) Labor efficiency variance = (6500*.5-3450)*24.7 = 4940 U

e) Variable overhead rate variance = (6.4*3450-21295) = 785 F

f) Variable overhead efficiency variance = (3250-3450)*6.4 =

1280 U

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<em>Transfer price is the price at which goods are exchange between branches or divisions of the same group</em>

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Minimum transfer price = Variable cost

Note that the fixed of $12 per unit (i.e 33-21) is irrelevant for this purpose, whether or not Hinges produces, it will be incurred either way.

It is worthy of note that there is no opportunity cost associated with any transfer to the Doors division because Hinges is currently having excess capacity.

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The following book and fair values were available for Westmont Company as of March 1.
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Answer:

DR Inventory                                        $609,000  

     Land                                                 $1,086,750  

     Buildings                                         $2,138,250  

     Customer Relationships                $842,250  

     Goodwill                                           $965,750  

CR Accounts Payable                                           $102,000  

       Common Stock                                                       $56,400

       Additional Paid-In Capital                                     $1,353,600

        Cash                                                                       $4,130,000

Working

Common Stock = 28,200 shares * $2 = $56,400

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CR Cash                                                                                $32,400

DR Professional Services Expense                   $49,800

CR Cash                                                                                $49,800

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