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Mandarinka [93]
3 years ago
13

Problem 9-18 Comprehensive Variance Analysis [LO9-4, LO9-5, LO9-6]

Business
1 answer:
Thepotemich [5.8K]3 years ago
3 0

Answer:

1 a. Materials price and quantity variances.

Material price variance = (Actual price - Standard price) * Actual Quantity purchased

= ($2.45 - $2) * 15,800

= $0.45 * 15,800

= $7110 (Unfavorable)

Materials Quantity variance = (Actual Quantity used - Standard Quantity allowed) * Standard price  

(10600 - 3000 * 3.6) * $2

= (10,600 -  10,800) * $2

= 200 * $2

= 400 (Favorable)

b. Labor rate and efficiency variances.

Labor rate variance = (Actual rate - standard rate) * Actual hours

= (6.30 - 6.6) * 2,100

= 0.3 * 2,100

= 630 (Favorable)

Labor Efficiency variance  = (Actual hours - standard hours allowed) *  Standard rate  

= (2100 - 3000 * 0.5) * 6.6

= (2,100 - 1,500) * 6.6

= 600 * 6.6

= 3960 (Unfavorable)

c. Variable overhead rate and efficiency variances

Variable overhead rate variance  = (Actual rate - Standard rate * Actual machine hours)

= 3000 - (2.10 * 1200)

= 3,000 - 2,520

= 480 Unfavorable

Variable overhead Efficiency variance = (Actual hours - standard hours allowed)* Standard rate

= (1200 - 3000 * 0.3) * 2.10    

= (1200 - 900) * 2.10

= 300 * 2.10

= 630 (Unfavorable)

2.    Variances                                            Amount

Material price variance                             7,110 U

Material quantity variance                         400 F

Labor rate variance                                    630 F

Labor efficiency variance                           3,960 U

Variable overhead rate variance               480 U

Variable overhead efficiency variance      <u>630 U</u>

Net variance                                                <u>11,150 U</u>

<u></u>

The net variance of all the variance of the month is 11,150 (Unfavorable)

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Full Question:

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<em>My Lord, in the case of Taylor Ibbotson, and Co., I took the evidence from the mouths of the boys themselves. They stated to me that they commenced working on Friday morning, the 27th of May last, at six, A.M, and that, with the exception of meal hours and one hour at mIdnIght extra, they did not cease working till four o'clock on Saturday evening, having been two days and a night thus engaged. Believing the case scarcely possible, I asked every boy the same question, and from each received the same answer. I then went into the house to look at the time-book, and in the presence of one of the Masters referred to the cruelty of the case, and stated that I should certainly punish It with all the severity In my power....  My Lord, by a clause In the factory act, it Is enacted that, “no more than one penalty can be obtalned from any one person for any one description of offence in any one day” Had I laid the information, therefore, on all the boys for the same offence, the penalty could have only been 20/. [About $100 in 2010] a sum which appeared to me inadequate to the gross nature of the offence committed, I therefore, my lord, varied the Information, so as to enable me to sue for 80/ [about $400 In 2010], being four full penalties, could I have obtained them, laying the first for working two boys more than twelve hours on the Frlday; the second for working a boy before five o'clock on the Saturday morning; the other for working two boys in the night time, between FrIday and Saturday; and the fourth for keeping a false time-book, as to the hours of working. These views, however my lord, were not responded to, I very much regret to say, by the magistrates before whom the case was heard. The parties were only fine 50/. [about $50 fo In 2010] on each Information, and wIth an aggregate of penalties of 102 [about $100 In 20101 escaped.  —Robert A. Baker, Superintendent of Factory Inspections, 1836 </em>

Question: The situation described in the first excerpt, what is the inspector's opinion of employer Taylor, Ibbotson, and co.? what phrases in the report support this

Answer:

The inspectors opinion of Taylor Ibboston and Co, is that they have engaged in criminal activities which are in violation fo the 1833 Factory Act. He is also is of the opinion that they ought to be punished to the full extend of the Law.

Explanation:

In the excerpt, he clearly states:

<em>I then went into the house to look at the time-book, and in the presence of one of the Masters referred to the cruelty of the case, and stated that I should certainly punish It with all the severity In my power....  </em>

<em />

Another phrase which supports his position states:

<em> I therefore, my lord, varied the Information, so as to enable me to sue for 80/ [about $400 In 2010], being four full penalties, ... </em>

<em />

Cheers!

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<u>Reconciling Standard Cost to Actual Cost</u>

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