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Course: ACC 571, Spring 2011
School: Strayer
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Word Count: 276

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Comprehensive 11-21 Standard Cost Variances 1. Redo the standard cost card in a clearer, more usable format by detailing the variable and fixed overhead cost elements. Standard Standard Price Quantity Direct materials (pounds) Direct labor (direct labor hours) Variable overhead Fixed Overhead Standard cost per unit Standard Cost 4 2 2 \$2.60 \$9 \$3.80 \$10.40 \$18.00 \$7.60 2 \$7.00 \$14.00 \$50.00 2. Prepare...

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Comprehensive 11-21 Standard Cost Variances 1. Redo the standard cost card in a clearer, more usable format by detailing the variable and fixed overhead cost elements. Standard Standard Price Quantity Direct materials (pounds) Direct labor (direct labor hours) Variable overhead Fixed Overhead Standard cost per unit Standard Cost 4 2 2 \$2.60 \$9 \$3.80 \$10.40 \$18.00 \$7.60 2 \$7.00 \$14.00 \$50.00 2. Prepare an analysis of the variances for materials and labor for the year. Direct Materials Actual Costs 30,000 X \$2.50 30,000 X \$2.60 \$75,000 \$78,000 (\$3,000)F Direct Materials Actual Costs 20,000 X \$2.50 20,000 X \$2.60 \$50,000 \$52,000 (\$2,000)F Direct Labor 4,800 X 4 X \$2.60 \$49,920 \$2,080U Actual Costs 10,000 X \$8.60 10,000 X \$9.00 \$86,000 \$90,000 (\$4,000)F 4,800 X 2 X \$9 \$86,400 \$3,600 3. Prepare an analysis of the variances for variable and fixed overhead for the year. 4. What effect, if any, does the choice of a denominator activity level have on standard unit costs? Is the volume variance a controllable variance from a spending point of view? Explain. Denominator = 9,600 Standard Quantity Direct (pounds) Direct materials labor (direct labor hours) Variable overhead 120% of DML \$) Overhead, 120% of DML cost Standard cost per unit Standard Price 4 2 2 2 \$2.60 \$9 \$3.56 \$6.56 Standard Cost \$10.40 \$18.00 \$7.13 \$13.13 \$48.65 The volume variance cannot be controlled by controlling spending. Rather, the volume variance simply reflects whether actual activity was greater of less than the denominator activity. Thus, the volume variance is controllable only through controlling activity. 11-22 Flexible Budgets and Overhead Analysis 1. Prepare a manufacturing overhead flexible budget for the Finishing Department using increments of 10,000 hours. (The company does not include direct materials and direct materials and labor costs in the flexible budget). 2. Assume that the company computes predetermined overhead rates by department. Compute the rates, variable and fixed, that will be used to apply Finishing Department overhead costs to production. 3. Suppose that during the year the following actual activity and costs are recorded in the finishing department.
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