Week 5 Modules - ‘7 ‘Ii‘v'etool'rier Stephni Robinson...

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Unformatted text preview: ‘7 ‘Ii‘v'etool'rier Stephni Robinson A. Create Budgets Mun Aug 1 2011 g '3 I .- I Exercise-1 Walt's Whistles manufactures referee whistles. Atthe end of February, Walt's has 100 pounds ofsteel forwhistles in inventory. Walt's expects to produce and sell 10,000 whistles in March. Each whistle requires a standard quantity ofU.‘l pounds ofsteel. Walt wants to have 500 pounds of steel in inventory at the end of March. Walt's has no whistles in beginning finished goods inventory _ and does not plan to have anywhistles in ending finished goods 39951“ mam” purChase OfSteel- 5 inventory. Each pound of steel has a standard cost of $5.00. Prepare Walt's purchase budget for steel in March. How much does 1.l'ufalt's expectto spend on steel in March? Close _= I Walk rm: through a similar problem - Check Answer E Done 9 Internet | Protected Mode: 0n Vi] V 9110096 V fij httpsfldr‘n sdewyxdu-"dmsfi-"Jebpa g esr’fl ashr’contentfstu d entl'lea rningExercis-e.aspx?courseID =534Z45? Btu serID:BQEO?_2 Std ssID:134 Stroletyp e: ST .7 A. Create Budgets Close : Done 3E? 1.l'ufalt's Whistles manufactures referee whistles. Atthe beginning of March, 1.l'ufalt's has no completed whistles in inventory. 1.l'ufalt's expects to produce and sell 10,000 whistles in March. Each whistle requires a standard quantity of0.05 direct labor hours. 1.ltl'alt doesn't plan to have anywhistles Iefi in inventory atthe end of March. The standard rate per direct labor hour is $12.00. How much does Walt's plan to spend on direct labor in March? _= I Walk me through a similar problem - I We-FDOl‘lle, Stephni Robinson Mon Aug 1 2011 Exercise 2 Projected directlaborexpenditure forl'ularch = S boon 1 Check Answer @ I a Internet | Protected Mode: On {a V 3110036 V .7 Welcome. stephni Robinson B. Compute Standard Cost Man Aug1201‘1 B: In at in n in n SnazzyJeans, Inc. manufactures designerjeans. The company uses standard costing and has deuelopedthe following information about standards for its product: Favorable or Unfavorable ? favorable V Direct materials price variance = $ Materials 2yards per unit; $10 peryard Labor 0.25 DL hourperunit; $11 perhour During October, the company experienced an unanticipated spike in demand and increased 5009004 production. Although planned production was for 8,000 units, the company actually produced 10,000 units. Remember: enter the variance amount as a In anticipation ofthe original production volume, 13,000 yards were purchased, at atotal 905m“? “WP” me“ [jamming “Werner cost of$175,000. During the month, 22,000 yards ofmaterial were used, and 2,400 direct me “meme “Favorable ownfamrame' labor hours were worked. Direct labor costforthe month totaled $27,000. Compute the direct materials price variance and specify ifit is favorable or unfavorable. Close I _= I Walk me through a similar problem Check Answer E Done 9 Internet | Protected Mode: On vs V 3110036 V .7 Welcome. stephni Robinson B. Compute Standard Cost Man Aug1201‘1 SnazzyJeans, Inc. manufactures designerjeans. The company uses standard costing and has developedthe following information about standards for its product: Favorable or Unfavorable '? Materials: 2yards per unit; $10 peryard Labor: 0.25 DL hour per unit; $11 per hour [unfavurable m Direct materials quantityvariance : $ 20000 During October, the company experienced an unanticipated spike in demand and increased production. Although planned production was for 3,000 units, the company actually produced 10,000 units. Remember: enter the variance amount as a positive In anticipation ofthe original production volume, 13,000 yards were purchased, at a number. Then, determine whether the variance is total cost of $175,000. During the month, 2,000 yards ofmaterial were used, and favorabie or unfavorabie. 2,400 direct labor hours were worked. Direct labor costforthe month totaled $27,000. Compute the direct materials quantity variance and specify ifit is favorable or unfavorable. Close I _= I Walk me through a similar problem Check Answer @ Done 9 Internet | Protected Mode: On vs V 3110036 V .7 Welcome. stephni Robinson B. Compute Standard Cost Man Aug1201‘1 —1L1 l—2L| @ Ian.1 5|.1 IBI—1 TL] Exercise3 SnazzyJeans, Inc. manufactures designerjeans. The company uses standard costing and has Favorable or Unfavorable ? developedthe following information about standards for its product: unfavorable V Materials: 2 yards per unit; $10 peryard Labor: 025 DL hourperunit; $11 perhour “finance : S During October, the company experienced an unanticipated spike in demand and increased 500 production. Although planned production was for 8,000 units, the company actually produced 10,000 units. Remember: enter the variance In anticipation ofthe original production volume,13,000 yards were purchased, at atotal cost of amounts“; 9903mm; "umber- $175,000. During the month, 2,000 yards ofmaterial were used, and 2,400 direct labor hours Tn?“ Here'me wnemerme were worked. Direct labor cost for the month totaled $27,000. “meme '3 rammbe 0’ unfavorable. Compute the direct labor rate variance and specify if it is favorable or unfavorable. r|- ..u Class I _= I Walk me through a similar problem Check Answer @ Done 9 Internet | Protected Mode: On vs V 3110036 V fer-n fl, https ms.devry.edu.-"dmstebPagesfflashfcontentfstudentflearningExercise.aspx?courseID=534245?&userID=29920225td ssID:134 Stroletype: ST .7 Welcome. stephni Robinson B. Compute Standard Cost Man Aug1201‘1 1L] IZL] 3L] 5L] ISL] TL] Exercised. SnazzyJeans, nc. manufactures designerjeans. The company uses standard 9 costing and has developedthe following information about standards for its product: Favorable (F) or unfavorable (Ul' Materials: Zyards per unit; $10 peryard [ffiVDrfihle 7 Labor: 0.25 DL hourperunit; $11 perhour Direct Labor efficiency variance = $ During October, the company experienced an unanticipated spike in demand and increased production. Although planned production was for 3,000 units, the 1100 company actually produced 10,000 units. Remember: enter the variance amount In anticipation ofthe original production volume,13,000 yards were purchased, at a as aposifive number Then, determine total cost of $175,000. During the month, 2,000 yards ofmaterial were used, and whetherth variance is favorable or 2,400 direct labor hours were worked. Direct labor costforthe month totaled unfavorable $27,000. Compute the direct labor efficiency variance and specify if it is favorable or unfavorable. Close I _= I Walk me through a similar problem Check Answer E Done 9 Internet | Protected Mode: On vs V 3110036 V ‘7 B. Compute Standard Cost 11 |21 31 I41 E7 allocate variable manufacturing overhead. unfavorable. Standard Price and Quantities Materials Labor Variable Overhead Application Rate Bud eted and Actual Information Planned Production Actual Production Materials Purchased Total Cost of Materials Purchased Close 3 .fl Control and Performance Measures B5J<ls .| $ SB 55 I _= I Walk me through a similar problem 4 110.00 1.5 12.00 EDD mo 1 bob 3 DUB 1 18 DOB Bronze Works, Inc. manufactures bronze lighting fixtures. The standard and actual costing information is provided below. Bronze Works uses direct labor hours to Calculate Bronze Works' variable manufacturing overhead price variance and enter it in the box below. Also specifliwhetherthe variance is favorable or pounds per unit per pound DL hours per unit per DL hour per DL hour unns unfls pounds Welcome. stephni Robinson Man Aug 1 2011 Exercise 5 Favorable or Unfavorable ? [ favorable m Remember: enter the variance amount as a positive number. Then, determine whether the variance is favorabie or unfavorabie. Variance = $ Check Answer '3 Done 6 Internet | Protected Mode: On ng enemas v ‘7 B. Compute Standard Cost n I27 at In manufacturing overhead. .il [J Control and Performance Measures Bfixls Standard Price and Quantities Materials Lahor Variable Overhead Application Rate Budgeted and Actual Information Planned Production Actual Production Materials Purchased Total Cost of Materials Purchased Materials Used Close hi $ $ $ I _= I Walk me through a similar problem 4 110.00 1.5 12.00 5.00 FUD 1 DUB 3 .000 1 18 DOB 3 .800 Bronze Works, Inc. manufactures bronze lighting fixtures. The standard and actual costing information is provided below. Bronze Works uses direct labor hours to allocate variable Calculate Bronze Works' variable manufacturing overhead efficiency variance. Also, specify whetherthe variance is favorable or unfavorable. pounds per unit per pound DL hours per unit per DL hour per DL hour unns unns pounds pounds Favorable [F1 orUnfavorable {U}? unfavorable V Variance = $ 250 Remember: enter the variance amount as a positive number. Then, determine whether the variance is favorabie or unfavorabie. Welcome. stephni Robinson Mon Aug 1 2011 Exercise 6 Check Answer '3 Done 6 Internet | Protected Mode: On ng endear, v ‘7 B. Compute Standard Cost n 121 an In an In E; unfavorable. .351 [J Control and Performance Measures Bi’xls Standard Price and Quantities Materials 4 $ 4000 Labor 1 .5 $ 1 2.00 Variable Overhead application Rate $ 5.00 Budgeted and nctual Information Planned Production 100 actual Production 1 .000 Materials Purchased 3,000 Total Cost of Materials Purchased $110,000 Materials Used 3.000 Close Calculate Bronze Works' fixed overhead budgetvariance and enter it in the box below. Also, specifliwhetherthe variance is favorable or I _= I Walk me through a similar problem Bronze Works, Inc. manufactures bronze lighting fixtures. The standard and actual costing information is provided below. Bronze Works uses direct labor hours to allocate variable and fixed manufacturing overhead. pounds per unit perpound DL hours perunit perDL hour perDL hour units units pounds pounds _._._._.—_.__.___l;l Welcome. stephui Robinson Mon Aug 1 2011 Exercise ir' Favorable (F) or unfavorable {U}? unfavorable V Variance = $ 200E] Remember: enter the variance amount as a positive number. Then, determine whether the variance is favoraoie or unfavorabie. Check Answer '3 Done ng endear, v 6 Internet | Protected Mode: On ...
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This note was uploaded on 03/26/2012 for the course AC505 AC505 taught by Professor Dillan during the Spring '10 term at Keller Graduate School of Management.

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