Post ACC211 Unit 6 Chapter 8 Assignment Latest 2017 August
by  Mar 18, 2020  Uncategorized
[The following information applies
to the questions displayed below.]

Preble
Company manufactures one product. Its variable manufacturing overhead is
applied to production based on direct laborhours and its standard cost card
per unit is as follows:



Direct material: 4
pounds at $10.00 per pound

$

40.00

Direct labor: 2 hours
at $14.00 per hour


28.00

Variable overhead: 2
hours at $6.00 per hour


12.00




Total standard
variable cost per unit

$

80.00





The company
also established the following cost formulas for its selling expenses:


Fixed
Cost per Month

Variable
Cost
per Unit Sold

Advertising

$

270,000





Sales salaries and
commissions

$

100,000


$

12.00


Shipping expenses




$

3.00



The planning
budget for March was based on producing and selling 30,000 units. However,
during March the company actually produced and sold 34,500 units and incurred
the following costs:

a.

Purchased
150,000 pounds of raw materials at a cost of $9.20 per pound. All of this
material was used in production.

b.

Directlaborers worked 62,000
hours at a rate of $15.00 per hour.

c.

Total variable manufacturing
overhead for the month was $390,600.

d.

Total advertising, sales salaries
and commissions, and shipping expenses were $279,000, $390,600, and $122,000,
respectively.

1.

What raw materials cost would be
included in the company’s flexible budget for March?

2.

What is the
materials quantity variance for March? (Input
the amount as a positive value. Indicate the effect of each variance by
selecting “F” for favorable, “U” for unfavorable, and
“None” for no effect (i.e., zero variance.).)

3.

What is the
materials price variance for March? (Input
the amount as a positive value. Indicate the effect of each variance by
selecting “F” for favorable, “U” for unfavorable, and
“None” for no effect (i.e., zero variance.).)

4.

If Preble had
purchased 177,000 pounds of materials at $9 per pound and used 150,000 pounds
in production, what would be the materials quantity variance for March? (Input the amount as a positive value. Indicate the
effect of each variance by selecting “F” for favorable,
“U” for unfavorable, and “None” for no effect (i.e., zero
variance.).)

5.

If Preble had
purchased 177,000 pounds of materials at $9.20 per pound and used 150,000
pounds in production, what would be the materials price variance for
March? (Input the amount as a positive
value. Indicate the effect of each variance by selecting “F”
for favorable, “U” for unfavorable, and “None” for no
effect (i.e., zero variance.).)

6.

What direct labor cost would be
included in the company’s flexible budget for March?

7.

What is the
direct labor efficiency variance for March? (Input
the amount as a positive value. Indicate the effect of each variance by
selecting “F” for favorable, “U” for unfavorable, and
“None” for no effect (i.e., zero variance.).)

8.

What is the
direct labor rate variance for March? (Input
the amount as a positive value. Indicate the effect of each variance by
selecting “F” for favorable, “U” for unfavorable, and
“None” for no effect (i.e., zero variance.).)

9.

What variable
manufacturing overhead cost would be included in the company’s flexible
budget for March?

10.

What is the
variable overhead efficiency variance for March? (Input the amount as a positive value. Indicate the
effect of each variance by selecting “F” for favorable,
“U” for unfavorable, and “None” for no effect (i.e., zero
variance.).)

11.

What is the
variable overhead rate variance for March? (Do
not round intermediate calculations. Input the amount as a positive
value. Indicate the effect of each variance by selecting “F”
for favorable, “U” for unfavorable, and “None” for no
effect (i.e., zero variance.).)

12.

What amounts of advertising, sales
salaries and commissions, and shipping expenses would be included in the
company’s flexible budget for March?

13.

What is the
spending variance related to advertising? (Input
the amount as a positive value. Indicate the effect of each variance by
selecting “F” for favorable, “U” for unfavorable, and
“None” for no effect (i.e., zero variance.).)

14.

What is the
spending variance related to sales salaries and commissions? (Input the amounts as positive values. Indicate the effect
of each variance by selecting “F” for favorable, “U” for
unfavorable, and “None” for no effect (i.e., zero variance.).)

15.

What is the
spending variance related to shipping expenses? (Input the amount as a positive value. Indicate the effect
of each variance by selecting “F” for favorable, “U” for
unfavorable, and “None” for no effect (i.e., zero variance.).)

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