Use the following standard cost and actual information to calculate the cost of 1 gallon of icecream to answer the questions below.Product: Gallon of Ice CreamManufacturingCost InformationStandardStandard CostCostXQuantity6 quartsSummary$6.00$1.90per Unit$1.00 per quart$38.00 per hourDirect MaterialsDirect Labor3 minutesTotal Direct Costs$7.90Actual costs incurred to make 50 gallons of ice cream:• 275 quarts of cream at $1.05 per gallon• 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour)(d) Calculate the labor efficiency (hourly) variance

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Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Standard Standard Cost Cost Cost Information Quantity 6 quarts per Unit $1.00 per quart $38.00 per hour Summary $6.00 $1.90 $7.90 Direct Materials Direct Labor 3 minutes Total Direct Costs Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (d) Calculate the labor efficiency (hourly) variance

Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Standard Standard Cost Cost Cost Information Quantity 6 quarts per Unit $1.00 per quart $38.00 per hour Summary $6.00 $1.90 $7.90 Direct Materials Direct Labor 3 minutes Total Direct Costs Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (d) Calculate the labor efficiency (hourly) variance

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 5PB: Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units...

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Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost X Quantity 6 quarts Summary $6.00 $1.90 per Unit $1.00 per quart $38.00 per hour Direct Materials Direct Labor 3 minutes Total Direct Costs $7.90 Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (b) Calculate the material quantity variance
Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost X Quantity 6 quarts Summary $6.00 $1.90 per Unit $1.00 per quart $38.00 per hour Direct Materials Direct Labor 3 minutes Total Direct Costs $7.90 Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (c) Calculate the labor rate variance
Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: Â How much is the overhead allocated to each unit of Simple and Removable?
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
Fresh Company produces a well-known perfume. The standard manufacturing cost of theperfume is described by the following standard cost sheet:Direct materials:Liquids (5 oz. @ $ 0.25) $1.25Bottles (1 @ RM 0.05) $ 0.05Direct Labor (0.25 @ $13.00) $ 3.25Variable overhead (0.25 @ $ 5) $1.25Fixed overhead (0.25 @ $10.00) $ 2.50Standard cost per unit $ 8.30Management has decided to investigate only those variances that exceed the lesser of 10% ofthe standard cost for each category or $22,000. During the past quarter, a total of 300,000four-ounce bottles of perfume was produced. Descriptions of actual activity for the quarter follow:a. A total of 1.2 million ounces of liquids was purchased, mixed, and processed. The pricepaid per ounce averaged $0.27b. Exactly 280,000 bottles were used. The price paid for each bottle was $ 0.055.c. Direct labor hours totaled 50,000 with a total cost of $ 650,000d. Variable overhead cost totaled $ 242,000e. Fixed overhead cost was $ 600,000Normal production…
Question 2 Use the following standard cost card for 1 gallon of ice cream to answer the questions. STANDARD COST CARD Product: Gallon of Ice Cream Standard Cost Manufacturing Cost Information Standard Cost Quantity per Unit Summary Direct Materials Cream 5 quarts $1.15 per quart $0.08 per ounce $36.00 per hour $5.75 Sugar 16 ounces $1.28 Direct Labor 3 minutes $1.80 Total Direct Costs $8.83 Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. C. Compute the material and labor variances. D. Comment on the results and possible causes of the variances.
Question 1 Use the following standard cost card for 1 gallon of ice cream to answer the questions. STANDARD COST CARD Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost Quantity per Unit Summary Direct Materials Cream 5 quarts $1.15 per quart $0.08 per ounce $36.00 per hour $5.75 $1.28 Sugar Direct Labor 16 ounces 3 minutes $1.80 Total Direct Costs $8.83 Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. А. Compute the material and labor variances. В. possible causes of the variances. Comment on the results and
Data table Units of D4H produced and sold 1. 2. Selling price 3. Direct materials (kilograms) 4. Direct material cost per kilogram 5. Manufacturing capacity (units of D4H) 6. Total conversion costs 7. 8. Selling and customer-service capacity 9. Total selling and customer-service costs 10. Selling and customer-service capacity cost per customer 11. Design staff 12. Total design costs 13. Design cost per employee Conversion cost per unit of capacity Alt+Q Print Done $ $ 210 41,000 $ 310,000 7.25 $ 250 2,125,000 $ 8,500 $ $ $ 2,150,000 8,600 95 customers 90 customers 900,000 10,000 12 1,045,000 $ 11,000 $ 12 1,212,000 $ 101,000 $ $ $ ZUZT $ $ ZUZZ 235 43,000 325,000 7.75 250 1,218,000 101,500 (similar to) Data table HW Score: 3.03%, 0.12 of 4 points Daint 0 10 of 1 Revenue effect of growth Cost effect of growth The company has chosen a product differentiation strategy. The growth, price- recovery, and productivity components of the change in operating income from 2021 to 2022 are as…
Use the activity rate and usage information to determine the total activity cost and activity cost per unit for each product. If required, round the per unit answers to the nearest cent. Total Activity Cost Activity Cost Per Unit 66,810 ✓ 37,403 X 220.50 X 184.25 ✓ Elliptical machines Treadmill $
ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A% merica AS... rk i Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $5.00 per pound) $ 150.00 98.00 Direct labor (7 hours @ $14 per hour) Variable overhead (7 hours @ $7 per hour) Fixed overhead (7 hours @ $9 per hour) Standard cost per unit Production (in units) Standard direct labor hours (7 DLH per unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 51,000 units per quarter. The following additional information is available. 49.00 63.00 $360.00 70% 35,700 249,900 Direct materials (1,377,000 pounds @ $5.00 per pound)…
in Feed | LinkedIn studenthomeworks.... Hours Calculator: S... Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,900; and selling expenses, $45,290. Oa. $384,200 Ob. $731,700 Oc. $187,900 Od. $543,800 Chock M. Marl البال ghmentSessionLocator=&inprogress=false Login to Applicant... 3 BMTX: Card Status South University Disney+ | Movies a... W a O 2 46°F Previous 4x » (? Next ENG 10:09 PM US 3/25/2023
Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. UnitsProduced TotalLumberCost TotalUtilitiesCost Total MachineDepreciationCost 7,000 shelves $84,000 $9,550 $140,000 14,000 shelves 168,000 17,600 140,000 28,000 shelves 336,000 33,700 140,000 35,000 shelves 420,000 41,750 140,000 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. Lumber Utilities Depreciation 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers. Round variable portion…