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  • Class Exercises 11

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    1) The document provides direct labor data for Laird Manufacturing for November, including actual and standard labor rates and hours. A labor variance matrix is to be prepared calculating price and quantity variances. 2) Direct materials data for Jenson Manufacturing for December is given, including standard price, actual materials purchased and used, and a purchase price discount. A materials variance matrix is to be prepared. 3) Overhead data for Halo Inc. in October includes actual direct labor hours, manufacturing overhead costs, and a standard overhead rate. The total overhead variance is to be calculated.

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    1) The document provides direct labor data for Laird Manufacturing for November, including actual and standard labor rates and hours. A labor variance matrix is to be prepared calculating price and quantity variances. 2) Direct materials data for Jenson Manufacturing for December is given, including standard price, actual materials purchased and used, and a purchase price discount. A materials variance matrix is to be prepared. 3) Overhead data for Halo Inc. in October includes actual direct labor hours, manufacturing overhead costs, and a standard overhead rate. The total overhead variance is to be calculated.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    187 views2 pages

    Class Exercises 11

    Uploaded by

    revu_87
    1) The document provides direct labor data for Laird Manufacturing for November, including actual and standard labor rates and hours. A labor variance matrix is to be prepared calculating price and quantity variances. 2) Direct materials data for Jenson Manufacturing for December is given, including standard price, actual materials purchased and used, and a purchase price discount. A materials variance matrix is to be prepared. 3) Overhead data for Halo Inc. in October includes actual direct labor hours, manufacturing overhead costs, and a standard overhead rate. The total overhead variance is to be calculated.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    The following direct labor data pertain to the operations of Laird Manufacturing Company for
    the month of November:
    Actual labor rate $9.20 per hr.
    Actual hours used 18,000
    Standard labor rate $9.00 per hr.
    Standard hours allowed 17,100

    
    Prepare a matrix and calculate the labor variances.

          
        
    

     
      

    Price Variance Quantity Variance


    165600-162000 162000-153900
    3600U 8100U

    Total
    Labor Variance
    165600-153900
    11700U

    

    The following direct materials data pertain to the operations of Jenson Manufacturing Company
    for the month of December.
    Standard materials price $4.00 per pound
    Actual quantity of materials purchased and used 16,500 pounds

    The standard cost card shows that a finished product contains 4 pounds of materials. The 16,500
    pounds were purchased in December at a discount of 5% from the standard price. In December,
    4,000 units of finished product were manufactured.

     
    
    Prepare a matrix for materials and calculate the materials variances.

    
     
     

    

    Price Variance Quantity Variance

    Total
    Materials Variance

    

    In October, Halo Inc. reports 42,000 actual direct labor hours, and it incurs $192,000 of
    manufacturing overhead costs. Standard hours allowed for the work done is 40,000 hours. Halo¶s
    predetermined overhead rate is $5.00 per direct labor hour.

    
    Compute the total manufacturing overhead variance.

    5.00×42000=210000
    ACTUAL-APPLIED
    =192000-210000
    =18000

    PLEASE ATTEMPT      FOR FURTHER UNDERSTANDING

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