70.2K

Verified Solution

Link Copied!

The following data were drawn from the records of Walton Corporation. Planned volume for year (static budget)3,180 units Standard direct materials cost per unit Standard direct labor cost per unit Total expected fixed overhead costs Actual volume for the year (flexible budget) 2.40 pounds@$1.9%ound 2.30 hours $4.98 per hour $13,640 3,480 units 2.00 pounds es2.3e per 2.60 hours e$4.50 per hour Actual direct materials cost per unit pound Actual direct labor cost per unit Total actual fixed overhead costs s 9,140 Required a. Prepare a materials variance information table showing the standard price. the actual price, the standard quantity, and the actual quantity b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U) c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances. In e. Calculate the predetermined overhead rate, assuming that Walton uses the number of units as the allocation base f. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U). dicate whether the variances are favorable (F) or unfavorable (U e the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U Complete this question by entering your answers in the tabs bel Required a. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U) c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U) e. Calculate the predetermined overhead rate, assuming that Walton uses the number of units as the allocation base. t. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U). g. Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U). Complete this question by entering your answers in the tabs below. es Req A Req B Req C Req D Req E to G Prepare a materials variance information table showing the standard price, the actual price, the standard quantity, and the actual quantity. (Round "Standard price and "Actual price" to 2 decimal places.) Standard price Actual price Standard quantity for flexible budget Actual quantity usecd per pound per pound pounds pounds a. Prepare a materials variance inforrmation table showing the standard price, the actual price, the standard quantity. and the actual quantity b. Cakculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U) c Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). e. Calculate the predetermined overhead rate, assuming that Walton uses the number of units as the allocation base f. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U). g- Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U). Complete this question by entering your answers in the tabs belovw Req A Req B Req C Req DReq E to G Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None if there is no effect (i.e., zero variance).) Msterial price variance Material usage variance Req A Req C > a. Prepare a materials variance information table showing the standard price, the actual price, the standard quantity. and the actual quantity b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). e. Calculate the predetermined overhead rate, assuming that Walton uses the number of units as the allocation base t. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U), 9. Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U) Complete this question by entering your answers in the tabs below. Reg A Re BC Reg Reg to G Req B Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours. (Round "Standard price" and "Actual price" to 2 decimal places.) Information Table Standard price Actual price Standard hours for flexible budget Actual hours used per hour per hour Req B SHOWMItg te standard price, tne actual pice. tre starhdara quanuty,aha the dctua quantity b. Calculate the materials price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). c. Prepare a labor variance information table showing the standard price, the actual price, the standard hours, and the actual hours d. Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). e. Calculate the predetermined overhead rate, assuming that Walton uses the number of units as the allocation base. f. Calculate the fixed cost spending variance. Indicate whether the variance is favorable (F) or unfavorable (U). g- Calculate the fixed cost volume variance. Indicate whether the variance is favorable (F) or unfavorable (U) Complete this question by entering y ers in the tabs below. Req D Req A Req B Calculate the labor price and usage variances. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Labor prioe variance Labor usage varianoe

Answer & Explanation Solved by verified expert

See Answer