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CHAPTER14: Standard Costing and Variance Analysis

1 A 25 (13920) Unfavorable
2 A 26 A
3 B 27 D
4 B 28 B
5 B 29 D
6 A 30 B
7 B 31 A
8 B 32 D
9 B 33 D
10 A 34 A
11 C 35 A
12 B 36 D
13 C 37 B
14 A 38 A
15 A 39 C
16 D 40 D
17 B 41 D
18 D 42 B
19 D 43 C
20 A 44 C
21 D 45 D
22 C 46 A
23 D 47 A
24 B

Solutions:
4 Given:
Standard price = 2.5 per meter
Actual price = 2.4 per meter
Actual quantity = 4200 meters of material

Material price variance = 420 Favorable

5 Given:
Standard price = 12 per hour
Standard quantity = 4000 hours
Actual quantity = 4100 hours

Direct Labor Efficiency Variance = (1200) Unfavorable


7 Given:
Standard Variable Overhead rate = 3 per standard direct labor hour
Standard quantity = 10000 hours
Actual quantity = 10500 hours

Variable Overhead Efficiency Variance


= (1500) Unfavorable

9 Given:

Last year's cost of 5 operating sales offices:


Fixed Cost 70000
Variable Cost 430000
Total cost 500000

Variable cost per office 86000

Budgeted cost for 7 operating sales offices:


Fixed Cost 70000
Variable Cost 602000
Total cost 672000 B

10 Given:
Weekly wages per worker 500
Workers benefits treated (DL) 100
Direct Labor Cost 600

No. of productive hours per week 40


Time required to make one unit 2 direct labor hours

Standard direct labor cost per unit 30 A

19 Given:
Cost of the direct material 3 per yard
Direct material spoilage 20%
Finished product contains 2 yards of direct material

Direct materials (Input quantity) 2.5 yards


Cost of the direct material 3 per yard
Standard direct material cost per unit 7.5 D
20 Given:
Actual Cost incurred:
Cost per
Actual number of units Total cost
unit
2000 138.5 277000
1500 139 208500
1500 142 213000
5000 698500

Standard cost:
Cost per
Actual number of units Total cost
unit
5000 140 700000

Raw Materials Price Variance 1500 Favorable

21 Given:
Standard direct labor cost = 180 per hour
Standard quantity = 750 hours
Actual quantity = 1000 hours

Direct Labor Efficiency Variance = (45000) Unfavorable

22 Given:
Standard quantity = 75000 hours
Actual quantity = 72500 hours
Difference = 2500

Favorable efficiency variance = 10000

Standard direct labor cost = 4 per hour (squeezed)

Actual cost 304500 (squeezed)


Standard cost 290000
Unfavorable rate variance = (14500)

Actual direct labor cost = 4.2 per hour (squeezed)

23 Given:
Standard price = 12 per foot
Actual price = 12.9 per foot
Actual quantity = 8600 feet

Material price variance = (7740) Unfavorable

24 Given:
Standard price = 12 per foot
Standard quantity = 8000 feet
Actual quantity = 8300 feet

Material quantityvariance = (3600) Unfavorable

25 Given:
Standard price = 60 per hour
Actual price = 61.2 per hour
Actual quantity = 11600 hours

Direct Labor Rate Variance = (13920) Unfavorable

26 Given:
Standard price = 60 per hour
Standard quantity = 12000 hours
Actual quantity = 11600 hours

Direct Labor Efficiency Variance = 24000 Favorable

27 One-variance approach
Actual Overhead:
Variable overhead 62000
Fixed overhead 85000
147000

Applied Overhead:
Variable overhead 50400
Fixed overhead 81600
132000

Total overhead variance (15000) Unfavorable D


28 Two-variance approach
Actual Overhead:
Variable overhead 62000
Fixed overhead 85000
147000

Budgeted Overhead:
Variable overhead 50400
Fixed overhead 90000
140400

Controllable variance (6600) Unfavorable B

29 Two-variance approach
Budgeted Overhead:
Variable overhead 50400
Fixed overhead 90000
140400

Applied Overhead:
Variable overhead 50400
Fixed overhead 81600
132000

Uncontrollable variance (8400) Unfavorable D

30 Three-variance approach
Actual Overhead:
Variable overhead 62000
Fixed overhead 85000
147000

Budgeted Overhead (actual input used)


Variable overhead 33600
Fixed overhead 90000
123600

Overhead spending variance (23400) Unfavorable B

31 Three-variance approach
Budgeted Overhead (actual input used)
Variable overhead 33600
Fixed overhead 90000
123600

Budgeted Overhead (actual output)


Variable overhead 50400
Fixed overhead 90000
140400

Overhead efficiency variance 16800 Favorable A

32 Three-variance approach
Budgeted Overhead (actual output)
Variable overhead 50400
Fixed overhead 90000
140400

Applied Overhead:
Variable overhead 50400
Fixed overhead 81600
132000

Overhead volume variance (8400) Unfavorable D

33 Four-variance approach (Variable Overhead)

Actual Overhead 62000


Budgeted Overhead (actual input used) 33600
Variable Overhead Spending Variance (28400) Unfavorable

34 Four-variance approach (Variable Overhead)

Budgeted Overhead (actual input used) 33600


Applied Overhead 50400
Variable Overhead Efficiency Variance 16800 Favorable

35 Four-variance approach (Fixed Overhead)

Actual Overhead 85000


Budgeted Overhead 90000
Fixed Overhead Spending Variance 5000 Favorable

36 Four-variance approach

Budgeted Overhead 90000


Applied Overhead 81600
Volume Variance (8400) Unfavorable

37 Given:
Standard price = 10 per kilogram
Actual price = 11.5 per kilogram
Actual quantity = 6900 kilograms

Material price variance = (10350) Unfavorable

38 Given:
Standard price = 10 per kilogram
Standard quantity = 7200 kilograms
Actual quantity = 6900 kilograms

Material quantity variance = 3000 Favorable

39 Given:
Standard price = 8 per hour
Actual price = 7.8 per hour
Actual quantity = 11000 hours

Direct Labor Rate Variance = 2200 Favorable

40 Given:
Standard price = 8 per hour
Standard quantity = 10800 hours
Actual quantity = 11000 hours

Direct Labor Efficiency Variance = (1600) Unfavorable

41 One-variance approach
Actual Overhead 42000
Applied Overhead:
Variable overhead 8100
Fixed overhead 24300
32400

Total overhead variance (9600) Unfavorable D

42 Three-variance approach
Budgeted Overhead (actual input used)
Variable overhead 8250
Fixed overhead 24750
33000

Budgeted Overhead (actual output)


Variable overhead 8100
Fixed overhead 24300
32400

Overhead efficiency variance (600) Unfavorable B

43 Solution:
Fixed overhead 112000
Variable overhead 62666.7
Total/ Applied Factory Overhead 174667 C

44 Given:
Fixed overhead 112000
Units to produce 90000
Standard labor time per unit 30 minutes

Standard fixed factory overhead 2.49 C

45 Given:
Variable overhead 62666.7
Units to produce 90000
Standard labor time per unit 30 minutes

Standard variable factory overhead 1.39 D


46 Two-variance approach
Actual Overhead 46300

Budgeted Overhead:
Variable overhead 33750
Fixed overhead 15000
48750

Controllable variance 2450 Favorable A

47 Four-variance approach (Variable Overhead)

Budgeted Overhead (actual input used) 30000


Applied Overhead 33750
Variable Overhead Efficiency Variance 3750 Favorable
of material

B
dard direct labor hour

direct material
A

(squeezed)

r (squeezed) C
D

A
D

A
A

D
A