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Question: Koontz Company manufactures a number of products. The standards relating to one of these products…

by | Nov 30, 2023 | honework help

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Koontz Company manufactures a number of products. The standards
relating to one of these products
are shown below, along with actual cost data for May.
Standard Cost per Unit Actual Cost per Unit
  Direct
materials:
    
Standard: 1.80 feet at $1.80 per foot		 $ 3.24
     Actual:
1.75 feet at $2.00 per foot		 $
3.50  
  Direct labor:
    
Standard: 0.90 hours at $14.00 per hour		 12.60
     Actual:
0.95 hours at $13.40 per hour		 12.73  
  Variable
overhead:
    
Standard: 0.90 hours at $4.00 per hour		 3.60
     Actual:
0.95 hours at $3.60 per hour		 3.42
  
  
  Total cost per
unit		 $19.44 $19.65  
  
  Excess of actual
cost over standard cost per unit		 $0.21

     The production superintendent was
pleased when he saw this report and commented: “This $0.21 excess
cost is well within the 2 percent limit management has set for
acceptable variances. It’s obvious that there’s not much to worry
about with this product.”

     Actual production for the month
was 11,000 units. Variable overhead cost is assigned to products on
the basis of direct labor-hours. There were no beginning or ending
inventories of materials.

2.

How much of the $0.21 excess unit cost is traceable to each of
the variances computed in (1) above. (Input all 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). Round
your answers to 2 decimal places.)

3.

How much of the $0.21 excess unit cost is traceable to apparent
inefficient use of labor time? (Input all values as
positive amounts. Indicate the effect of each variance by selecting
“F” for favorable, “U” for unfavorable, and “None” for no effect
(i.e., zero variance). Do not round intermediate calculations.
Round your final answers to 2 decimal places.)

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