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L15.2030 - Cost Accounting (2025/2026)
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(4 points) (10-20 mins) Company X developed standard costs for direct material and direct labor. In 2020, the company estimated the following standard costs for one of their major products, the 30-liter heavy-duty plastic container.
Budgeted quantity
|
Budgeted price
|
Direct materials
|
0,60 kgs
|
€20 per kg
|
Direct labor
|
0,30 hours
|
€14 per hour
|
During July, Company X produced and sold 4 000
containers using 2 700 kgs of direct materials at an average cost per kg of €19 and 1430 direct manufacturing labor hours at an average wage of €14,30
per hour.
Required (present all the necessary auxiliary calculations):
a) Calculate the direct manufacturing labor flexible-budget variance during July.
b) Calculate the direct manufacturing labor price variance during July.
c) Calculate the direct manufacturing labor efficiency variance during July.[Fact Pattern #1] Company X has two support departments, Maintenance and Personnel. Maintenance Department (MD) costs of €306616 are allocated on the basis of budgeted maintenance-hours. Personnel Department (PD) costs of €170 000 are allocated based on the number of employees. The costs of operating departments A and B are €200 000 and €300 000, respectively. Data on budgeted maintenance-hours and number of employees are as follows:
|
Maintenance Department
|
Personnel Department
|
A
|
B
|
Budgeted costs
|
€306616
|
€170 000
|
€200000
|
€300000
|
Budgeted maintenance-hours
|
NA
|
890
|
1 220
|
630
|
Number of employees
|
75
|
NA
|
220
|
660
|
Using the direct method, what amount of Maintenance Department costs
will be allocated to Department B?
A company produces 10 000 units of which 542 are spoiled units because the process, even though carefully and efficiently executed is unable to produce good units 100% of the time. Another 100 of the 10 000 units produced are spoiled because machines broke down and there also were operator errors. What is the normal spoilage rate in percentage of the good units passing inspection? (round to two decimal places)
Company X processes a single type of aluminium. During the current period the following information was given:
|
Units
|
Material Costs
|
Conversion Costs
|
Beginning Inventory
|
4 800
|
€6 100
|
€5 600
|
Started During the Current Period
|
21 400
|
50940
|
66 400
|
Ending Inventory
|
4 500
|
|
|
All materials are added at the beginning of the production process. The beginning inventory was 25% complete as to conversion, while the ending inventory was 40% completed for conversion purposes. Company X uses the first-in, first-out system of process costing. What were the costs assigned to the units transferred out this period? (
[Fact Pattern #2] Company X produced three joint products at a joint cost of €150030. Two of these products were processed further. Production and sales were:
Product
|
Units (weight)
|
Selling price per kg.
|
Additional Processing Costs per kg.
|
A
|
2 000 kgs.
|
€245
|
€200
|
B
|
3 000 kgs.
|
€30
|
€0
|
C
|
4 000 kgs.
|
€175
|
€100
|
If joint costs are allocated based on relative weight of the outputs and all products are main products, how much of the joint costs would be allocated to product A? (Round to units)
(4 points) (10-20 mins) Company X developed standard costs for direct material and direct labor. In 2020, the company estimated the following standard costs for one of their major products, the 30-liter heavy-duty plastic container.
Budgeted quantity
|
Budgeted price
|
Direct materials
|
0,60 kgs
|
€20 per kg
|
Direct labor
|
0,30 hours
|
€14 per hour
|
During July, Company X produced and sold 4 000
containers using 2 700 kgs of direct materials at an average cost per kg of €19 and 1428 direct manufacturing labor hours at an average wage of €14,30
per hour.
Required (present all the necessary auxiliary calculations):
a) Calculate the direct manufacturing labor flexible-budget variance during July.
b) Calculate the direct manufacturing labor price variance during July.
c) Calculate the direct manufacturing labor efficiency variance during July.Company C3 uses a flexible budget to analyze its performance and to measure the effect on operating income of the various factors affecting the difference between budgeted and actual operating income. The following management information is avaialble:
Sales: Actual 4416 units; Budget 6354 units
Sales: Actual $ 209662; Budget $ 346315
Variable costs: Actual $ 137280; Budget $ 194599
Fixed costs: Actual $ 459875; Budget $ 375498
The company's sales price variance for the period is (favorable +; unfavorable -):
An unfavorable direct labor efficiency variance could be caused by a:
Which of the following statements is TRUE of normal spoilage and abnormal spoilage?
Which of the following is TRUE: