Reference no: EM133076801
Questions -
Q1. Lani Corporation produces a product called Joy. The direct materials and direct labor standards for one unit of Joy are as follows:
Standard Quantity Standard Price Standard Cost
Direct Materials 4.6 lbs $2.50/lb $11.50
Direct Labor 0.2 hr $35/hr 7
During the most recent month, the following activity was recorded:
a. 20,000 pounds of material were purchased at a cost of $2.35 per pound.
b. All of the materials purchased was used to produce 4,000 units of Joy.
c. 750 hours of direct labor time were recorded at a total labor cost of $30,375.
What is the direct labor efficiency variance?
Q2. Nabi Corporation was organized a year ago. The results of the company's 1st year of operations using the absorption costing method follow: Sales (40,000 units at $33.75), $1,350,000; Cost of goods manufactured (50,000 units at $21), $1,050,000; Ending inventory (10,000 units at $21), $210,000; Selling & administrative expenses, $420,000; Net Operating income, $90,000. The company's selling and administrative expenses consists of $300,000 per year in fixed expenses and $3.00 per unit sold in variable expenses. The product cost of $21 is computed as follows: Direct materials - $10.00; Direct labor - $4.00; Variable manufacturing overhead - $2.00; Fixed manufacturing overhead ($250,000/50,000 units) - $5.00. How much is the operating income under variable costing?
Q3. Vile Company produces a single product. Information concerning the company's 1st year of operations appear below:
Units produced - 10,000
Units sold - 9,000
Selling price/unit - $60
Direct material - $15
Direct labor - $5
Variable overhead - $2
Variable selling and administrative - $4
Fixed overhead - $200,000
Fixed selling and administrative - $70,000
a. What is the difference in net operating income between absorption and variable costing for the year?
b. If the company produces 12,000 units and sells 13,000 units in the 2nd year, how much higher or lower will the variable operating income be compared to absorption operating income?
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