1S3. Compute the variable manufacturing overhead spending and efficiency variances. (Indicate the effect of each variance byselecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).)BookVariable overhead sponding varianceSVariable overhead efficiency variance1 U1 FPrint4. Compute the fixed overhead budget and volume variances. (Indicate the effect of variance by selecting "F" for favourable, "U" forunfavourable, and "None" for no effect (I.e., zero variance).)Fixed overhead budget variance$Fixed overhead volumne variance$1U0 Nono

The objective of the question is to compute the variable manufacturing overhead spending and…

Answered: 1 S 3. Compute the variable…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Premium Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024, using 144,000 square feet of extruded vinyl purchased at $1.15 per square foot. Production required 410 direct labor hours that cost $12.50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.20 per square foot. The labor standard was 0.027 direct labor hour per fender, at a standard cost of $11.50 per hour. Read the requirement.
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Kk.71.
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The total manufacturing cost variance is a.the flexible budget variance plus the time variance b.the difference between actual costs and standard costs for units produced c.the difference between planned costs and standard costs for units produced d.None of these answers are correct.
Required A Required B Calculate the variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing costs Variances
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Determine the variances for A, B, and C.
arker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year llows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($345,800 910,000 units) arker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,040,000 11,400,000 $ 9,120,000 308,000 $ 3,449,600 $ 689,000 $365,000 Standard Unit C $9.96 3.15 0.66 0.38
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Revise the data in your worksheet to reflect the results for the subsequent period as shown below: A 1 Chapter 9: Applying Excel 2 3 4 Data Revenue 5 Cost of ingredients 6 Wages and salaries 7 Utilities 8 Rent 9 10 11 Actual results: 12 Revenue 13 Cost of ingredients 14 Wages and salaries 15 Utilities 16 Rent 17 18 19 20 Actual activity Miscellaneous Miscellaneous Planning budget activity $ $ $ $ $ GA $ $ GA B 10,400 800 2,200 600 30,295 11,110 10,310 1,210 2,200 2,060 C + + 1,700 meals served 1,800 meals served $ $ $ $ D 16.50 q 6.25 q 0.20 q 0.80 q E

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