A company uses a standard costing system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours Actual direct labor-hours Standard direct labor-hours allowed for the actual output $300,000 $279,000 60,000 56,000 58,000 What is the fixed overhead budget variance? Multiple Choice $10,000 U $21,000 F $10,000 F < Prev 15 of 23 Naxt>

A company uses a standard costing system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours Actual direct labor-hours Standard direct labor-hours allowed for the actual output $300,000 $279,000 60,000 56,000 58,000 What is the fixed overhead budget variance? Multiple Choice $10,000 U $21,000 F $10,000 F < Prev 15 of 23 Naxt>

Name: A company uses a standard costing system and applies overhead to prod
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Description: A company uses a standard costing system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year:- **Total budgeted fixed overhead cost for the year:** $300,000- **Actual fixed o

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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The following information in respect of a production process is available for the month of April 2023. Budgeted Actual Output Units 120000 130000 Hours 120000 132000 Fixed Overheads 180000 200000 Variable Overheads 240000 272000 Working Days 100 104 Compute the relevant overheads variances.
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Coronado Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Overhead controllable variance $ Overhead volume variance Actual $ $4.40 11,000 $177,600 14,800 $242,800 Standard $4.30 10,100 $174,420 15,300 Overhead is applied on the basis of standard machine hours. 3.20 hours of machine time are required for each direct labor hour. The jobs were sold for $475,000. Selling and administrative expenses were $40,100. Assume that the amount of raw materials purchased equaled the amount used. Compute the overhead controllable variance and the overhead volume variance. $244,800 49,960 $89,928 $3.20 $1.80…
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The Illustrative Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-Line of products Standard fixed overhead per direct labor hour Standard direct labor hours per unit Budgeted production Budgeted fixed overhead costs $3 0.75 3,400 $7.650.00 Actual production in units Actual fixed overhead costs incurred What is Illustrative's fixed manufacturing overhead volume variance? A. $2.025.00 favorable OB. $4.950.00 favorable OC. $2,025.00 unfavorable D. $4.950.00 unfavorable 4,300 $2.700.00
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A company, which uses standard costing, manufactures a single product with the following cost card: Standard Direct Labor Hours allowed per unit of product 4.5 DLHS Standard Direct Labor Rate Selected results for the most recent period are: Budgeted Production Actual Production Actual Direct Labor Cost Actual Direct Labor Hours Labor Rate Variance Labor Spending Variance What is the Labor Rate Variance? 2,200 units 2,500 units $ 125,000 S 11,700 hours ? 4,150 Favorable ?per DLH
The following information relating to a company's overhead costs is available. Budgeted fixed overhead rate per machine hour Actual variable overhead Budgeted variable overhead rate per machine hour Actual fixed overhead Budgeted hours allowed for actual output achieved Based on this information, the total overhead variance is: Multiple Choice O O $69,000 favorable. $112,000 favorable. $43,000 unfavorable. $112,000 unfavorable. $43,000 favorable. $ 1.50 $ 99,000 $ 4.00 $ 20,000 42,000
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Information for Bonanza Company's direct labor cost for February is as follows: Actual direct labor - hours 89, 000 Total direct labor payroll $ 578, 500 Efficiency variance5, 880 F Rate variance $ 142, 400 U What were the standard direct labor hours for february?