A firm uses machine hours to allocate overhead cost. During the period, budgeted variable overhead is Rs. 10000 and budgeted machine hours is 100 hours for budgeted volume of 1000 units. The firm produced 1200 units consuming 150 hours and spent Rs. 15000 towards variable overhead. The total variable overhead cost variance is Rs. 3000 favorable Rs. 5000 favorable Rs. 5000 adverse Rs. 3000 adverse

A firm uses machine hours to allocate overhead cost. During the period, budgeted variable overhead is Rs. 10000 and budgeted machine hours is 100 hours for budgeted volume of 1000 units. The firm produced 1200 units consuming 150 hours and spent Rs. 15000 towards variable overhead. The total variable overhead cost variance is Rs. 3000 favorable Rs. 5000 favorable Rs. 5000 adverse Rs. 3000 adverse

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Description: A firm uses machine hours to allocate overhead cost. During the period, budgeted variable overhead is Rs.10000 and budgeted machine hours is 100 hours for budgeted volume of 1000 units. The firm produced 1200units consuming 150 hours and spent Rs. 1

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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Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead During August, LLL had the following actual results: Units produced and sold Actual variable overhead Actual direct labor hours Standard. Quantity 0.6 Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance 24,900 $ 9,480 15,900 Standard Rate $0.80 Standard Unit Cost $0.48 Required: Compute LLL's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).
A firm uses machine hours to allocate fixed overhead. During the period, budgeted fixed overhead is Rs. 30000. The budgeted machine hours is 100 hours for budgeted volume of 1000 units. The firm produced 1200 units consuming 150 hours and spent Rs. 28000 towards fixed overhead. The fixed overhead spending variance is Rs. 17000 favorable Rs. 17000 adverse Rs. 2000 favorable Rs. 8000 favorable
A firm uses machine hours to allocate overhead cost. During the period, budgeted variable overhead is Rs. 10000 and budgeted machine hours is 100 hours for budgeted volume of 1000 units. The firm produced 1200 units consuming 150 hours and spent Rs. 15000 towards variable overhead. The total variable overhead cost variance is Rs. 3000 favorable Rs. 5000 favorable Rs. 5000 adverse Rs. 3000 adverse
Raven applies overhead based on direct labor hours. The variable overhead standard is 11.0 hours at $20.0 per hour. During July, Raven spent $966,700 for variable overhead. 47,380 labor hours were used to produce 4,350 units. What is the variable overhead efficiency variance? Multiple Choice $9,400 favorable $860,600 favorable $19,100 favorable $19,100 unfavorable
Julum Limited manufactures a single product and operates a standard costing system. Budgeted Data (per unit) : Labour 5 hours @ £15.00 Per Hour Budgeted production for August was expected to reach 10000 Units Actual production 11000 Units The actual costs incurred were as follows : Actual Data : Labour 60000 hours @ £14.50 Per Hour a. What is Labour Rate Variance? Choose one from the following: A. £30,000.00 Favourable B. £75,000.00 Unfavourable C. £45,000.00 Favourable D. £45,000.00 Unfavourable
am. 115.
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A company uses a standard costing system with direct labor hours (DLHS) as the allocation base for fixed manufacturing overhead (FMOH) and a standard of 3 DLHS per unit. For the most recent period, the company reported the following data: FPOHR Actual DLHS Actual FMOH FMOH Budget Variance FMOH Volume Variance $2.5 per DLH 10,500 hours $36,000 $3.000 Unfavorable $1.500 Favorable Q. What was the actual number of units produced for the period? ANS. units
4.2.1 Calculate the material quantity variance. 4.2.2 Calculate the variable manufacturing overhead efficiency variance. 4.2.3 Fixed manufacturing overhead volume variance.
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Moeller Electric manufactures light fixtures. The following information pertains to the company's manufacturing overhead data. i (Click the icon to view the information.) What is the variable manufacturing overhead flexible-budget variance? Round to the nearest ten cents. A. $387.00 favourable B. $26,661.80 unfavourable C. $2,363.80 favourable D. $2,750.00 favourable E. $2,363.00 unfavourable Information Budgeted output units Budgeted machine-hours Budgeted variable manufacturing overhead costs for 30,000 fixtures Actual output units produced Actual machine-hours used Actual variable manufacturing overhead costs 34,000 fixtures 10,000 hours $80,625 44,000 fixtures 10,000 hours $131,000 X