A. Show the solution for each. Compute in details the Variable Manufacturing Overhead Variances - Spending and Efficiency. B. Show the solution for each. Compute in details the Fixed Manufacturing Overhead Variances - Budget and Volume. Direct materials:Direct labour:Variable mfg overhead:Fixed mfg overhead:During January, the company produced 6,000 Beadazzler toys. The fixed overhead expense budget for January was $48,360 with8,060 direct labour-hours as the denominator level of activity. Production data for the month on the toys follow:Direct materials:Direct labour:6 microns per toy @ $1.00 per micron1.3 hours per toy @ $8 per hour1.3 hours per toy @ $4 per hour1.3 hours per toy @ $6 per hourVariable manufacturing overhead:Fixed manufacturing overhead:50000 microns were purchased and used in production at a cost of $0.96per micron8000 direct labour hours were worked at a cost of $72000Actual cost in January was $34,000.Actual cost in January was $50,000.

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Description: A. Show the solution for each. Compute in details the Variable Manufacturing Overhead Variances - Spending and Efficiency. B. Show the solution for each. Compute in details the Fixed Manufacturing Overhead Variances - Budget and Volume. Direct materi

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A. Show the solution for each. Compute in details the Variable Manufacturing Overhead Variances - Spending and Efficiency. B. Show the solution for each. Compute in details the Fixed Manufacturing Overhead Variances - Budget and Volume.

A. Show the solution for each. Compute in details the Variable Manufacturing Overhead Variances - Spending and Efficiency. B. Show the solution for each. Compute in details the Fixed Manufacturing Overhead Variances - Budget and Volume.

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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Under the three-variance method for analyzing factory overhead, whi.ch of the following is used in the computation of the spending variance? efficiency variance volume variance spending variance idle capacity variance
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1. Why are standard cost systems used? 2. How are standards set for material, labor, and overhead? 3. How is variance analysis used for control and performance evaluation?
pls answer the questions
A company using direct costing in its performance evaluation would normally include the following variance in its report, except Price variance Volume variance Efficiency variance Budget variance
Explain how the two-, three-, and four-variance overhead analyses are related.
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Which one is the correct answer?
Draw a graph showing budgeted and applied fixed overhead, and show an unfavorable (or positive) volume variance on the graph.
Explain the phrase, "Fixed Overhead Expenditure (or Spending or Budget)Variance: This variance shows the difference between the budgetedfixed overheads and the actual fixed overheads incurred during a particularperiod."
1.What is the labor rate variance ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 2. What is the variable overhead efficiency variance ? ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 3. what is the variable overhead rate variance?