AC 436 In-class Review Questions 3) Demo Company uses standard costing and overhead is allocated based on budgeted direct labour hours. Budget Values: Fixed Overhead $36,000 Varlable Overhead $15,750 The following results occurred during the year: • Actual Fixed overhead costs $36,500 Standard DLH worked 8,000 hours Hours Mike worked on his renovation 5,000 hours $14,750 $17,000 7,500 hours Actual variable overhead costs Potential cost of Mike's daughter's wedding Actual DLH worked Actual DLH worked in prior year 8,500 hours Required: Calculate all overhead variances.

AC 436 In-class Review Questions 3) Demo Company uses standard costing and overhead is allocated based on budgeted direct labour hours. Budget Values: Fixed Overhead $36,000 Varlable Overhead $15,750 The following results occurred during the year: • Actual Fixed overhead costs $36,500 Standard DLH worked 8,000 hours Hours Mike worked on his renovation 5,000 hours $14,750 $17,000 7,500 hours Actual variable overhead costs Potential cost of Mike's daughter's wedding Actual DLH worked Actual DLH worked in prior year 8,500 hours Required: Calculate all overhead variances.

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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