Actual variable overhead $10,000 Budgeted variable overhead S12,000 Budgeted production Actual production 500 units 450 units Actual hours 200 Standard time for 1 unit 30 minutes Among the given options, determine variable overhead efficiency variance. a. $1,200 favorable. b. $1,200 unfavorable c. $1,250 favorable d. $2,400 favorable

Actual variable overhead $10,000 Budgeted variable overhead S12,000 Budgeted production Actual production 500 units 450 units Actual hours 200 Standard time for 1 unit 30 minutes Among the given options, determine variable overhead efficiency variance. a. $1,200 favorable. b. $1,200 unfavorable c. $1,250 favorable d. $2,400 favorable

Name: Actual variable overhead$10,000Budgeted variable overhead $12,000Budg
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Description: Actual variable overhead$10,000Budgeted variable overhead $12,000Budgeted productionActual production500 units450 unitsActual hours200Standard time for 1 unit30 minutesAmong the given options, determine variable overhead efficiency variance.a. $1,20

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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Budgeted production Actual production Materials: Standard price per lb Standard pounds per completed unit Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs Overhead: Actual and budgeted fixed overhead Standard variable overhead rate Actual pounds purchased and used in production 11,800 Actual price paid for materials $23,000 Labor: Actual variable overhead costs Overhead is applied on standard labor hours. The direct material price variance is: 600F 600U 1,000 units 980 units 80F $2.00 12 $14 per hour 4.5 4,560 $62,928 $27,000 $3.50 per standard labor hour $15,500
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Budgeted variable factory overhead costs: $354,000 Budgeted production in units: 60,000 units Budgeted time: 2 direct labor hours per unit Allocation base: direct labor hours Actual production in units: 58,600 units Actual variable factory overhead costs incurred: $338,500 Actual direct labor hours used: 119,000 hours CALCULATE VARIABLE FACTORY OVERHEAD ALLOCATED: Allocated: $__________ CALCULATE VARIABLE FACTORY OVERHEAD SPENDING (PRICE) VARIANCE :…
S TB MC Qu. 16-41 (Algo) James Manufacturing had the following... James Manufacturing had the following information available for July: Actual Results 13,300 Units Sales revenue Less: Variable manufacturing costs Variable marketing and administrative Contribution margin What was James's flexible budget contribution margin for July? ere to search Multiple Choice $52,600 $50 750 O $ 90,750 ? $ 52,600 ? Sales Activity Variance 3,350 U ? $ 4,150 F $ 6,150 U Master Budget ? ? $ 123,900 $30,300 ? 37°F Cloudy ^-4
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Direct materials Direct labor Variable overhead 6.5 ounces 0.2 hours 0.2 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost ➡ 2,700 2,800 19,380 21,400 x 500 $ 40,660 $ 12,050 $3,100 The variable overhead Efficiency variance for June is: $360 F $360 U $372 U $372 F $ 2.00 per ounce $23.00 per hour $6.00 per hour The company applies variable overhead on the basis of direct labor-hours. units units ounces ounces hours $ 13.00 $4.60 $1.20
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