At the beginning of the year, you estimated the following -Production - 75,000 unitsRaw Material - 270,000 pounds at a cost of $1,026,000Direct Labor - 187,500 hours at a cost of $4,125,000Variable Overhead - 135,000 machine hours at a cost of $567,000Fixed Overhead - $900,000At the end of year, the actual results were as follows -Production - 73,000 unitsRaw Material - 265,720 pounds purchased and used at a cost of $1,036,308Direct Labor - 179,580 hours at a cost of $3,968,718Variable Overhead - 133,590 machine hours at a cost of $558,406.20Fixed Overhead - $891,000 22) The Variable Overhead Rate Variance is Favorable.TrueFalseQuestion 2323) What is the Total Variance for Variable Overhead ?Question 2424) The Total Variance for Variable Overhead is Favorable.TrueFalse

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Description: At the beginning of the year, you estimated the following -Production - 75,000 unitsRaw Material - 270,000 pounds at a cost of $1,026,000Direct Labor - 187,500 hours at a cost of $4,125,000Variable Overhead - 135,000 machine hours at a cost of $567,

22) variable overhead rate variance : ( standard rate - actual rate ) * actual quantity = ( 4.2 -…

Business

Accounting

At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000

At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000

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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At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000 16) The Total Variance for Direct Labor is Favorable. 17) What is the Variable Overhead standard for machine hours per unit ? 18) What is the standard rate per machine hour for Variable Overhead ? 19) What is the Efficiency Variance for Variable Overhead ? please answer complete
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