Exercise 16-50 (Algo) Overhead Variances (LO 16-5, 6)Brice Corporation shows the following overhead information for the current period.Actual overhead incurredBudgeted fixed overheadstandard variable overhead rate per directlabor-hourstandard hours allowed for actual productionActual labor-hours used$1,052, 200 ($277, 100 fixed and $775, 100 variable)283,000 (22,700 direct labor-hours budgeted)%2426,300 hours27, 200 hours29.85Required:What are the varlable overhead price and efficlency variances and the fixed overhead price varlance? (Indicate the effect of eachvarlance by selecting "F" for favorable, or "U" for unfavorable. If there Is no effect, do not select elther optlon.)Variable overhead:Price varianceEfficiency vananceFixed overhead.Price variance< Prev4 of 17 Next >%24

Variable overhead price variance = Actual overhead - ( Actual hours x Standard overhead rate )…

Brice Corporation shows the following overhead information for the current period. Actual overhead incurred Budgeted fixed overhead standard variable overhead rate per direct labor -hour standard hours allowed for actual production Actual labor -hours used $1,052, 200 ($277, 100 fixed and $775,100 variable) $ 283, 000 (22, 700 direct labor-hours budgeted) 24 29.85 26, 300 hours 27, 200 hours Required: What are the variable overhead price and efficiency variances and the fixed overhead price variance? (Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable. If there Is no effect, do not select either optlon.) Variable overhead: Price variance Efficiency variance Fixed overhead: Price variance

Brice Corporation shows the following overhead information for the current period. Actual overhead incurred Budgeted fixed overhead standard variable overhead rate per direct labor -hour standard hours allowed for actual production Actual labor -hours used $1,052, 200 ($277, 100 fixed and $775,100 variable) $ 283, 000 (22, 700 direct labor-hours budgeted) 24 29.85 26, 300 hours 27, 200 hours Required: What are the variable overhead price and efficiency variances and the fixed overhead price variance? (Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable. If there Is no effect, do not select either optlon.) Variable overhead: Price variance Efficiency variance Fixed overhead: Price variance

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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manufacturer of industrial equipment has a standard costing system based on standard direct labor-hours (DLHs) as the measure of activity. Data from the company's flexible budget for manufacturin overhead are given below: Level of activity Overhead costs at the denominator activity level: Variable overhead cost Fixed overhead cost The following data pertain to operations for the most recent period: Actual hours Standard hours allowed for the actual output Actual total variable manufacturing overhead cost Actual total fixed manufacturing overhead cost 2,550 DLHs $ 8,600 $ 35,125 2,700 DLHs 2,597 DLHs $ 9,200 $ 35,525 How much overhead was applied to products during the period to the nearest dollar? Note: Do not round Intermediate calculations. Multiple Cholce $44.125 $43.725 $44.725 $44.531 $44.725
For each variable cost per unit listed below, determine the total variable cost when units produced and sold are 25, 50, and 100 units. Direct materials $ 40 Direct labor 80 Variable overhead 9 Sales commission 12
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The Illustrative Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-Line of products Standard fixed overhead per direct labor hour Standard direct labor hours per unit Budgeted production Budgeted fixed overhead costs $3 0.75 3,400 $7.650.00 Actual production in units Actual fixed overhead costs incurred What is Illustrative's fixed manufacturing overhead volume variance? A. $2.025.00 favorable OB. $4.950.00 favorable OC. $2,025.00 unfavorable D. $4.950.00 unfavorable 4,300 $2.700.00
Data on Gantry Company's direct labor costs are given below: Standard direct labor-hours Actual direct labor-hours Direct labor efficiency variance-favorable Direct labor rate variance-favorable Total direct labor payroll What was Gantry's actual direct labor rate? 35,000 34,000 $ 4,100 $ 6,800 $ 132,600 Multiple Choice $4.10 $3.70 $3.90 $6.80
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A summary of Coastal Equipment's flexible budget for manufacturing overhead follows: Cost Formula Direct Labour - Hours (DLHS) Overhead Costs (per direct labour-hour) 4,400 4,900 5,400 Variable cost $2.20 $9,680 $ 10,780 $11,880 Fixed cost 54,560 54,560 54,560 Total overhead cost $ 64,240 $ 65,340 $ 66,440 The following information is available for a recent period: The denominator activity of 4,400 DLHS was chosen to compute the predetermined overhead rate. At the 4,400 standard DLH level of activity, the company should produce 2,200 units of product. The company's actual operating results were as follows: Number of units produced 2,350 Actual DLHS 4,400 Actual variable overhead costs $9,890 Actual fixed overhead costs $ 54,900 Required: Compute the predetermined overhead rate and break it down into variable and fixed cost elements. Note: Round your answers to 2 decimal places. What were the standard hours allowed for the year's actual output? Note: Do not round intermediate…
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The following information is available for the Danske Company: Denominator hours for May Actual hours worked during May Standard hours allowed for May Flexible budget fixed overhead cost Actual fixed overhead costs for May Danske Company had total underapplied overhead of $20,000. Additional information is as follows: Variable Overhead: Applied based on standard direct labor-hours allowed Budgeted based on standard direct labor-hours Fixed Overhead: Applied based on standard direct labor-hours allowed Budgeted based on standard dinect labon-hours $ 52,000 43,000 $ 40,000 32,000 What is the fixed overhead price (spending) variance for May? Multiple Choice $4,000 unfavorable 94.100 unfavorable
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