please answer part vii viii A company using standard costing system presents the following information for the budgetperiod:Budgeted variable overheads = Rs. 8,00,000Budgeted fixed overheads = 5,00,000Overheads are recovered on the basis of standard machine hours. The company had budgeted for 1,00,000machine hours for the year.During the budget period the company used 1,10,000 machine hours while it should have used 95,.000machine hours for actual output.%3DActual variable overheads Rs. 8,00,000Actual fixed overheads Rs. 4,70,000.Calculate the following variances:() Variable overheads cost variance;(i) Variable overheads spending variance;(iii) Variable overheads efficiency variance;(iv) Fixed overheads cost variance;(v) Fixed overheads expenditure variance;(vi) Fixed overheads volume variance;(vii) Fixed overheads efficiency variance;(vii) Fixed overheads capacity variance.

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Budgeted variable overheads = Rs. 8,00,000 Budgeted fixed overheads 5,00,000 Overheads are recovered on the basis of standard machine hours. The company had budgeted for 1,00,000 achine hours for the year. During the budget period the company used 1,10,000 machine hours while it should have used 95,000 achine hours for actual output. Actual variable overheads Rs. 8,00,000 Actual fixed overheads Rs. 4,70,000. Calculate the following variances: () Variable overheads cost variance; (i) Variable overheads spending variance; (iii) Variable overheads efficiency variance; (iv) Fixed overheads cost variance%3; (v) Fixed overheads expenditure variance; (vi) Fixed overheads volume variance; (vii) Fixed overheads efficiency variance; (vii) Fixed overheads capacity variance.

Budgeted variable overheads = Rs. 8,00,000 Budgeted fixed overheads 5,00,000 Overheads are recovered on the basis of standard machine hours. The company had budgeted for 1,00,000 achine hours for the year. During the budget period the company used 1,10,000 machine hours while it should have used 95,000 achine hours for actual output. Actual variable overheads Rs. 8,00,000 Actual fixed overheads Rs. 4,70,000. Calculate the following variances: () Variable overheads cost variance; (i) Variable overheads spending variance; (iii) Variable overheads efficiency variance; (iv) Fixed overheads cost variance%3; (v) Fixed overheads expenditure variance; (vi) Fixed overheads volume variance; (vii) Fixed overheads efficiency variance; (vii) Fixed overheads capacity 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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