Calculating the Fixed Overhead Spending and Volume Variances Standish Company manufactures consumer products and provided the following information for the month of February: Units produced 131,000 Standard direct labor hours per unit 0.20 Standard fixed overhead rate (per direct labor hour) $2.50 Budgeted fixed overhead $65,000 Actual fixed overhead costs $68,300 Actual hours worked 26,350 Required: 1. Calculate the fixed overhead spending variance using the formula approach. $ Favorable Unfavorable 2. Calculate the volume variance using the formula approach. $ Favorable Unfavorable 3. What if 129,600 units had actually been produced in February? What impact would that have had? Indicate what the new variances would be below. Fixed Overhead Spending Variance $ Favorable Unfavorable Volume Variance $ Favorable Unfavorable

Calculating the Fixed Overhead Spending and Volume Variances Standish Company manufactures consumer products and provided the following information for the month of February: Units produced 131,000 Standard direct labor hours per unit 0.20 Standard fixed overhead rate (per direct labor hour) $2.50 Budgeted fixed overhead $65,000 Actual fixed overhead costs $68,300 Actual hours worked 26,350 Required: 1. Calculate the fixed overhead spending variance using the formula approach. $ Favorable Unfavorable 2. Calculate the volume variance using the formula approach. $ Favorable Unfavorable 3. What if 129,600 units had actually been produced in February? What impact would that have had? Indicate what the new variances would be below. Fixed Overhead Spending Variance $ Favorable Unfavorable Volume Variance $ Favorable Unfavorable

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Description: Calculating the Fixed Overhead Spending and Volume VariancesStandish Company manufactures consumer products and provided the following information for themonth of February:Units produced 131,000Standard direct labor hours per unit 0.20Standard fixed

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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Computation of Variable Cost Variances The following information pertains to the standard costs and actual activity for Repine Company for September: Standard cost per unit Direct materials Direct labor Activity for September Materials purchased Material A Material B Materials used Material A Material B Direct labor used Production output 3 units of material A x $8.00 per unit 2 units of material B x $4.00 per unit 2 hours x $15.00 per hour 7,000 units x $7.80 per unit 4,800 units x $4.50 per unit Materials price variance $ Materials quantity variance 6,430 units 3,950 units 4,100 hours x $15.50 per hour 2,000 units There were no beginning direct materials inventories. (a) Determine the materials price and quantity variances. Material A (b) Determine the labor rate and efficiency variances. Labor rate variance $ Labor efficiency variance $ ◆ → $ → Material B ◆ →
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Calculating the Variable Overhead Spending and Efficiency Variances Standish Company manufactures consumer products and provided the following information for the month of February:
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