Check my work Required information [The following information applies to the questions displayed below.] Patel and Sons Inc. uses a standard cost system to apply factory overhead costs to units produced. Practical capacity for the plant is defined as 55,200 machine hours per year, which represents 27,600 units of output. Annual budgeted fixed factory overhead costs are $276,000 and the budgeted variable factory overhead cost rate is $3.70 per unit. Factory overhead costs are applied on the basis of standard machine hours allowed for units produced. Budgeted and actual output for the year was 21,500 units, which took 44,200 machine hours. Actual fixed factory overhead costs for the year amounted to $264,800 while the actual variable overhead cost per unit was $3.60. Based on the information provided above, calculate the following factory overhead variances for the year. Indicate whether each variance is favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) (a) Total overhead variance (b) Total flexible-budget variance (c) Production volume variance Unfavorable Favorable $ 61,000 Unfavorable

Check my work Required information [The following information applies to the questions displayed below.] Patel and Sons Inc. uses a standard cost system to apply factory overhead costs to units produced. Practical capacity for the plant is defined as 55,200 machine hours per year, which represents 27,600 units of output. Annual budgeted fixed factory overhead costs are $276,000 and the budgeted variable factory overhead cost rate is $3.70 per unit. Factory overhead costs are applied on the basis of standard machine hours allowed for units produced. Budgeted and actual output for the year was 21,500 units, which took 44,200 machine hours. Actual fixed factory overhead costs for the year amounted to $264,800 while the actual variable overhead cost per unit was $3.60. Based on the information provided above, calculate the following factory overhead variances for the year. Indicate whether each variance is favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) (a) Total overhead variance (b) Total flexible-budget variance (c) Production volume variance Unfavorable Favorable $ 61,000 Unfavorable

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Description: Check my workRequired information[The following information applies to the questions displayed below.]Patel and Sons Inc. uses a standard cost system to apply factory overhead costs to units produced.Practical capacity for the plant is defined as 55

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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HP Company employs standard absorption system for product costing. The standard cost of this product is as follows: Raw Materials - P14.50; Direct labor for 2 hours @ P8/hr is P16; Manufacturing overhead for 2hours @ P11/hr is P22. The total cost/unit (14.50+16+22) = P52.50. The manufacturing overhead rate is based upon normal annual activity level of 600,000 direct labor hours. The company planned to produce 25,000 units each month during 2020. Budgeted factory overhead for 2020 is composed of P3,600,000 variable and P3,000,000 fixed. During April 2021, 26,000 units of product were produced using 53,500 direct labor hours at a cost of P433,350. Actual manufacturing overhead for the month was P260,000 fixed and P315,000 variable. The total manufacturing overhead applied during April was P572,000. REQUIRED: (Please show the solution) 1. What is the variable overhead spending variance? 2. What is the variable overhead efficiency variance? 3. What is the fixed overhead spending (budget)…
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Merone Company allocates materials handling cost to the company's two products using the below data: Modular Prefab Homes 6,200 620 820 Barns Total expected units produced Total expected material moves Expected direct labor-hours per unit 9,200 220 320 The total materials handling cost for the year is expected to be $321,120. If the materials handling cost is allocated on the basis of material moves, the total materials handling cost allocated to the modular homes is closest to: (Round your Intermedlate calculatlons to 2 declmal ploces.) Multple Cholce $237.019.80 S230,981.05 S164,265.00 S220.770.00 < Prev 9 of 10 92 F AQI 61 A E e here to search DELL
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! Required Information [The following information applies to the questions displayed below.] Patel and Sons Inc. uses a standard cost system to apply factory overhead costs to units produced. Practical capacity for the plant is defined as 52,800 machine hours per year, which represents 26,400 units of output. Annual budgeted fixed factory overhead costs are $264,000 and the budgeted variable factory overhead cost rate is $2.90 per unit. Factory overhead costs are applied on the basis of standard machine hours allowed for units produced. Budgeted and actual output for the year was 19,900 units, which took 41,800 machine hours. Actual fixed factory overhead costs for the year amounted to $256,000 while the actual variable overhead cost per unit was $2.80. Based on the Information provided above, calculate the following factory overhead variances for the year. Indicate whether each varlance is favorable (F) or unfavorable (U). (Do not round Intermediate calculations. Round your final…