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Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual $4.00 11,200 Standard $3.90 10,300 $162,800 $158,080 14,800 $158.016 15,200 $160,056 42,440 $50,928 $2.70 $1.20

Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual $4.00 11,200 Standard $3.90 10,300 $162,800 $158,080 14,800 $158.016 15,200 $160,056 42,440 $50,928 $2.70 $1.20

FINANCIAL ACCOUNTING
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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Variable overhead rate per machine hour Fixed overhead rate per machine hour Overhead is applied on the basis of standard machine hours. 2.70 hours of machine time are required for each direct labor hour. The jobs were sold for $454,000. Selling and administrative expenses were $44,300. Assume that the amount of raw materials purchased equaled the amount used. Compute the overhead controllable variance and the overhead volume variance. Overhead controllable variance $ $2.70 $1.20 Overhead volume variance
Transcribed Image Text:Variable overhead rate per machine hour Fixed overhead rate per machine hour Overhead is applied on the basis of standard machine hours. 2.70 hours of machine time are required for each direct labor hour. The jobs were sold for $454,000. Selling and administrative expenses were $44,300. Assume that the amount of raw materials purchased equaled the amount used. Compute the overhead controllable variance and the overhead volume variance. Overhead controllable variance $ $2.70 $1.20 Overhead volume variance
Vaughn Corporation accumulates the following data relative to jobs started and Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual $4.00 11,200 $162.800 14,800 $158,016 Standard $3.90 10,300 $158,080 15,200 $160,056 42,440 $50,92 $2.70 $1.20
Transcribed Image Text:Vaughn Corporation accumulates the following data relative to jobs started and Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual $4.00 11,200 $162.800 14,800 $158,016 Standard $3.90 10,300 $158,080 15,200 $160,056 42,440 $50,92 $2.70 $1.20
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