Cricket Inc. uses a standard cost accounting system and applies manufacturing overhead based on machine hours. The machine hour quantity standard is 25 hours per unit. Here are data regarding the current year: Units produced Manufacturing overhead costs: • Fixed overhead . Variable overhead Total overhead ▪ O Actual machine hours O Standard machine hours allowed Standard cost allowed Planning budget 1,200 units What additional information is required to compute both the variable manufacturing overhead rate and efficiency variances? O No additional information is required O None of the above $1,414,500 $1,728,000 $3,142,500 Actual results 1,056 units $1,460,000 $1,621,600 $3,081,600

Cricket Inc. uses a standard cost accounting system and applies manufacturing overhead based on machine hours. The machine hour quantity standard is 25 hours per unit. Here are data regarding the current year: Units produced Manufacturing overhead costs: • Fixed overhead . Variable overhead Total overhead ▪ O Actual machine hours O Standard machine hours allowed Standard cost allowed Planning budget 1,200 units What additional information is required to compute both the variable manufacturing overhead rate and efficiency variances? O No additional information is required O None of the above $1,414,500 $1,728,000 $3,142,500 Actual results 1,056 units $1,460,000 $1,621,600 $3,081,600

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Description: Cricket Inc. uses a standard cost accounting system and applies manufacturing overhead based onmachine hours. The machine hour quantity standard is 25 hours per unit. Here are data regarding thecurrent year:Units producedManufacturing overhead costs

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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