Direct materials (5 lbs. @ $3.20)Direct labor (2 hrs. @ $18.00)FOH (2 hrs. @ $4.30)VOH (2 hrs. @ $0.90)Standard cost per unitc. FOH: $1,235,900d. VOH: $259,300Gaillard computes its overhead rates using practical volume, which is 144,000 units. The actual results for the year are as follows:a. Units produced: 143,400b. Direct labor: 286,400 hours at $18.10Spending variance $Efficiency variance $1. Compute the variable overhead spending and efficiency variances.Spending variances $UnfavorableVolume variances $Favorable$16.0036.002. Compute the fixed overhead spending and volume variances.8.601.80$62.40Favorable #Unfavorable +

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Description: Direct materials (5 lbs. @ $3.20)Direct labor (2 hrs. @ $18.00)FOH (2 hrs. @ $4.30)VOH (2 hrs. @ $0.90)Standard cost per unitc. FOH: $1,235,900d. VOH: $259,300Gaillard computes its overhead rates using practical volume, which is 144,000 units. The a

A variance occurs whenever there is a difference in the usage of materials or time taken or the…

Business

Accounting

Direct materials (5 lbs. @ $3.20) Direct labor (2 hrs. @ $18.00) FOH (2 hrs. @ $4.30) VOH (2 hrs. @ $0.90) Standard cost per unit Gaillard computes its overhead rates using practical volume, which is 144,000 units. The actual results for the year are as follows: a. Units produced: 143,400 b. Direct labor: 286,400 hours at $18.10 c. FOH: $1,235,900 d. VOH: $259,300 1. Compute the variable overhead spending and efficiency variances. Spending variance $ Efficiency variance $ Spending variances $ Volume variances $ Unfavorable 2. Compute the fixed overhead spending and volume variances. X Favorable + $16.00 36.00 8.60 1.80 $62.40 Favorable Unfavorable #

Direct materials (5 lbs. @ $3.20) Direct labor (2 hrs. @ $18.00) FOH (2 hrs. @ $4.30) VOH (2 hrs. @ $0.90) Standard cost per unit Gaillard computes its overhead rates using practical volume, which is 144,000 units. The actual results for the year are as follows: a. Units produced: 143,400 b. Direct labor: 286,400 hours at $18.10 c. FOH: $1,235,900 d. VOH: $259,300 1. Compute the variable overhead spending and efficiency variances. Spending variance $ Efficiency variance $ Spending variances $ Volume variances $ Unfavorable 2. Compute the fixed overhead spending and volume variances. X Favorable + $16.00 36.00 8.60 1.80 $62.40 Favorable Unfavorable #

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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