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Direct materials Direct labor 5 lbs. per unit 0.75 DL hrs. per unit $2.00 per lb. $18.00 per DL hr. Variable overhead 0.75 DL hrs. per unit $3.00 per DL hr. Fixed overhead 0.75 DL hrs. per unit $4.00 per DL hr. The fixed overhead rate was based on budgeted production of 54,000 units. The actual results for the year were as follows. Units produced Direct materials purchased Direct materials used Direct labor Variable overhead 53,000 units 274,000 lbs. at $2.50 per lb. 270,300 lbs. 40,100 DL hrs. at $17.95 per DL hr. $122,000 Fixed overhead $161,700

Direct materials Direct labor 5 lbs. per unit 0.75 DL hrs. per unit $2.00 per lb. $18.00 per DL hr. Variable overhead 0.75 DL hrs. per unit $3.00 per DL hr. Fixed overhead 0.75 DL hrs. per unit $4.00 per DL hr. The fixed overhead rate was based on budgeted production of 54,000 units. The actual results for the year were as follows. Units produced Direct materials purchased Direct materials used Direct labor Variable overhead 53,000 units 274,000 lbs. at $2.50 per lb. 270,300 lbs. 40,100 DL hrs. at $17.95 per DL hr. $122,000 Fixed overhead $161,700

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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Determine the fixed overhead spending variance.

Direct materials Direct labor 5 lbs. per unit 0.75 DL hrs. per unit $2.00 per lb. $18.00 per DL hr. Variable overhead 0.75 DL hrs. per unit $3.00 per DL hr. Fixed overhead 0.75 DL hrs. per unit $4.00 per DL hr. The fixed overhead rate was based on budgeted production of 54,000 units. The actual results for the year were as follows. Units produced Direct materials purchased Direct materials used Direct labor Variable overhead 53,000 units 274,000 lbs. at $2.50 per lb. 270,300 lbs. 40,100 DL hrs. at $17.95 per DL hr. $122,000 Fixed overhead $161,700
Transcribed Image Text:Direct materials Direct labor 5 lbs. per unit 0.75 DL hrs. per unit $2.00 per lb. $18.00 per DL hr. Variable overhead 0.75 DL hrs. per unit $3.00 per DL hr. Fixed overhead 0.75 DL hrs. per unit $4.00 per DL hr. The fixed overhead rate was based on budgeted production of 54,000 units. The actual results for the year were as follows. Units produced Direct materials purchased Direct materials used Direct labor Variable overhead 53,000 units 274,000 lbs. at $2.50 per lb. 270,300 lbs. 40,100 DL hrs. at $17.95 per DL hr. $122,000 Fixed overhead $161,700
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