Exercise 5: Computation for Overhead Variance and Journal EntriesGolden Manufacturers, Inc. applies factory overhead at P8 per direct labor hour.Actual factory overhead and actual labor hours for 19F were P470,500 and 58,000 hours,respectively. Normal capacity is 60,000 hours. Exercise 7: Flexible Budget AnalysisAssume that the fixed factory overhead of Golden Manufacturers (exercise 5)amounts to P120,000.Required:a. Variable factory overhead rate.b. Budget allowance based on actual capacityc. Spending varianced. Idle capacity variancee. Alternative computation for spending and volume variances

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Description: Exercise 5: Computation for Overhead Variance and Journal EntriesGolden Manufacturers, Inc. applies factory overhead at P8 per direct labor hour.Actual factory overhead and actual labor hours for 19F were P470,500 and 58,000 hours,respectively. Norm

Overhead variance refers to variations between actual and applied overheads. If the actual…

Business

Accounting

Exercise 5: Computation for Overhead Variance ind Journal Entries Golden Manufacturers, Inc. applies factory overhead at P8 per direct labor hour. Actual factory overhead and actual Íabor hours for 19F were P470,500 and 58,000 hours, respectively. Normal capacity is 60,000 hours.

Exercise 5: Computation for Overhead Variance ind Journal Entries Golden Manufacturers, Inc. applies factory overhead at P8 per direct labor hour. Actual factory overhead and actual Íabor hours for 19F were P470,500 and 58,000 hours, respectively. Normal capacity is 60,000 hours.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 2 a)At the end of the year, Era Sdn. Bhd. provided the following actual information: Overhead RM 412,600 Direct Labor Cost 532,000 Ilham uses normal costing and applies overhead at the rate of 75% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was RM 1,670,000. Required: i) Calculate the overhead variance for the year. ii) Dispose of the overhead variance by adjusting the Cost of Goods Sold.
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Total Fixed Overhead Variance Bulger Company provided the following data: Standard fixed overhead rate (SFOR) $8 per direct labor hour Actual fixed overhead costs $985,300 Standard hours allowed per unit 6 hours Actual production 20,000 units Required: 1. Calculate the standard hours allowed for actual production. fill in the blank 1 hours 2. Calculate the applied fixed overhead. $fill in the blank 2 3. Calculate the total fixed overhead variance. Enter the amount as a positive number and select Favorable or Unfavorable. $fill in the blank 3
The following data relate to direct labor costs for the current period: 7,300 hours at $11.40 6,100 hours at $10.80 Standard costs Actual costs The direct labor time variance is Oa. $13,680 unfavorable Ob. $12,960 favorable Oc. $12,960 unfavorable Od. $13,680 favorable
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Anderson Manufacturing incurred variable overhead costs of $14,500 and fixed overhead costs of $12,600. How much actual overhead will be used in the total overhead variance calculation? $27,100 $14,500 $1,900 O $12,600 Save for Later Submit Answer
1: Breakaway Company's labor information for May is as follows: Actual direct labor hours worked Standard direct labor hours allowed Total payroll for direct labor Direct labor time variance 1. What is the actual direct labor rate per hour? 2. What is the standard direct labor rate per hour? 3. What was the total standard direct labor cost for May? 4. What was the direct labor rate variance for May? 48,000 47,400 $1,128,000 $ 13,800 (unfavorable)
Question Content Area Power Co.'s labor information for June is as follows: Direct labor hours worked 68,100 Standard labor hours for units manufactured 71,000 Unfavorable direct labor rate variance $17,025 Total payroll for labor $820,605 A. What was the actual labor rate per hour? Round your answer to two decimal places. Actual labor rate $fill in the blank 1 per hour B. What was the standard labor rate per hour? Round your answer to two decimal places. Standard labor rate $fill in the blank 2 per hour C. What was the total standard labor cost for units produced in June? Total standard labor cost $fill in the blank 3 D. What was the direct labor time variance for June? Direct labor rate variance $fill in the blank 4
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9q-13
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