All estimated costs are based on labor hours. How much is the factory overhead variance? Fo The following information is available for the year 2030:Factory Overhead Control accountActual labor hoursEstimated labor hoursEstimated CostsVariable50.1,551,500296,000320,000720,000Fixed:Factory rentDepreciation - office equipmentAdvertisingOffice Rent860,00048,00010,000368,000140,00012,00010,000i 2,000Depreciation - factory equipmentSalary - office secretarySalary - factory guardFactory InsuranceAll estimated costs are based on labor hours. How much is the factoryoverhead variance?a. 50,600 overb. 455,750 overc. 435,400 overd. 73,888 under

Name: All estimated costs are based on labor hours. How much is the factory
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Description: All estimated costs are based on labor hours. How much is the factory overhead variance? Fo The following information is available for the year 2030:Factory Overhead Control accountActual labor hoursEstimated labor hoursEstimated CostsVariable50.1,55

Total Estimated Costs: Variable - 7,20,000…

Answered: Factory Actual labor hours Estimated…

Business

Accounting

Factory Actual labor hours Estimated labor hours Estimated 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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A. How much overhead will be assigned to each product if these three cost drivers are used to allocate overhead? What is the total cost per unit produced for each product? B. How much of the overhead will be assigned to each product if direct labor cost is used to allocate overhead? What is the total cost per unit produced for each product?
The following direct materials and direct labor data pertain to the operations of Sandhill Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 $120 $12.50 $124 Quantities per hour per ton per hour per ton Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,900 hours 2,000 tons 4,960 hours 1,990 tons
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Question: In cost accounting, what is the primary purpose of calculating the predetermined overhead rate? A) To allocate indirect costs to products based on a predetermined formula.B) To determine the actual overhead costs incurred during a specific production period.C) To calculate variable costs associated with each unit of production.D) To assess fixed costs that remain constant regardless of production levels.
How do I find the actual rate for variable manufacturing overhead. I’m trying to compute the variable overhead rate variance. I’ve attached a photo of my math in the way I was taught to do it.
The following direct materials and direct labor data pertain to the operations of Sunland Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 $290 $12.50 per hour per ton per hour $292 per ton Quantities. Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used. 4,200 hours 1,000 tons 4,290 hours 990 tons
24: Seat Belt Inc., produces three sizes of seat belts: small, medium, and large. A seat belt pattern is first stenciled onto fabric in the Pattern Department. The stenciled patterns are then sent to the Cut and Sew Department, where the seat belt is cut and sewed together. Seat Belt Inc. uses the multiple production department factory overhead rate method of allocating factory overhead costs. Its factory overhead costs were budgeted as follows: Overhead Dollars Direct Labor Hours Pattern Department: Cut and Sew Department Overhead: 40,000 dh 60,000 dlb $300,000 $600,000 $900,000 Totals: 100,000 The Company decides to use the Multiple Department Overhead method, and Direct Labor Hours are used to allocate the overhead. We know the following for each type of seatbelt: Small Medium 1.0 dlh 1.5 dlb 2.5 dlh Large 2.0 dlh 3.0 dlb 5.0 dla Pattern Department: Cut and Sew Department: 1.5 dla 2.5 dlh 4.0 dlk Total Per Unit Part I: Calculate the Departmental Factory Overhead Rate for each…
The labor efficiency variance is the difference between the actual quantity of hours at the standard rate and the standard direct labor hours at the standard rate. A. True B. False
Are the fixed costs as well as the 'other variable costs" included in the calculations of total overhead?
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