Flaherty, Inc., has just completed its first year of operations. The unit costs on a normal costing basis are as follows: Manufacturing costs (per unit): Direct materials (2 lbs. @ 1.30) Direct labor (0.4 hr. 17.50) Variable overhead (0.4 hr. 5.00) Fixed overhead (0.4 hr. 8.00) Total Selling and administrative costs: Variable Fixed $2.60 7.00 2.00 3.20 $14.80 $1.60 per unit $218,000 During the year, the company had the following activity: Units produced Units sold Unit selling price Direct labor hours worked 26,500 23,850 $36 10,600 Actual fixed overhead was $13,600 less than budgeted fixed overhead. Budgeted variable overhead was $4,500 less than the actual variable overhead. The company used an expected actual activity level of 10,600 direct labor hours to compute the predetermined overhead rates. Any overhead variances are closed to Cost of Goods Sold

Flaherty, Inc., has just completed its first year of operations. The unit costs on a normal costing basis are as follows: Manufacturing costs (per unit): Direct materials (2 lbs. @ 1.30) Direct labor (0.4 hr. 17.50) Variable overhead (0.4 hr. 5.00) Fixed overhead (0.4 hr. 8.00) Total Selling and administrative costs: Variable Fixed $2.60 7.00 2.00 3.20 $14.80 $1.60 per unit $218,000 During the year, the company had the following activity: Units produced Units sold Unit selling price Direct labor hours worked 26,500 23,850 $36 10,600 Actual fixed overhead was $13,600 less than budgeted fixed overhead. Budgeted variable overhead was $4,500 less than the actual variable overhead. The company used an expected actual activity level of 10,600 direct labor hours to compute the predetermined overhead rates. Any overhead variances are closed to Cost of Goods Sold

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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