In October, vole Company reports 20,700 actual direct labor hours, and it incurs $171,200 of manufacturing overhead costs.Standard hours allowed for the work done is 21,400 hours. The predetermined overhead rate is $8.25 per direct labor hour. Inaddition, the flexible manufacturing overhead budget shows that budgeted costs are $6.25 variable per direct labor hour and $50,000fixed.Compute the overhead volume variance. Normal capacity was 25,000 direct labor hours.Overhead Volume Variance

Given: Variable Overhead Rate per Hour=$6.25Actual Direct Labor Hours= 20,700 hoursActual Overhead…

Answered: In October, vole Company reports 20,700…

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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ABC Inc. spent a total of $48,900 on factory overhead. Of this, $29,000 was fixed overhead. ABC Inc. had budgeted $28,000 for fixed overhead. Actual machine hours were 5,100. Standard hours for units made were 5,000. The standard variable overhead rate was $4.00. What is the variable overhead rate variance? Enter the amount as positive number.
The standard cost of product 2525 includes 4.10 hours of direct labour at $14.40 per hour. The predetermined overhead rate is $21.60 per direct labour hour. During July, the company incurred 11,170 hours of direct labour at an average rate of $14.80 per hour and $237,012 of manufacturing overhead costs. It produced 2,700 units. (a) Calculate the total, price, and quantity variances for labour. (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answers to O decimal places, e.g. 125.) Total labour variance Labour price variance Labour quantity variance eTextbook and Media Save for Later tA $ $ +A ta $ Favourable Unfavourable Neither favourable nor unfavourable Attempts: 0 of 3 used Submit Answer
Pharoah Company's overhead rate was based on estimates of $181.200 for overhead costs and 18,120 direct labour hours. Pharoah's standards allow 2 hours of direct labour per unit produced. Production in May was 830 units, and actual overhead incurred in May was $19,000. The overhead budgeted for 1,660 standard direct labour hours is $16.150 ($4,530 fixed and $11,620 variable). (a) Calculate the total, budget, and volume variances for overhead. Total overhead variance Overhead budget variance S Overhead volume variance $ 2200 2710 510 Favourable Unfavourable Unfavourable
Greyson Company produced 8,300 units of product that required 4.25 standard hours per unit. Determine the fixed factory overhead rate at 27,000 hours, which is 100% of normal capacity, if the favorable fixed factory overhead volume variance is $14,895.
Krump Corporation's cost formula for its manufacturing overhead is $30,600 per month plus $64 per machine-hour. For the month of March, the company planned for activity of 7,900 machine-hours, but the actual level of activity was 7,880 machine- hours. The actual manufacturing overhead for the month was $558,610. The spending variance for manufacturing overhead in March would be closest to: O $22,410 U O $22,410 F O $23,690 F O $23,690 U
Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $21 per hour. In November the company produced 7,000 units using 5,800 direct labor-hours. The actual direct labor cost was $121,800. The labor efficiency variance for November is: $11,500. F $10,500. F $10,500. U $11,500. U
The Fellowes Company has developed standards for direct labor. During June, 75 units were scheduled and 100 were produced. Data related to direct labor are: Standard hours allowed 4 hours per unit Standard wages allowed $ 5.00 per hour Actual direct labor 410 hours (total cost $2,009) What is the direct labor rate variance for June?
In October, Pine Company reports 21,000 actual direct labor hours, and it incurs $118,000 of manufacturing overhead costs. Standard hours allowed for the work done is 20,600 hours. The predetermined overhead rate is $6.00 per direct labor hour. In addition, the flexible manufacturing overhead budget shows that budgeted costs are $4 variable per direct labor hour and $50,000 fixed. Compute the overhead controllable variance. Overhead Controllable Variance $ 5600 Favorable 23
Current Attempt in Progress In October, Carla Vista Company reports 20,000 actual direct labor hours, and it incurs $255,000 of manufacturing overhead costs. Standard hours allowed for the work done is 25,500 hours. The predetermined overhead rate is $10.25 per direct labor hour. In addition, the flexible manufacturing overhead budget shows that budgeted costs are $8.11 variable per direct labor hour and $53,500 fixed. Compute the overhead volume variance. Normal capacity was 25,000 direct labor hours. Overhead Volume Variance LA
The following information is gathered from the labor records of Binamul & Co. Payroll allocation for direct labor is Rs. 1, 31, 600 Time card analysis shows that 9,400 hours were worked on productions lines. Production reports for the period showed that 4,500 units have been completed, each having standard labor time of 2 hours and a standard labor rate of Rs. 15 per hour. Calculate the labor variances.
Please help me. Thankyou.
Metlock Company applies overhead based on direct labour hours. Two direct labour hours are required for each unit of product. Planned production for the period was set at 9,000 units. Manufacturing overhead is budgeted at $126,000 for the period (20% of this cost is fixed). The 16,830 hours worked during the period resulted in the production of 8,230 units. The variable manufacturing overhead cost incurred was $102,300 and the fixed manufacturing overhead cost was $28,100. please complete answer

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