Information on Carney Company's fixedoverhead costs follow:Overhead applied: $360,000Actual overhead: $385,500Budgeted overhead: $369,000What is the fixed overhead volumevariance?

The fixed overhead volume variance measures the difference between the budgeted fixed overhead and…

Answered: Information on Carney Company's fixed…

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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Compute the net overhead variance (indicate over-or underapplied manufacturing overhead)
Adams Company established a predetermined variable overhead cost rate at S10.00 per direct labor hour. The actual variable overhead cost rate was $9.10 per hour. The planned level of labor activity was 74,500 hours of labor. The company actually used 79,000 hours of labor. Required a. Determine the total flexible budget variable overhead cost variance and indicate the effect of the variance by selecting favorable (F) or unfavorable (U).
Information on Grixdale Partner's fixed overhead costs follows: Overhead applied Actual overhead Budgeted overhead $ 1,228,400 1,154,100 1,208,500 Required: What are the fixed overhead price and production volume variances? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Fixed overhead price variance Fixed overhead production volume variance
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Knowledge Check Overhead information for Wilts Company is presented. · Actual fixed overhead, $9,150 . Actual variable overhead, $5,590 Budgeted fixed overhead, $9,300 Variable overhead rate, $0.90 Fixed overhead rate, $1.50 Normal capacity hours, 6,200 Standard hours allowed, 6,100 Determine the overhead controllable and the overhead volume variances. Indicate whether they are favorable or unfavorable. Overhead controllable variance Overhead volume variance $
Information on Grixdale Partner's fixed overhead costs follows: Overhead applied $ 1,227,800 Actual overhead 1,153,200 Budgeted overhead 1,207,000 Required: What are the fixed overhead price and production volume variances? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.
The following data are available: Actual OH is 300,000; Overapplied OH is 25,000; Budgeted machine hours is 27,500; Budgeted Variable Overhead is 100,000; Actual Machine hours is 25,000. If normal costing was used, what is the total budgeted OH used?
Feagin Company’s actual variable overhead was $73,000. Actual direct labor hours were 25,000 to make 20,000 finished products. The per-unit standard for direct labor hour is 1.5 hours, and the pre-determined variable overhead rate is $3 per direct labor hour. What were (1) the variable overhead spending variance (2) the variable overhead efficiency variance?
Also, compute the fixed overhead production volume variance
Using the information provided will this produce a favorable or unfavorable Variable Overhead Efficiency Variance? Percent of capacity Direct labor hours Units of output Variable overhead Fixed overhead Total overhead The standard for hours is 2,000. 100% 2,500 1,000 $7,000 $ 6,000 $13,000
A company manufactures one product, the JB3. Budgeted fixed overhead per unit is 1 and budgeted output is 4,000 units. Actual output is 4, 800 units and the actual overheads are 44,800. What is the fixed overhead expenditure variance? a) 3, 200 Adverse b) 4, 800 Favourable c) 4, 800 Adverse d) 3, 200 Favourable
AGL Inc. provided the following data related to the direct labor costs for the current period Rate Hours Standard $17.50 12,000 Actual $15.50 14,000 Determine the direct labor time/efficiency variance O $28,000 unfavorable O $35,000 favorable O $35,000 unfavorable O -$28,000 favorable Previous Next

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Information on Carney Company's fixed overhead costs follow: Overhead applied: $360,000 Actual overhead: $385,500 Budgeted overhead: $369,000 What is the fixed overhead volume variance?