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Ivanhoe Company's overhead rate was based on estimates of $199 200 for overhead costs and 19,920 direct labour hours. Ivanhoe's standards allow 2 hours of direct labour per unit produced. Production in May was V20 units, and actual overhead Incurred in May was $19,000. The overhead budgeted for 1,840 standard direct labrour hours is $17840 (54.900 foed and $12.280 variable). (a) Calculate the total, budget, and volume varlances for overhead. Total overhead variance Overhead budget varlance %24 Overhead volume varlance

Ivanhoe Company's overhead rate was based on estimates of $199 200 for overhead costs and 19,920 direct labour hours. Ivanhoe's standards allow 2 hours of direct labour per unit produced. Production in May was V20 units, and actual overhead Incurred in May was $19,000. The overhead budgeted for 1,840 standard direct labrour hours is $17840 (54.900 foed and $12.280 variable). (a) Calculate the total, budget, and volume varlances for overhead. Total overhead variance Overhead budget varlance %24 Overhead volume varlance

FINANCIAL ACCOUNTING
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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View Policies Current Attempt in Progress Ivanhoe Cormpany's overhead rate was based on estimates of $199 200 for overhead costs and 19.920 direct labour hours Ivanhoe's standards allow 2 hours of direct labour per unit produced. Production in May was 20 units, and actual overhead incurred in May was $19,000. The overhead budgeted for 1.840 standard direct labour hours is $17260 (54.90 fred and $1220 variable). (a) Calculate the total, budget, and volume variances for overhead. Total overhead varlance Overhead budget varlance Overhead volume varlance Attempts: O of 2 used Sabmit eer Save for Later
Transcribed Image Text:View Policies Current Attempt in Progress Ivanhoe Cormpany's overhead rate was based on estimates of $199 200 for overhead costs and 19.920 direct labour hours Ivanhoe's standards allow 2 hours of direct labour per unit produced. Production in May was 20 units, and actual overhead incurred in May was $19,000. The overhead budgeted for 1.840 standard direct labour hours is $17260 (54.90 fred and $1220 variable). (a) Calculate the total, budget, and volume variances for overhead. Total overhead varlance Overhead budget varlance Overhead volume varlance Attempts: O of 2 used Sabmit eer Save for Later
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