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 $

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 $

Name: Knowledge CheckOverhead information for Wilts Company is presented.·
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Description: Knowledge CheckOverhead information for Wilts Company is presented.· Actual fixed overhead, $9,150. Actual variable overhead, $5,590Budgeted fixed overhead, $9,300Variable overhead rate, $0.90Fixed overhead rate, $1.50Normal capacity hours, 6,200Sta

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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The following information was taken from the annual manufacturing overhead cost budget of Tamarisk Company: Variable manufacturing overhead costs Fixed manufacturing overhead costs Normal production level in labour hours Normal production level in units Standard labour hours per unit $35,260 $18,860 16,400 4,100 4 During the year, 4,000 units were produced, 16,300 hours were worked, and the actual manufacturing overhead was $55,600. Actual fixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on direct labour hours.
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Variances, Entries, and Income Statement A summary of Martindale Company's manufacturing variance report for May follows: Direct material Direct labor Variable overhead Fixed overhead Total Standard Costs (9,200 units) $38,640 193,200 22,080 9,660 $263,580 Actual Costs (9,200 units) Variances $41,760 $3,120 U 191,760 1,440 F 23,230 1,150 U 9,660 $266,410 $2,830 U Standard materials cost per unit of product is 0.5 pounds at $8.40 per pound, and standard direct labor cost is 1.5 hours at $14.00 per hour. The total actual materials cost represents 4,800 pounds purchased at $8.70 per pound. Total actual labor cost represents 14,100 hours at $13.60 per hour. According to standards, variable overhead rate is applied at $1.60 per direct labor hour (based on a normal capacity of 15,000 direct labor hours or 10,000 units of product). Assume that all fixed overhead is applied to work-in-progress inventory.
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1 S 3. Compute the variable manufacturing overhead spending and efficiency variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Book Variable overhead sponding variance S Variable overhead efficiency variance 1 U 1 F Print 4. Compute the fixed overhead budget and volume variances. (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (I.e., zero variance).) Fixed overhead budget variance $ Fixed overhead volumne variance $ 1U 0 Nono
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