SLamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information fromLLL's standard cost card follows:Variable manufacturingoverheadStandard Standard StandardQuantity Rate Unit Cost0.6$0.80 $0.48During August, LLL had the following actual results:Units produced and sold25,000Actual variable overhead $ 9,490Actual direct labor hours 16,000Required:Compute LLL's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead.(Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable/Overapplied and "U"for unfavorable/underapplied.)Variable Overhead Rate VarianceVariable Overhead Efficiency VarianceVariable Overhead Spending Variance

Name: SLamp Light Limited (LLL) manufactures lampshades. It applies variabl
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Description: SLamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information fromLLL's standard cost card follows:Variable manufacturingoverheadStandard Standard StandardQuantity Rate Unit Cost0.6$0

Lets understand the basics.Variable overhead rate variance is a variance between the rate at which…

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Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead Standard Standard Standard Quantity Rate Unit Cost 0.6 $0.80 $0.48 During August, LLL had the following actual results: 25,000 Units produced and sold Actual variable overhead $ 9,490 Actual direct labor hours. 16,000

Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead Standard Standard Standard Quantity Rate Unit Cost 0.6 $0.80 $0.48 During August, LLL had the following actual results: 25,000 Units produced and sold Actual variable overhead $ 9,490 Actual direct labor hours. 16,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company bases its variable manufacturing overhead standards on direct labor-hours. Standard hours per unit of output Standard variable overhead rate 4.90 DLHS $11.55 per DLH The following data pertain to operations for the last month: Actual direct labor-hours Actual total variable manufacturing overhead cost Actual output 8,400 DLHS $95,960 1,600 units What is the variable overhead efficiency variance for the month? Multiple Cholce S6,468 U $6.773 F ( Prev 10 of 10 IMc Graw Hill 10:56 AM 92 F AQI 61 10/5/2021 Type here to search DELL PgDn Home F12 PrtScr Insert Delete F9 F10 F11 F7 F8 F2 F3 F4 F5 F6 F1 Lock Backspace
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The following data relates to Titan Electric and its Light Bulb Division. Light Bulb Division sales Light Bulb Division operating income Light Bulb Division total assets Light Bulb Division current liabilities Corporate target rate of return Corporate weighted average cost of capital Corporate effective tax rate What is the Light Bulb Division's sales margin? OA. 180% OB. 18% OC. 13.5% OD. 10% $7,200,000 $720,000 $4,000,000 $540,000 12% 5% 25%
ABC company manufactures rivets in an automated factory. The company uses standard costing system to control costs & to assign costs to its inventory. Price Standard Quantity Standard Direct material $3/ unit 16 meters/rivet Direct labour $11 per hour 3 hours per rivet Variable overheads are estimated at $5.50 per rivet. Fixed overheads are $26,000 per month. The standard fixed overhead rate is based on an estimated production of 1,000 per month. Required: a. Prepare a production budget for the coming year based on a planned production of 12,000 rivets. b. Compare the budget prepared in a) with a flexible budget based on actual production of 15,000 rivets.
See Clear Company manufactures clear plastic CD cases. It applies variable overhead based on the number of machine hours used. Information regarding See Clear's overhead for the month of December follows: Standard Standard Quantity 0.2 machine hours per $1.00 per machine Standard Rate Unit Cost Variable manufacturing overhead $ 0.20 case hour During December, See Clear had the following actual results: 352,000 $ 74,000 65,000 Number of units produced and sold Actual variable overhead cost Actual machine hours Required: Compute See Clear's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance
Rardin Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.4 ounces Direct labor 0.3 hours Variable overhead 0.3 hours The company reported the following results concerning this product in July. Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost y applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. Required: a. Compute the materials quantity variance. Do not indicate whether Favorabled or Unfavorable. $8.00 per ounce $16.00 per hour $7.00 per hour 2,200 units 16,420 ounces 17,900 ounces 720 hours $141,410 $12,528 $5,112 T h m a n
Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL’s standard cost card follows: Standard Quantity Standard Rate Standard Unit Cost Variable manufacturing overhead 0.6 $0.80 $0.48 During August, LLL had the following actual results: Units produced and sold 26,300 Actual variable overhead $ 9,590 Actual direct labor hours 17,000 Required:Compute LLL’s variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) How do I figure out the variable overhead rate variance? I thought it's AH*(SR-AR) 17,000 * (.80- 9,590/17000=.56) 17000 * (.80-.56)= 4,080?? It says not correct?
Please only answer the total amount of fixed manufacturing overhead.
A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company bases its variable manufacturing overhead standards on direct labor-hours. Standard hours per unit of output 3.90 direct labor-hours Standard variable overhead rate $11.25 per direct labor-hour The following data pertain to operations for the last month: Actual direct labor-hours 8,800 direct labor-hours Actual total variable manufacturing overhead cost $ 95,850 Actual output 2,200 units What is the variable overhead rate variance for the month?
Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year. Activity Cost Pool Ordering and Receiving Machine Setup Machining Assembly I Inspection ( Cost Driver $1.20 per direct labor hour. $240 per order. $0.12 per part. $6,834 per order. Orders Setups Machine hours Parts Inspections Est. Overhead $ 120,000 297,000 1,500,000 1,200,000 MA 300,000 Cost Driver Activity W 500 orders 450 setups If overhead is applied using activity-based costing, the overhead application rate for ordering and receiving is 125,000 MH 1,000,000 parts 500 inspections P s 240
Rardin Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.4 ounces Direct labor 0.3 hours Variable overhead 0.3 hours The company reported the following results concerning this product in July. Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. Required: b. Compute the materials price variance. Do not indicate whether Favorable or Unfavorable. $8.00 per ounce $16.00 per hour $7.00 per hour 2,200 units 16,420 ounces 17,900 ounces 720 hours $141,410 $12,528 $5,112
Hartley Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Hartley Uniforms reports the following cost data for the past year: E (Click the icon to view the cost data.) Read the requirements. Data table Requirement 1. Compute the predetermined manufacturing overhead rate. Enter the formula for predetermined manufacturing overhead rate, then compute the rate. Budget Actual Estimated yearly overhead costs Estimated yearly machine hours Predetermined overhead rate Direct labor hours. 7,600 hours 6,100 hours 194,400 7,200 $ 27 per machine hour Machine hours. 7,200 hours 6,300 hours Requirement 2. Calculate the allocated manufacturing overhead for the past year. Depreciation on salespeople's autos 23,000 $ 23,000 Indirect materials.. $ 48,500 $ 50,500 Manufacturing Depreciation on trucks used to deliver uniforms to customers $ 13,000 $ 11,000 Actual machine hours Predetermined overhead rate overhead allocated Depreciation on…