Manufacturing overhead data for the production of Product H by Jennifer Company, assuming the company uses a standard costsystem, are as follows.Overhead incurred for 52,600 actual direct labor hours worked$319,320Overhead rate (variable $4; fixed $2) at normal capacity of 50,000 direct labor hours$6Standard hours allowed for work done53,320Compute the total overhead variance.Total overhead variance$

To calculate the total overhead variance, we will be using the following formula: Total overhead…

Answered: Manufacturing overhead data for the…

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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Crash Bang, Co. uses a standard cost system and provides the following information:Standards: Static budget variable overhead $5,590.00. Static budget fixed overhead $22,180.00. Static budget direct labor hours 565 hours. Static budget number of units 20,200 units. Static budget direct labor hours 0.016 hours per unit. Crash Bang, Co. allocates manufacturing overhead to production based on standard direct labor hours. Crash Bang, Co. reported the following actual results for 2020:Actual: Number of units produced 21,000. Actual variable overhead $5,220.00 Actual fixed overhead $24,370.00. Actual direct labor hours 482. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).1. Compute the variable overhead allocation rates. Budgeted VOH ? Budgeted allocation base = Standard VOH allocation rate = 2. Calculate the variable overhead cost and efficiency variances. (AC ? SC) ? AQ =…
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Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis
Q.Prepare journal entries for manufacturing overhead costs and their variances
Happy Valley Pet Products uses a standard costing system that applies overhead to products based on standard direct labour-hours allowed for actual output of the period. During the recent year, the following data were collected: Total budgeted fixed overhead cost for the year Budgeted standard direct labour-hours Actual fixed overhead cost for the year Actual direct labour-hours Standard direct labour-hours allowed for the actual output $63,450 $60,950 14,100 15,300 12,600 Required. 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH 2. Compute the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Fixed overhead budget variance Fixed overhead volume variance
Question Content Area The standard costs and actual costs for factory overhead for the manufacture of 2,900 units of actual production are as follows: Standard Costs Line Item Description Value Fixed overhead (based on 10,000 hours) 3 hours per unit at $0.70 per hour Variable overhead 3 hours per unit at $1.93 per hour Actual Costs Total variable cost, $18,000 Total fixed cost, $8,200 The fixed factory overhead volume variance is a. $0 b. $728 unfavorable c. $910 unfavorable d. $728 favorable
ACTUAL Direct Materials Direct Labor Summary Mat. Req. No. Description Amount Time Ticket No. Description Amount Item Amount Direct Materials 132 360 meters at $32 H9 18 hours at $19 Direct Labor 134 50 meters at $32 H12 18 hours at $19 Factory Overhead Total Total Total Cost Feedback V Check My Work 1 & 2. Include the estimated and actual direct materials and direct labor. Include the estimated and applied factory overhead. What is the best explanation for the variances between actual costs and estimated costs. For this purpose, assume that the additional meters of material used in the job were spoiled, the factory overhead rate has proven to be satisfactory, and an inexperienced employee performed the work. a. The direct materials cost exceeded the estimate by $40 because 2 meters of materials were spoiled. b. Management didn't provide enough direction to complete tasks on budget. c. The direct materials cost exceeded the estimate by $320 because 10 meters of materials were spoiled.…
Tub Co. uses a standard cost system. The following information pertains to direct labor for product B for the month of October: Standard hours allowed for actual production 2,000 Actual rate paid per hour P 8.40 Standard rate per hour P 8.00 Labor efficiency variance P 1,600UF What were the actual hours worked? 1,810 2,200 2,190 1,800
enow.com stom Order < eBook Fixed overhead cost: Factory Overhead Cost Variance Report Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use 17,000 hours for production: Variable overhead cost: Indirect factory labor Power and light Indirect materials Total variable overhead cost LakeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed overhead cost Indirect factory labor Power and light Indirect materials Print Item Total variable cost Check My Work $40,560 11,470 20,200 $72,230 $44,200 12,410 20,400 Total factory overhead cost Tannin has available 21,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 16,000 hours for production. The actual fixed costs were as budgeted.…
Subject: acounting

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