Montoursville Control Company, which manufactures electrical switches, uses a standard-costing system. The standard production overhead costs per switch are based on direct-labor hours and are as follows: Variable overhead (5 direct-labor hours @ $13.00 per hour) Fixed overhead (5 direct-labor hours @ $19.00 per hour) Total overhead *Based on capacity of 303,500 direct-labor hours per month. The following information is available for the month of October $65 95 $ 160 • Variable overhead costs were $4,380,000. • Fixed overhead costs were $6,675,000. . 57,700 switches were produced, although 60,700 switches were scheduled to be produced. . 282,000 direct-labor hours were worked at a total cost of $4,525,000. Required: Compute the variable-overhead spending and efficiency variances and the fixed-overhead budget and volume variances for October. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (.e., zero variance).) Variable-overhead spending variance Variable-overhead efficiency variance Fixed-overhead budget variance Fixed-overhead volume variance

Montoursville Control Company, which manufactures electrical switches, uses a standard-costing system. The standard production overhead costs per switch are based on direct-labor hours and are as follows: Variable overhead (5 direct-labor hours @ $13.00 per hour) Fixed overhead (5 direct-labor hours @ $19.00 per hour) Total overhead *Based on capacity of 303,500 direct-labor hours per month. The following information is available for the month of October $65 95 $ 160 • Variable overhead costs were $4,380,000. • Fixed overhead costs were $6,675,000. . 57,700 switches were produced, although 60,700 switches were scheduled to be produced. . 282,000 direct-labor hours were worked at a total cost of $4,525,000. Required: Compute the variable-overhead spending and efficiency variances and the fixed-overhead budget and volume variances for October. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (.e., zero variance).) Variable-overhead spending variance Variable-overhead efficiency variance Fixed-overhead budget variance Fixed-overhead volume variance

Name: Rakesh Exercise 11-32 Overhead Variances (LO 11-5)Montoursville Contro
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Rakesh Exercise 11-32 Overhead Variances (LO 11-5)Montoursville Control Company, which manufactures electrical switches, uses a standard-costing system. The standard productionoverhead costs per switch are based on direct-labor hours and are as follo

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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