need correct answer Nivola, Inc., produces chemicals for large biotech companies. It has the following data formanufacturing overhead costs during August 2017:VariableFixedActual costs incurred$31,500$ 13,500Costs allocated to products35,00015,400Flexible budget14,400Actual input x budgeted rate30,800Requirement Fill in the blanks. Use F for favorable and U for unfavorable.Sr. No. Title1 Spending variance2 Efficiency variance3 Production-volume variance4 Flexible-budget variance5 Underallocated (overallocated) manufacturingVariabl FixedThe budgeted contribution for R Limited for the last month wasRs.32,000. The following variances were reported.|VarianceSales volume contributionMaterial priceMaterial usageLabor efficiencyVariable overhead efficiencyRs.800 adverse880 adverse822 favorable129 favorable89 favorableNo other variances were reported for the month.The actual contribution earned by R Limited for the last month isRs.

There are two diffrent questions i try to give boths answer. Question: 1 Answer It can be briefed as…

Answered: Nivola, Inc., produces chemicals for…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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< Deluxe, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) Deluxe allocates manufacturing overhead to production based on standard direct labor hours. Deluxe reported the following actual results for 2024: actual number of units produced, 1,000, actual variable overhead, $5,000, actual fixed overhead, $3,200; actual direct labor hours, 1,400. Read the requirements Data table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours Print The fixed overhead cost variance is The fixed overhead volume variance is $2,100 $2,800 1,400 hours 700 units 2 hours per unit Done Requirements 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 2. Explain why the variances are favorable or unfavorable irect labor hour was sed Print Done because the total fixed overhead cost was because…
. Best Around, Inc., is a manufacturer of vacuums and uses standard costing. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of budgeted machine-hours. In 2017, budgeted fixed manufacturing overhead cost was $17,000,000. Budgeted variable manufacturing overhead was $10 per machine-hour. The denominator level was 1,000,000 machine-hours. Q. Prepare a graph for fixed manufacturing overhead. The graph should display how Best Around, Inc.’s fixed manufacturing overhead costs will be depicted for the purposes of (a) planning and control and (b) inventory costing.
Below are partial data for overhead cost and activity levels from three different companies. Required: Find the missing values for each companies.
Nivola, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2017: Variable Fixed Actual costs incurred $31,500 $ 13,500 Costs allocated to products 35,000 15,400 Flexible budget 14,400 Actual input x budgeted rate 30,800 Requirement Fill in the blanks. Use F for favorable and U for unfavorable. Sr. No. Title 1 Spending variance 2 Efficiency variance 3 Production-volume variance 4 Flexible-budget variance 5 Underallocated (overallocated) manufacturing Variabl Fixed The budgeted contribution for R Limited for the last month was Rs.32,000. The following variances were reported.| Variance Sales volume contribution Material price Material usage Labor efficiency Variable overhead efficiency Rs. 800 adverse 880 adverse 822 favorable 129 favorable 89 favorable No other variances were reported for the month. The actual contribution earned by R Limited for the last month is Rs.
Question 3: Consider the following two situations cases A and B- independently. Data refer to operations for April 2017. For each situation, assume standard costing. Also assume the use of a flexible budget for control of variable and fixed manufacturing overhead based on machine- hours. Fill in the blanks under each case. Cases A B (1) Fixed manufacturing overhead incurred (2) Variable manufacturing overhead incurred $27,000 $10,511 $132,900 (3) Denominator level in machine-hours 45,000 (4) Standard machine-hours allowed for actual output achieved 4,700 (5) Fixed manufacturing overhead (per standard machine-hour) Flexible-Budget Data: (6) Variable manufacturing overhead (per standard machine-hour) (7) Budgeted fixed manufacturing overhead (8) Budgeted variable manufacturing overhead (9) Total budgeted manufacturing overhead $ 2.10 $23,375 $130,500 Additional Data: $10,340 (10) Standard variable manufacturing overhead allocated (11) Standard fixed manufacturing overhead allocated…
Glencoe, Inc., costs products using a normal costing system. The following data is available for last year: Budgeted: 4.1 4.2 4.3 Overhead Machine hours Direct labour hours 4.4 Actual: Overhead Machine hours Direct labour hours Prime cost Number of units R476 000 140 000 17 000 Overhead is applied on the basis of direct labour hours. Required: R475 000 137 000 16 550 R1 750 000 250 000 Calculate the predetermined overhead rate. Calculate the applied overhead for last year. Was the overhead over- or under-applied, and by how much? Calculate the total cost per unit produced (to 2 decimal places).
Quality Fender uses a standard cost system and provide the following information: 1(Click the icon to view the information.) Quality Fender allocates manufacturing overhead to production based on standard direct labor hours. Quality Fender reported the following actual results for 2024: actual number of fenders produced, 20,000; actual variable overhead, $4,610; actual fixed overhead, $24,000; actual direct labor hours, 360. Read the requirements2. Requirement 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U).(You may need to simply the formula based on the data provided. Abbreviations used:…
The HeatRadiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: Read the requirements2. Requirement 1. Compute the budgeted manufacturing overhead rate for 2017. Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate. Budgeted manufacturing (1) / (2) = overhead rate / = Requirement 2. Compute the under-or overallocated manufacturing overhead of Heat Radiator in 2017. Begin by selecting the formula you will use. Next, enter the amounts in the formula and compute the under-or overallocated manufacturing overhead. (Use parentheses or a minus sign when entering overallocated amounts.) Manufacturing overhead (3) – (4) = under-allocated (overallocated)…
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Since, the predetermined overhead rate and the budgeted factory overhead is given. We need to calculate the amount of the allocation base in order to know how Mystic Inc. computed its predetermined overhead rate for 2010. Equation to compute the Predetermined Overhead rate: Given: Predetermined Overhead rate = Predetermined rate: $4.25 per direct labor dollar Budgeted Factory Overhead: $1,275,000 Solution: $4.25 = ? = $300,000 = = $300,000 is the budgeted direct labor cost.
Good Deal, Inc. uses a standard cost system and provides the following information. Good Deal allocates manufacturing overhead to production based on standard direct labor hours. Good Deal reported the following actual results for 2024: actual number of units produced, 1,000; actual variable overhead, $5,000; actual fixed overhead, $3,400; actual direct labor hours, 1,900. Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. Show all computations. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U).(Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) Data table has the following Static budget variable…
The controller of Ivanhoe Industries has collected the following monthly cost data for use in analyzing the behavior of maintenance costs. Month January February March April May June (a1) Total Maintenance Costs $3,041 3,456 4,147 5,184 3,686 5,633 Total Machine Hours 4,032 Variable cost per machine hour $ 4,608 6,912 9,101 5,760 9,216 Determine the unit variable costs using the high-low method for this mixed cost. (Round answer to 2 decimal places e.g. 2.25.)

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