Oerstman, Inc., uses a standard costing system and develops its overhead rates from the current annual budget. The budget is based on an expected annual output of121,000 units requiring 484,000 direct labor hours. (Practical capacity is 504,000 hours.) Annual budgeted overhead costs total $788,920, of which $571,120 is fixedoverhead. A total of 119,200 units using 482,000 direct labor hours were produced during the year. Actual variable overhead costs for the year were $262,000, and actualfixed overhead costs were $555,250.Required:1. Compute the fixed overhead spending and volume variances.XFixed Overhead Spending VarianceFavorableFixed Overhead Volume VarianceUnfavorable2. Compute the variable overhead spending and efficiency variances. Do not round intermediate calculationsVariable Overhead Spending VarianceUnfavorableVariable Overhead Efficiency VarianceUnfavorableXx✓

actual fixed overhead cost = $555250budget fixed overhead = $571120variable actual cost =…

Answered: Oerstman, Inc., uses a standard costing…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

In 2011, the united states government was facing a $1.5 trillion federal budget deficit. Numerous cuts were proposed, including cutting federal funding of the Corporation for Public broadcasting (CPB). The western reserve public media website argued against the cuts, saying: public television is America's largest classroom, ...all at the cost of about $1.35 per person per year.... Eliminating the...investment in CPB would only reduce the $1.5trillion federal budget deficit by less than 3 ten-thousandths of one percent, but it would have a devastating impact on local communities nationwide. Use the information in the first paragraph to estimate annual federal spending on public broadcasting.
Southeastern Oklahoma State University's business program has the facilities and faculty to handle an enrollment of 2,100 new students per semester. However, in an effort to limit class sizes to a "reasonable" level (under 200, generally), Southeastern's dean, Holly Lutze, placed a ceiling on enrollment of 1,800 new students. Although there was ample demand for business courses last semester, conflicting schedules allowed only 1,450 new students to take business courses. The utilization rate for Southeastern =% (enter your response as a percentage rounded to one decimal place). The efficiency rate for Southeastern =% (enter your response as a percentage rounded to one decimal place).
Cox Electric makes electronic components and has estimated the following for a new design of one of its products: Fixed Cost = $3,000 Material cost per unit = $0.15 Labor cost per unit = $0.10 Revenue per unit = $0.65 Production Volume = 12,000 Per-unit material and labor cost together make up the variable cost per unit. Assuming that Cox Electric sells all it produces, build a spreadsheet model that calculates the profit by subtracting the fixed cost and total variable cost from total revenue, and answer the following questions. (a) Construct a one-way data table with production volume as the column input and profit as the output. Breakeven occurs when profit goes from a negative to a positive value; that is, breakeven is when total revenue = total cost, yielding a profit of zero. Vary production volume from 5,000 to 50,000 in increments of 5,000. In which interval of production volume does breakeven occur? to units
A water bill is composed of two components: A base charge and a water consumption charge. 2019 Rates 2020 Rates Base Charge $24.16 $25.37 2019 Rates 2020 Rates 0-34 water units $2.64 $2.77 35-54 water units $3.19 $3.35 More 54 water units $3.99 $4.19 Calculate the cost of water for 2019 if you used 48 water units. (Number only. Use the situation to decide appropriate rounding.)
Assume a company reported the following results: Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 400,000 260,000 140,000 40,000 100,000 Average operating assets $ 500,000 If the company's minimum required rate of return on average operating assets is 16%, its residual income would be: Multiple Choice О $20,000. $21,000. $22,000. $23,000.
Calculate the cost of Living Index Number using both the Aggregate Expenditure Method and Family Budget Method from the following information: Unit consumption in base year Price Price Commodity In base year in current year Wheat 200 20 24 Rice 50 30 35 Pulses 50 40 45 Ghee 20 200 300 Sugar 40 25 30 Oil 50 100 120 Fuel 60 50 62.5 Clothing 40 500 600
The president of Hill Enterprises, Terri Hill, projects the firm's aggregate demand requirements over the next 8 months as follows: May January February 2,200 2,300 June July 1,700 March April August 1,300 Her operations manager is considering a new plan, which begins in January with 200 units on hand and ends with zero inventory. Stockout cost of lost sales is $100 per unit. Inventory holding cost is $20 per unit per month. Ignore any idle-time costs. The plan is called plan B. 1,500 1,600 1,600 1,900 Plan B: Produce at a constant rate of 1,300 units per month, which will meet minimum demands. Then use subcontracting, with additional units at a premium price of $80 per unit. Subcontracting capacity is limited to 1,000 units per month. Evaluate this plan by computing the costs for January through August. In order to arrive at the costs, first compute the ending inventory and subcontracting units for each month by filling in the table below (enter your responses as whole numbers). Get…
Crystal, Incorporated, has prepared the following budgets for March. In March, budgeted production is 1,100 units, budgeted sales is 1,300 units, and direct materials inventory will stay constant. Monthly costs are budgeted as follows: Direct materials $ 4.25 per unit Direct labor 7.40 per unit Variable manufacturing overhead 10.10 per unit Variable selling and administrative expense 8.25 per unit Fixed manufacturing overhead 6,100 Fixed selling and administrative expense 7,535 What is the budgeted cost of goods sold for March?
Terra Mesa Manufacturing uses a job order cost system to account for its production of specialty patio furniture. At the beginning of June, Terra Mesa had one job in Work in Process, job A75. Management has chosen direct labor cost as its activity base. The costs incurred to date on job A75 are as follows: Direct materials $8260 Direct labor 10500 Overhead 13125 During June, Terra Mesa added the following costs for direct materials and direct labor to job A75: Direct materials $2630 Direct labor 4620 Job A75 was competed on June 30. What is the cost of job A75? $26010 $39135 $44910 $42831
A local firm is planning its workforce and production levels over the next year. The firm makes a variety of microprocessors and uses sales dollars as its aggregate production unit. Based on orders received and sales forecasts provided by the marketing department, the estimate of dollar sales for the next year by month is as follows: Month Production Days Predicted Demand(in $10,000) Month Production Days Predicted Demand(in $10,000) January 20 595 July 20 410 February 19 225 August 21 130 March 22 565 September 19 405 April 18 205 October 23 315 May 21 230 November 21 355 June 22 120 December 18 350 Inventory holding costs are based on a 25% annual interest charge. It is anticipated that there will be 675 workers on the payroll at the end of the current year and inventories will amount to $120,000. The firm would like to have at least $100,000 of inventory at the end of December…
Calculate the Producers' Surplus at the indicated unit price p (in dollars) for the given supply equation. p = 100+q; p A. $15,000 B. $35,000 C. $10,000 D. $5,000 = 200
solve the following problems

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS