overall (or net) overhead variance

Q: Required: a. What is the variable overhead rate variance for the month? b. What is the variable…

A: Actual Output = 1770 units Standard Hours per unit = 4.7 hours Standard Hours for Actual Output =…

Q: [The following information applies to the questions displayed below.] A manufactured product has the…

A: Direct Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity…

Q: The following labor standards have been established for a particular product: Standard labor hours…

A: Direct labor variance Total is the sum of direct labor rate variance and direct labor efficiency…

Q: AGL Inc. provided the following data related to the direct labor costs for the current period: Data…

A: The objective of the question is to calculate the direct labor time/efficiency variance. This…

Q: Douglas Inc. has provided the following data concerning one of the products in its standard cost…

A: The labor rate variance refersto the difference between the actual cost of labor and the expected…

Q: A company reports the following information for its direct labor. Actual hourn of direct labor used…

A: When actual hours/price is higher than standard then it is unfavorable and vice versa is favorable.

Q: Rundle Company established a predetermined fixed overhead cost rate of $28 per unit of product. The…

A: Variance arises when the actual costs  differ from the standard costs. The results are favorable…

Q: Manufacturing overhead data for the production of Product H by Jennifer Company, assuming the…

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

Q: The direct labor time variance is

A: Direct labour cost variance: direct labour variance is variance analysis done by the company to know…

Q: Viger Corporation has a standard cost system in which it applies manufacturing overhead to products…

A: Variable Overhead Rate Variance: It is a variance incurred when there is a difference between actual…

Q: Reddy Corporation has collected the following data for the month of June: Actual total factory…

A:

Q: The following standards for variable overhead have been established for a company that makes only…

A: VARIABLE OH COST VARIANCEVariable OH Cost Variance is the difference between standard variable OH…

Q: A company uses a standard costing system and applies overhead to production based on direct…

A: Fixed overhead budget variance = Budgeted fixed overhead - Actual fixed overhead

Q: The following data relate to direct labor costs for August: actual costs for 5,500 hours at $24.00…

A: The disparity between the estimated cost of direct labour at normal cost (i.e. direct labour hours…

Q: [The following information applies to the questions displayed below.] A manufactured product has the…

A: The direct material variation is the difference between actual costs incurred and the standard cost…

Q: Larson Manufacturing uses a standard cost system. The direct labor cost standard is $11.00 direct…

A: Labour Rate Variance = (Standard Rate – Actual Rate) X Actual Hours Labour Efficiency Variance = =…

Q: A company uses a standard costing system and applies overhead to production based on direct…

A: Fixed overhead budget variance = Budgeted fixed overhead - Actual fixed overhead

Q: The following standards for variable overhead have been established for a company that makes only…

A: The term "variable overhead efficiency variance" refers to both the impact of the discrepancy…

Q: The processing of a product requires a standard of 0.8 direct labor hours per unit for Operation…

A: The variance is the difference between the actual and standard cost of production. The labor…

Q: 1. Yoder Enterprises’ actual production for the period required 2, standard direct labor hours.…

A: Variable overhead variance is the difference between the standard variable overhead cost incurred…

Q: Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The…

A: For the growth of an organization or a company variance analysis plays an important role through the…

Q: The following data relate to direct labor costs for the current period: Standard costs 7,300 hours…

A: Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked

Q: AGL Inc. provided the following data related to the direct labor costs for the current period: Data…

A: The objective of the question is to calculate the direct labor rate variance. The labor rate…

Q: the variable factory overhead controllable variance is a. $165,014.59 unfavorable b. $165,014.59…

A: Given,Standard hours allowed per unit = 4.9Actual production = 940 units

Q: Standard Faucets uses standard costing and recorded the following data for the month of August:…

A: Labour rate variance is one type of variance which analyses the difference between the actual direct…

Q: Direct labor standard (4.00 hrs. @ $7.00/hr.) $ 28.00 per unit   Actual hours worked   12,650…

A: Direct labor cost variance is the difference between actual labor cost and standard labor cost due…

Q: Julia Company uses a standard cost system in which manufacturing overhead is applied to units of…

A: (1) Calculation of Predetermined variable and fixed manufacturing overhead rates for the…

Q: The following labor standards have been established for a particular product Standard labor hours…

A: Variances are the differences between the actual values and budgeted values. If the budgeted values…

Q: Rexford Components shows the following overhead information for the current period:…

A: Variable overhead is the term used to describe the fluctuating production costs associated with…

Q: Terrell Inc. has provided the following data concerning one of the products in its standard cost…

A: The variance is the difference between the actual and budgeted production costs. The variable…

Q: Perez Company established a predetermined fixed overhead cost rate of $37 per unit of product. The…

A: Given,Predetermined fixed overhead cost rate = $ 37 per unitPlanned units = 6,100 unitsActual fixed…

Q: A company's standard is 2 hours of direct labor per unit at a rate of $45 per hour. The company…

A: Lets understand the basics.Direct labor rate variance is a variance between the rate at which labor…

Q: The following information was gathered for Larsen Corp. for the year ending 20xx.   Budgeted…

A: Direct Labors are those labors which are directly involved in a company's workforce for production…

Q: Compute the direct labor and variable overhead price and efficiency variances. Note: Do not round…

A: The price variance is the difference between the planned cost for the actual operating hours or…

Q: Vermont Inc. has provided the following data concerning one of the products in its standard cost…

A: Labor rate variance: It implies to a difference between the actual labor cost incurred by the…

Q: The following labor standards have been established for a particular product: Standard labor- 8.4…

A: Labor variance A labor variance occurs when the actual cost of direct labor employed differs from…

Q: The records of Heritage Home Supplies show the following for July: Standard direct labor-hours…

A: To calculate the direct labor and variable overhead variances, we'll use the following formulas:1.…

Q: A company's product requires 3 direct labor hours per unit at a standard rate of $40 per direct…

A: Lets understand the basics.Direct labor rate variance is a variance between the rate at which labor…

Q: Douglas Inc. has provided the following data concerning one of the products in its standard cost…

A: Labour efficiency variance is a measure of the difference between the actual amount of time taken by…

Q: Information on Grixdale Partner's fixed overhead costs follows:   Overhead applied $ 1,227,800…

A: FIXED OVERHEAD EXPENDITURE VARIANCE Fixed Overhead Expenditure Variance is the difference between…

Q: 18. 19. The Maxit Corporation has a standard costing system in which variable manufacturing overhead…

A: The variance is the difference between the actual and standard cost of production data. Total…

Q: art Company established a predetermined fixed overhead cost rate of $35 per it of product. The…

A: Variances Arise When The Actual Costs Differ From The Standard Costs.The Results Are Favorable When…

Q: A company uses a standard costing system and applies overhead to production based on direct…

A: Predetermined overhead rate (Fixed overhead) = Budgeted Fixed overhead cost ÷ Budgeted hours =…

Q: The following labor standards have been established for a particular product: Standard labor-hours…

A: Labor efficiency (quantity) variance = (Actual hours worked - Standard hours allowed)*Standard rate…

Q: Manufacturing overhead data for the production of Product H by Kingbird Company, assuming the…

A: Given the following information: Overhead incurred for 46,100 actual direct labor hours worked:…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.