Accounting.... Overhead Applied 360,000Actual Overhead 385,500Budgeted Overhead 369,000.What are the fixed overhead price andproduction volume variances?

Step 1: Define Overhead AppliedOverhead Applied is a fixed rate applied for the production of the…

Answered: Overhead Applied 360,000 Actual…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 9DQ: At the end of the period, the factory overhead account has a credit balance of 10,000. (a) Is the...

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A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company bases its variable manufacturing overhead standards on direct labor-hours. Standard hours per unit of output 3.00 DLH3 Standard variable overhead rate $10.75 per DLH The following data pertain to operations for the last month: Actual direct labor-hours 9,600 DLHS Actual total variable manufacturing overhead cost Actual output $95,760 2,500 units What is the variable overhead efficiency variance for the month?
Relevant information for product A follows: Actual variable overhead cost per hour Standards variable overhead cost per hour Actual hours Standard hours $8,00 $7.50 O $2,250 unfavorable. O $4,000 unfavorable. O $2,250 favorable. O $4,000 favorable. 4,500 5,000 What was the variable overhead spending variance for product A?
Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate are as follows: Standard Standard Rate Standard per Hour $ 17.00 Hours Cost 18 minutes $ 5.10 During August, 5,750 hours of direct labor time were needed to make 20,000 units of the Jogging Mate. The direct labor cost totaled $102,350 for the month. Required: 1. What is the standard labor-hours allowed (SH) to makes 20,000 Jogging Mates? 2. What is the standard labor cost allowed (SH x SR) to make 20,000 Jogging Mates? 3. What is the labor spending variance? 4. What is the labor rate variance and the labor efficiency variance? 5. The budgeted variable manufacturing overhead rate is $4 per direct labor-hour. During August, the company incurred $21,850 in variable manufacturing overhead cost. Compute the variable overhead rate and efficiency variances for the month.
Subject - Acounting The following data relate to direct labor costs for the current period: Line Item Description Value Standard costs 7,500 hours at $11.80 Actual costs 6,300 hours at $10.70 The direct labor rate variance is a. $21,090 unfavorable b. $6,930 favorable c. $21,090 favorable d. $14,160 favorable
Direct Labor Actual Data: Units produced Direct Labor Standard Cost Data per 1 Unit Quantity Price 2 hrs $41/hr SHOW ALL COMPUTATIONS. 20 units 39 hrs; total cost $1560 Compute rate variance, efficiency variance, direct labor variance
the Fixed overhead capacity variance is nearest to?? A. P4,710 F B. P4,710 UC. P5,110 FD. P5,110 U
Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a customer, the order is forwarded to Logistics Solutions, which pulls the item from storage, packs it, and ships it to the customer. The company uses a predetermined variable overhead rate based on direct labor-hours. In the most recent month, 120,000 items were shipped to customers using 2,300 direct labor-hours. The company incurred a total of $7,360 in variable overhead costs. According to the company's standards, 0.02 direct labor-hours are required to fulfill an order for one item and the variable overhead rate is $3.25 per direct labor-hour. Required: 1. What is the standard labor-hours allowed (SH) to ship 120,000 items to customers? 2. What is the standard variable overhead cost allowed (SH × SR) to ship 120,000 items to customers? 3. What is the variable overhead spending variance?…
1
Subject :- Accounting
Question Content Area The following data relate to direct labor costs for the current period: Line Item Description Value Standard costs 7,000 hours at $11.80 Actual costs 6,300 hours at $10.80 The direct labor rate variance is a. $14,560 unfavorable b. $6,300 favorable c. $14,560 favorable d. $8,260 favorable
Sagar
At the end of the period, the factory overhead account has a credit balance of 10,000. (a) Is the total factory cost variance favorable or unfavorable? (b) Are the controllable and volume variances favorable or unfavorable?

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Overhead Applied 360,000 Actual Overhead 385,500 Budgeted Overhead 369,000. What are the fixed overhead price and production volume variances?