Overhead information for Wilts Company is presented. • Actual fixed overhead, $11,550 • Actual variable overhead, $6,040 Budgeted fixed overhead, $11,725 . Variable overhead rate, $0.90 . Fixed overhead rate, $1.75 • Normal capacity hours, 6,700 Standard hours allowed, 6.600 Determine the overhead controllable and the overhead volume variances. Indicate whether they are favorable or unfavorable. Overhead controllable variance Overhead volume variance

Overhead information for Wilts Company is presented. • Actual fixed overhead, $11,550 • Actual variable overhead, $6,040 Budgeted fixed overhead, $11,725 . Variable overhead rate, $0.90 . Fixed overhead rate, $1.75 • Normal capacity hours, 6,700 Standard hours allowed, 6.600 Determine the overhead controllable and the overhead volume variances. Indicate whether they are favorable or unfavorable. Overhead controllable variance Overhead volume variance

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 27BEA: Rath Company showed the following information for the year: Required: 1. Calculate the standard...

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Knowledge Check Overhead information for Wilts Company is presented. · Actual fixed overhead, $9,150 . Actual variable overhead, $5,590 Budgeted fixed overhead, $9,300 Variable overhead rate, $0.90 Fixed overhead rate, $1.50 Normal capacity hours, 6,200 Standard hours allowed, 6,100 Determine the overhead controllable and the overhead volume variances. Indicate whether they are favorable or unfavorable. Overhead controllable variance Overhead volume variance $
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Subject :- Accounting
Following information has been obtained from the records of a manufacturing organisation using the standard costing system. Standard Actual Production (units) Working days Fixed overheads ($) Variable overheads ($) 4,000 3,800 20 21 40,000 39,000 12,000 12,000 You are required to calculate the following overhead variances : (1) (1I) Fixed overhead variances : (a) Expenditure variances; (b) Volume Variances; (c) Efficiency variances; (d) Calendar variances. Variable overheads variance;
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Required information (The following information applies to the questions displayed below.] Mosaic Company applies overhead using machine hours and shows the following information. Actual hours of machine use Standard hours of machine use (for actual production) Actual variable overhead rate per machine hour Standard variable overhead rate per machine hour 5,500 hours 6,000 hours $5.10 Compute the variable overhead variance and identify it as favorable or unfavorable. Actual Cost Standard Cost
Required:1. Compute the plantwide predetermined overhead rate and calculate the overhead assigned toeach product.2. Calculate the predetermined departmental overhead rates and calculate the overheadassigned to each product.3. Using departmental rates, compute the applied overhead for the year. What is the under- oroverapplied overhead for the firm?4. Prepare the journal entry that disposes of the overhead variance calculated in Requirement3, assuming it is not material in amount. What additional information would you need ifthe variance is material to make the appropriate journal entry?
Mosaic Company applies overhead using machine hours and reports the following information. Compute the total variable overhead cost variance and classify it as favorable or unfavorable. Actual machine hours used . 4,700 hours Standard machine hours (for actual production) 5,000 hours Actual variable overhead rate per hour $4.15 Standard variable overhead rate per hour . $4.00
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?
Rath Company showed the following information for the year: Required: 1. Calculate the standard direct labor hours for actual production. 2. Calculate the applied variable overhead. 3. Calculate the total variable overhead variance.
Requirement 1. Record Brookman's direct labor journal entry (use Wages Payable). Journalize the incurrence and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit - X Data Table AC x AQ SC x AQ SC x SQ $13.00 per DLHr $16.00 per DLHR $16.00 per DLHr 1,650 DLHF 1,650 DLHR 1.200 DLHr $21,450 $26.400 $19,200 Requirements 1. Record Brookman's direct labor journal entry (use Wages Payable). 2. Explain what management will do with this variance information. Cost Efficiency Variance Variance $4.950 F S7,200 U Print Done Print Done
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