Question 8 of 8 < Crane Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2022, 10,200 suits were produced. The following standard and actual cost data applied to the month of May, when normal capacity was 13,770 direct labor hours. All materials purchased were used. Cost Element Direct materials Direct labor Overhead 8 yards at $4.10 per yard 1.45 hours at $13.30 per hour 1.45 hours at $7.60 per hour (fixed $4.60; variable $3.00) Overhead controllable variance $ Standard (per unit) Overhead volume variance $ E I Actual Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $63,342, and budgeted variable overhead was $41,310. Compute the overhead controllable variance and the overhead volume variance. $320,970 for 82,300 yards ($3.90 per yard) $213,583 for 15,590 hours ($13.70 per hour) $49,800 fixed overhead $36,500 variable overhead

Question 8 of 8 < Crane Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2022, 10,200 suits were produced. The following standard and actual cost data applied to the month of May, when normal capacity was 13,770 direct labor hours. All materials purchased were used. Cost Element Direct materials Direct labor Overhead 8 yards at $4.10 per yard 1.45 hours at $13.30 per hour 1.45 hours at $7.60 per hour (fixed $4.60; variable $3.00) Overhead controllable variance $ Standard (per unit) Overhead volume variance $ E I Actual Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $63,342, and budgeted variable overhead was $41,310. Compute the overhead controllable variance and the overhead volume variance. $320,970 for 82,300 yards ($3.90 per yard) $213,583 for 15,590 hours ($13.70 per hour) $49,800 fixed overhead $36,500 variable overhead

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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