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Question:543 The (partial) cost sheet for the single product manufactured at Vienna Company follows. Direct labor (6 hours @ $20) $120 Variable overhead (6 hours @ $2) $ 12 Fixed overhead (6 hours @ $4) $ 24 The master budget level of production is 60,000 direct-labor hours, which is also the production volume used to compute the fixed overhead application rate. Other information available for operations over the past accounting period includes the following. Actual variable overhead incurred $ 1,10,000 Actual fixed overhead incurred $ 2,53,000 Direct labor efficiency variance Variable overhead price variance $140,000 U $4,000 F Required:a. What was the variable overhead efficiency variance?b. What was the fixed overhead price variance?c. What was the fixed overhead production volume variance? The following standards for variable overhead have been established for a company that makes only one product: Standard hours per unit of output 6.6 hours Standard variable overhead rate $13 per hour The following data pertain to operations for the last month: Actual hours 9,800 hours Actual total variable overhead cost $ 1,25,210 Actual output 1,460 units Required:A. What is the variable overhead rate variance for the month? B. What is the variable overhead efficiency variance for the month?

Question:543 The (partial) cost sheet for the single product manufactured at Vienna Company follows. Direct labor (6 hours @ $20) $120 Variable overhead (6 hours @ $2) $ 12 Fixed overhead (6 hours @ $4) $ 24 The master budget level of production is 60,000 direct-labor hours, which is also the production volume used to compute the fixed overhead application rate. Other information available for operations over the past accounting period includes the following. Actual variable overhead incurred $ 1,10,000 Actual fixed overhead incurred $ 2,53,000 Direct labor efficiency variance Variable overhead price variance $140,000 U $4,000 F Required:a. What was the variable overhead efficiency variance?b. What was the fixed overhead price variance?c. What was the fixed overhead production volume variance? The following standards for variable overhead have been established for a company that makes only one product: Standard hours per unit of output 6.6 hours Standard variable overhead rate $13 per hour The following data pertain to operations for the last month: Actual hours 9,800 hours Actual total variable overhead cost $ 1,25,210 Actual output 1,460 units Required:A. What is the variable overhead rate variance for the month? B. What is the variable overhead efficiency variance for the month?

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...
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Question:543 The (partial) cost sheet for the single product manufactured at Vienna Company follows. Direct labor (6 hours @ $20) $120 Variable overhead (6 hours @ $2) $ 12 Fixed overhead (6 hours @ $4) $ 24 The master budget level of production is 60,000 direct-labor hours, which is also the production volume used to compute the fixed overhead application rate. Other information available for operations over the past accounting period includes the following. Actual variable overhead incurred $ 1,10,000 Actual fixed overhead incurred $ 2,53,000 Direct labor efficiency variance Variable overhead price variance $140,000 U $4,000 F Required:a. What was the variable overhead efficiency variance?b. What was the fixed overhead price variance?c. What was the fixed overhead production volume variance? The following standards for variable overhead have been established for a company that makes only one product: Standard hours per unit of output 6.6 hours Standard variable overhead rate $13 per hour The following data pertain to operations for the last month: Actual hours 9,800 hours Actual total variable overhead cost $ 1,25,210 Actual output 1,460 units Required:A. What is the variable overhead rate variance for the month? B. What is the variable overhead efficiency variance for the month?
Transcribed Image Text:Question:543 The (partial) cost sheet for the single product manufactured at Vienna Company follows. Direct labor (6 hours @ $20) $120 Variable overhead (6 hours @ $2) $ 12 Fixed overhead (6 hours @ $4) $ 24 The master budget level of production is 60,000 direct-labor hours, which is also the production volume used to compute the fixed overhead application rate. Other information available for operations over the past accounting period includes the following. Actual variable overhead incurred $ 1,10,000 Actual fixed overhead incurred $ 2,53,000 Direct labor efficiency variance Variable overhead price variance $140,000 U $4,000 F Required:a. What was the variable overhead efficiency variance?b. What was the fixed overhead price variance?c. What was the fixed overhead production volume variance? The following standards for variable overhead have been established for a company that makes only one product: Standard hours per unit of output 6.6 hours Standard variable overhead rate $13 per hour The following data pertain to operations for the last month: Actual hours 9,800 hours Actual total variable overhead cost $ 1,25,210 Actual output 1,460 units Required:A. What is the variable overhead rate variance for the month? B. What is the variable overhead efficiency variance for the month?
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