acc Required:Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June:Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance).Direct MaterialDirect LaborVariable OverheadFixed OverheadTotal Manufacturing Costs33Actual Costs225 units$$15,50026,2008,25011,50061,450SpendingVarianceFlexibleBudget225 unitsVolumgVarianceMaster Budget200 units$$14,00022,0008,00011,00055,000

Name: acc Required:Gleason Guitars produces acoustic guitars. The table belo
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Description: acc Required:Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June:Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no eff

Variance is the difference between standard cost and actual cost incurred. Variance may be…

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Accounting

Required: Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., ze variance). Direct Material Direct Labor Variable Overhead Fixed Overhead Total Manufacturing Costs Actual Costs 225 units $ 15,500 26,200 8,250 11,500 $ 61,450 Spending Variance Flexible Budget 225 units Volumg Variance Master Budget 200 units $ $ 14,000 22,000 8,000 11,000 55,000

Required: Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., ze variance). Direct Material Direct Labor Variable Overhead Fixed Overhead Total Manufacturing Costs Actual Costs 225 units $ 15,500 26,200 8,250 11,500 $ 61,450 Spending Variance Flexible Budget 225 units Volumg Variance Master Budget 200 units $ $ 14,000 22,000 8,000 11,000 55,000

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 18E: Factory overhead cost variance report Tannin Products Inc. prepared the following factory overhead...

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Georgia Gasket Co. budgets 8,000 direct labor hours for the year. The total overhead budget is expected to amount to 20,000. The standard cost for a unit of the companys product estimates the variable overhead as follows: The actual data for the period follow: Using the four-variance method, calculate the overhead variances. (Hint: First compute the budgeted fixed overhead rate.)
Flaherty, Inc., has just completed its first year of operations. The unit costs on a normal costing basis are as follows: During the year, the company had the following activity: Actual fixed overhead was 12,000 less than budgeted fixed overhead. Budgeted variable overhead was 5,000 less than the actual variable overhead. The company used an expected actual activity level of 12,000 direct labor hours to compute the predetermined overhead rates. Any overhead variances are closed to Cost of Goods Sold. Required: 1. Compute the unit cost using (a) absorption costing and (b) variable costing. 2. Prepare an absorption-costing income statement. 3. Prepare a variable-costing income statement. 4. Reconcile the difference between the two income statements.
Factory overhead cost variance report Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use 20,000 hours for production: Tannin has available 25,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 22,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Construct a factory overhead cost variance report for the Trim Department for July.
At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
Required: Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Material Direct Labor Variable Overhead Fixed Overhead Total Manufacturing Costs here to search IMG_8420.jpg 19 Actual Costs 585 units $ $ O 19,100 29,800 11,850 15,100 75,850 10 C Spending Variance Master Budget 200 units $ $ 17,600 25,600 11,600 12,800 67,600 72°F Cloudy 0
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A company has the following information for the month of October. The company applies overhead (OH) costs using standard machine hours as the allocation base. Actual Results Actual variable OH costs Actual fixed OH costs Actual machine hours Actual output Budget (for 1,000 units) Variable OH Fixed OH Budgeted machine hours Q. What $360 Favorable $2,500 $4,700 $1,280 MHS 1,100 units Q. What was the company's VOH efficiency variance for October? Answer. (Click to select) (Click to select) None of the answers are correct $180 Unfavorable Answer. $360 Unfavorable $180 Favorable $2,000 $4,400 1,000 MHS ume variance for October? 4
Coe Parts applies fixed overhead at the rate of $6.82 per unit. Budgeted fixed overhead was $198,600. This month 28,240 units were produced, and actual fixed overhead was $193,490. Required: a. What are the fixed overhead price and production volume variances for Coe Parts? b. What was budgeted production for the month? Complete this question by entering your answers in the tabs below. Required A Required B Jhm What are the fixed over ad price and production volume variances for Coe Parts? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Do not round your intermediate calculations. Round your final answers to the nearest dollar. Fixed overhead price variance Fixed overhead production volume variance Required A Required B >
Required A Required B What was budgeted production for the month? Budgeted production units