Required information [The following information applies to the questions displayed below] Alvarez Company for the current period shows a $28,000 favorable volume variance and a $69,000 unfavorable controllable variance. Standard overhead applied for the period is $228,000. a. What is the actual total overhead cost incurred for the period? b. What is the total overhead variance and is it favorable or unfavorable? a Actual total overhead b. Total overhead variance S 269.000

Required information [The following information applies to the questions displayed below] Alvarez Company for the current period shows a $28,000 favorable volume variance and a $69,000 unfavorable controllable variance. Standard overhead applied for the period is $228,000. a. What is the actual total overhead cost incurred for the period? b. What is the total overhead variance and is it favorable or unfavorable? a Actual total overhead b. Total overhead variance S 269.000

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Description: Required information[The following information applies to the questions displayed below.]Alvarez Company for the current period shows a $28,000 favorable volume variance and a $69,000 unfavorablecontrollable variance. Standard overhead applied for t

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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Direct Labor Variances The following data relate to labor cost for production of 3,800 cellular telephones: Actual: 2,600 hrs. at $14.20 Standard: 2,560 hrs. at $14.50 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance $fill in the blank 1 Time variance $fill in the blank 3 Total direct labor cost variance $fill in the blank 5 b. The employees may have been less-experienced workers who were paid less than more-experienced workers or poorly trained, thereby resulting in a labor rate than planned. The lower level of experience or training may have resulted in efficient performance. Thus, the actual time required was than standard.
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Direct Labor Variances The following data relate to labor cost for production of 4,300 cellular telephones: 2,930 hrs. at $15.50 2,880 hrs. at $15.80 Actual: Standard: a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance Time variance Total direct labor cost variance Feedback Favorable Unfavorable b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower level of experience or training may have resulted in less than standard. Consider factors affecting labor performance. Favorable labor rate than planned. The lower efficient performance. Thus, the actual time required was more Check My Work Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit). The labor cost variance is the…
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