Required information [The following information applies to the questions displayed below.] Alvarez Company for the current period shows a $22,000 favorable volume variance and a $59.000 unfavorable controllable variance. Standard overhead applied for the period is $233,000. Alvarez records standard costs in its accounts. Prepare the journal entry to charge overhead costs to the Work in Process Inventory account and to record any variances. View transaction tist Journal entry worksheet A Record overhead applied to production and overhead variances. Note: Enter debits before credits, Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

Required information [The following information applies to the questions displayed below.] Alvarez Company for the current period shows a $22,000 favorable volume variance and a $59.000 unfavorable controllable variance. Standard overhead applied for the period is $233,000. Alvarez records standard costs in its accounts. Prepare the journal entry to charge overhead costs to the Work in Process Inventory account and to record any variances. View transaction tist Journal entry worksheet A Record overhead applied to production and overhead variances. Note: Enter debits before credits, Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

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Description: Required information[The following information applies to the questions dispiayed below]Alvarez Company for the current period shows a $22,000 favorable volume variance and a $59.000 unfavorablecontrollable variance. Standard overhead applied for th

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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I have attached the data information for the problem I need help with Part D of the problem. Further analyze harlows revised variances, isolating underlying potential casual factors. How do your analyses indicate bases for concern to management?
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Anderson Manufacturing incurred variable overhead costs of $14,500 and fixed overhead costs of $12,600. How much actual overhead will be used in the total overhead variance calculation? $27,100 $14,500 $1,900 O $12,600 Save for Later Submit Answer
Required information [The following information applies to the questions displayed below.] AirPro Corporation reports the following for this period. Actual total overhead Standard overhead applied Budgeted (flexible) variable overhead rate Budgeted fixed overhead Predicted activity level Actual activity level Answer is complete but not entirely correct. Standard overhead applied Budgeted (flexible) overhead Volume variance Volume Variance ✓ S $ Compute the volume variance and identify it as favorable or unfavorable. $ $ 28,525 $ 31,620 28,525 X 12,600 x (2,400) Unfavorable $ 2.10 per unit $ 12,600 12,600 units 10,200 units
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?
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