corihd oom/doAunt/2Selected data for the Palawan Manufacturing Company for the year 2014 follow:Budgeted for year260.000Actual for yearDirect labor hours248,300Manufacturing overheadFixedP585,000P578,400Variable1,092,0001,039,940TotalP1,677,000P1,638,34016. What is the over or underapplied overhead for the year?17. What is the fixed volume variance?18. What is the spending variance?19. What is the net variance?

Name: corihd oom/doAunt/2Selected data for the Palawan Manufacturing Compan
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: corihd oom/doAunt/2Selected data for the Palawan Manufacturing Company for the year 2014 follow:Budgeted for year260.000Actual for yearDirect labor hours248,300Manufacturing overheadFixedP585,000P578,400Variable1,092,0001,039,940TotalP1,677,000P1,63

Overhead Variance: The difference between real overhead and applied overhead is referred to as…

Business

Accounting

Selected data for the Palawan Manufacturing Company for the year 2014 follow: Actual for year Budgeted for year 260,000 Direct labor hours Manufacturing overhead Fixed Variable Total 248,300 P585,000 1,092,000 P1,677,000 P578,400 1,039,940 P1,638,340 16. What is the over or underapplied overhead for the year? 17. What is the fixed volume variance? 18. What is the spending variance? 19. What is the net variance?

Selected data for the Palawan Manufacturing Company for the year 2014 follow: Actual for year Budgeted for year 260,000 Direct labor hours Manufacturing overhead Fixed Variable Total 248,300 P585,000 1,092,000 P1,677,000 P578,400 1,039,940 P1,638,340 16. What is the over or underapplied overhead for the year? 17. What is the fixed volume variance? 18. What is the spending variance? 19. What is the net variance?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

14.. Using the following performance data, calculate the volume adjusted labor rate variance and volume adjusted efficiency variance. The department is considered 20% variable. Budget Salaries Payroll Hours Service Volume Actual 430,200 17,000 5,600 454,300 15,000 8,520
Given the following information, calculate the purchasing department's efficiency variance. Standard number of transaction per day Standard labor cost per day Actual number of days for processing transactions Actual number of transactions processed Actual labor cost per day Multiple choice question. $2,400 favorable $4,400 favorable $4,400 unfavorable $2,400 unfavorable 20 $200 120 1,960 $180
For the month of April, compute the variances, indicating whether it is favorable (F) or unfavorable (U): Q. Direct materials price variance (based on purchases)?
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 $ 28,325 $ 32,550 $ 2.10 per unit $ 12,700 12,700 units 10,500 units Compute the volume variance and identify it as favorable or unfavorable. Volume Variance Volume variance
Ch. 10-Caterpillar Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHs). The company has provided the following data for the most recent month: Budgeted level of activity Actual level of activity Standard variable manufacturing overhead rate Actual total variable manufacturing overhead Actual Variable Overhead Rate What was the variable overhead rate variance for the month? A) $1400 Unfavorable C) $980 Favorable OB) $2380 Favorable D) $1429 Favorable $ $ 57,120 $ 6.72 per MH 8300 8500 7.00 per MH MHs MHs
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
Williams Corporation reports the following direct labor information for November: Standard rate $4 Actual rate paid Standard hours allowed for actual production Labor efficiency variance 33.00 per hour 33.80 per hour 44, 600 hours $201, 300 F Required: Based on these data, what was the number of actual hours worked and what was the labor price variance? (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.) Actual hours worked Labor price variance hours
Calculate the Variable overhead variances and prepare an operating statement for the month endedJune 2015 as per the tables provided below. Variable overhead variances £ Favourable (F)/ Adverse (A) Variable overhead rate variance: Variable overhead efficiency variance: Total Variable overhead variance Operating Statement (OP): Standard OP Variances Actual OP £ £ £ £ £ Sales Direct materials Direct labour Variable overheads Total variable expenses Contribution
Provide solution for this question
Rexford Components shows the following overhead information for the current period: Actual overhead incurred $ 105,840 , 2/3 of which is variable Budgeted fixed overhead $ 31,104 Standard variable overhead rate per direct labor-hour $ 27 Standard hours allowed for actual production 2,820 hours Actual labor-hours used 2,640 hours Required: What are the variable overhead price and efficiency variances and fixed overhead price variance? (Do not round intermediate calculations. 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.)
The following information was gathered for Larsen Corp. for the year ending 20xx. Budgeted direct labor hours 15,500 Actual direct labor hours 16,200 Budgeted factory overhead cost $73,625 Actual factory overhead cost $74,990 -Assume direct labor hours is the cost driver Required: What is the amount of over/underapplied overhead ? Is the variance over or under estimated ?
Please give correct answer for this question