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
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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

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The following information in respect of a production process is available for the month of April 2023. Budgeted Actual Output Units 120000 130000 Hours 120000 132000 Fixed Overheads 180000 200000 Variable Overheads 240000 272000 Working Days 100 104 Compute the relevant overheads variances.
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Q3. A company follows the system of standard costing. The records of the company reveal the following information for the month of May: Budgeted Actual Number of man-hours Number of working days 8000 8600 20 22 Overhead rate per hour { 1.00 Hours per unit of output 20 Fixed Overheads incurred {7,200 Number of units produced 450 units For the month of May, calculate the following variances for fixed overheads: (1) (ii) Overhead Cost variance Overhead Volume variance (iv) (v) (vi) Overhead Efficiency variance Overhead Capacity variance Overhead Budget variance Calendar variance
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