Standards per unit of product for planned production of 33,000 units: Budgeted MHs 66,000 hours RM 4.40 lbs at $10.20 per pound Direct Labor 1.4 hours at $13.50 per hour Variable overhead 2 MH at $5.40 per MH Fixed overhead 2 MH at $6.00 per MH Actual units produced 32,800 units Apollo’s actual variable factory overhead for the year was $400,000 and applied variable overhead cost to production was $389,664. Company used 59,040 hours of machine for production 32,800 units. The Factory overhead variable account balance was as follows: FOH-Variable 400,000 – 389,664 Which of the following journal entries should be used to close variable factory overhead account?
Standards per unit of product for planned production of 33,000 units: Budgeted MHs 66,000 hours RM 4.40 lbs at $10.20 per pound Direct Labor 1.4 hours at $13.50 per hour Variable overhead 2 MH at $5.40 per MH Fixed overhead 2 MH at $6.00 per MH Actual units produced 32,800 units Apollo’s actual variable factory overhead for the year was $400,000 and applied variable overhead cost to production was $389,664. Company used 59,040 hours of machine for production 32,800 units. The Factory overhead variable account balance was as follows: FOH-Variable 400,000 – 389,664 Which of the following journal entries should be used to close variable factory overhead account?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Standards per unit of product for planned production of 33,000 units:
|
Budgeted MHs |
66,000 hours |
|
RM |
4.40 lbs at $10.20 per pound |
|
Direct Labor |
1.4 hours at $13.50 per hour |
|
Variable |
2 MH at $5.40 per MH |
|
Fixed overhead |
2 MH at $6.00 per MH |
|
Actual units produced |
32,800 units |
Apollo’s actual variable factory overhead for the year was $400,000 and applied variable overhead cost to production was $389,664. Company used 59,040 hours of machine for production 32,800 units. The Factory overhead variable account balance was as follows:
FOH-Variable
400,000 – 389,664
Which of the following
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