Terrell Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Variable manufacturing overhead Standard Price or Rate 0.30 hours $2.30 per hour The company has reported the following actual results for the product for July: 8,000 units 2,380 hours 2.10 per hour Standard Quantity or Hours per Unit of Output Actual output Actual direct labor-hours Actual variable overhead rate $ Actual variable overhead cost $ 4,998 The variable overhead rate variance for the month is closest to: 69 O $480 F O $480 U O $476 U O $476 F

Terrell Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Variable manufacturing overhead Standard Price or Rate 0.30 hours $2.30 per hour The company has reported the following actual results for the product for July: 8,000 units 2,380 hours 2.10 per hour Standard Quantity or Hours per Unit of Output Actual output Actual direct labor-hours Actual variable overhead rate $ Actual variable overhead cost $ 4,998 The variable overhead rate variance for the month is closest to: 69 O $480 F O $480 U O $476 U O $476 F

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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