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 $2.30 per hour The company has reported the following actual results for the product for July: Actual output 8,000 units Actual direct labor-hours 2,380 hours 2.10 per hour 4,998 Standard Quantity or Hours per Unit of Output 0.30 hours O $46 U O $42 F O$46 F $42 U Actual variable overhead rate Actual variable overhead cost The variable overhead efficiency variance for the month is closest to: $ $

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 $2.30 per hour The company has reported the following actual results for the product for July: Actual output 8,000 units Actual direct labor-hours 2,380 hours 2.10 per hour 4,998 Standard Quantity or Hours per Unit of Output 0.30 hours O $46 U O $42 F O$46 F $42 U Actual variable overhead rate Actual variable overhead cost The variable overhead efficiency variance for the month is closest to: $ $

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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