The centrepiece of a job-costing system is the: A)Job-cost sheet B)Materials requisition form C)Budgeted overhead rate D)Labor time ticket The following data relates to Bermuda Company for the year 2016 Estimated manufacturing overhead cost $240,000 Estimated direct labor cost $300,000 Estimated direct labor hours $ 30,000 Actual manufacturing overhead cost $289,000 Actual direct labor costs $315,000 Actual direct labor hours $ 33,000 Allocation base direct labor hours Manufacturing overhead allocated for 2016 is: A)$450,450 B)$264,000 C)$252,000 D)$220,500
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
The centrepiece of a job-costing system is the:
A)Job-cost sheet
B)Materials requisition form
C)Budgeted
D)Labor time ticket
The following data relates to Bermuda Company for the year 2016
Estimated
Estimated direct labor cost $300,000
Estimated direct labor hours $ 30,000
Actual manufacturing overhead cost $289,000
Actual direct labor costs $315,000
Actual direct labor hours $ 33,000
Allocation base direct labor hours
Manufacturing overhead allocated for 2016 is:
A)$450,450
B)$264,000
C)$252,000
D)$220,500
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