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The Faraday Plant of Hindle, Incorporated shows the following overhead information for the current period: Actual overhead incurred Budgeted fixed overhead Standard variable overhead rate per direct labor-hour Standard hours allowed for actual production Actual labor-hours used Required: $ 645,000 ($173,100 fixed and $471,900 variable) $ 177,480 (10,140 direct labor-hours budgeted) $ 45.75 11,580 hours 11,940 hours What are the variable overhead price and efficiency variances and the fixed overhead price variance? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Answer is not complete. Variable overhead: Price variance F Efficiency U variance Fixed overhead: Price variance F

The Faraday Plant of Hindle, Incorporated shows the following overhead information for the current period: Actual overhead incurred Budgeted fixed overhead Standard variable overhead rate per direct labor-hour Standard hours allowed for actual production Actual labor-hours used Required: $ 645,000 ($173,100 fixed and $471,900 variable) $ 177,480 (10,140 direct labor-hours budgeted) $ 45.75 11,580 hours 11,940 hours What are the variable overhead price and efficiency variances and the fixed overhead price variance? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Answer is not complete. Variable overhead: Price variance F Efficiency U variance Fixed overhead: Price variance F

FINANCIAL ACCOUNTING
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 Faraday Plant of Hindle, Incorporated shows the following overhead information for the current period: Actual overhead incurred Budgeted fixed overhead Standard variable overhead rate per direct labor-hour Standard hours allowed for actual production Actual labor-hours used Required: $ 645,000 ($173,100 fixed and $471,900 variable) $ 177,480 (10,140 direct labor-hours budgeted) $ 45.75 11,580 hours 11,940 hours What are the variable overhead price and efficiency variances and the fixed overhead price variance? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Answer is not complete. Variable overhead: Price variance F Efficiency U variance Fixed overhead: Price variance F
Transcribed Image Text:The Faraday Plant of Hindle, Incorporated shows the following overhead information for the current period: Actual overhead incurred Budgeted fixed overhead Standard variable overhead rate per direct labor-hour Standard hours allowed for actual production Actual labor-hours used Required: $ 645,000 ($173,100 fixed and $471,900 variable) $ 177,480 (10,140 direct labor-hours budgeted) $ 45.75 11,580 hours 11,940 hours What are the variable overhead price and efficiency variances and the fixed overhead price variance? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Answer is not complete. Variable overhead: Price variance F Efficiency U variance Fixed overhead: Price variance F
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