The fixed factory overhead variance is caused by the difference between which of the following? actual and standard allocation base actual and budgeted units actual fixed overhead and applied fixed overhead actual and standard overhead rates

The fixed factory overhead variance is caused by the difference between which of the following? actual and standard allocation base actual and budgeted units actual fixed overhead and applied fixed overhead actual and standard overhead rates

Name: The fixed factory overhead variance is caused by the difference betwee
Uploaded: 2024-03-20T06:33:06.000Z
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Description: The fixed factory overhead variance is caused by the difference between which of the following?actual and standard allocation baseactual and budgeted unitsactual fixed overhead and applied fixed overheadactual and standard overhead rates

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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What is the variation in the use of materials at actual price and standard materials at standard price? Select one: Material quantity variance Material mix variance Material yield variance Material price variance In determining the standard factory overhead rate, which level of capacity is used? Select one: Maximum capacity Expected actual capacity Practical capacity Normal capacity One way of analyzing the fixed factory overhead variance is breaking it down into Select one: Efficiency and capacity variances Spending and volume variance Efficiency and volume variance Spending and budget variance Setting standards Select one: Should be done to make them as tight as possible Is largely a matter of calculating rates and quantities Has important behavioral implications Is done only for manufacturing activities A major drawback to setting standards based on historical results is that such standards Select one: Are usually not well received by workers Are harder to…
What is a key difference between variable costing and absorption costing? a. The usage of homogenous cost pools. b. The classification of fixed factory overhead. c. classification of direct materials and labor. d. The choice of allocation base.
If a company uses predetermined rate for absorption of manufacturing overhead, the volume variance is O The under- or over-applied fixed cost element of overhead. O The difference between budgeted cost and actual cost of variable overhead items. O The difference between budgeted cost and actual cost of fixed overhead items. O The under- or over-applied variable cost element of overhead.
Draw a graph showing budgeted and applied fixed overhead, and show an unfavorable (or positive) volume variance on the graph.
why is adjustment necessary for under and over absorption of overheads in the absorption costing model.