The following data for february has been provided by Gillard corporation     Denominator level of activity  3700 Dudgeted fixed manufacturing overhead costs  68820 Actual level of activity  4100 Standard machine-hours allowed for the actual output 4000 Actual fixed manufacturing overhead costs 69960 Fixed component of the predetermined overhead rate 18.6     Compute the budget variance for February            Compute the volume variance for February

Q: get solution

A: Variable overhead per labor hour = $48,000 / 24000 = $2 per hour Budgeted overhead for actual…

Q: HKmilk Co. has budgeted fixed manufacturing overhead of $14, 275 and budgeted production of 2,049…

A: In cost accounting, the fixed manufacturing overhead refers to the set costs associated with…

Q: The following labor standards have been established for a particular product: Standard labor hours…

A: Direct labor variance Total is the sum of direct labor rate variance and direct labor efficiency…

Q: annin Products Inc. prepared the following factory overhead cost budget for the Trim Department for…

A: Variance arises when the actual costs  differ from the standard costs. The results are favorable…

Q: The following materials standards have been established for a particular product: Standard quantity…

A: We know that, Material Price variance = (Standard price - actual price) * Actual quantity purchased…

Q: Presented is an abbreviated performance report for the month of Units Costs: Direct materials Direct…

A: Lets understand the basics.Material price variance is a variance between the rate at which material…

Q: ct

A: The expected rate of pay for workers to produce one unit of product is known as the standard rate…

Q: Williams Corporation reports the following direct labor information for November: Standard rate 2$…

A: Standard Costing: Standard costing involves setting-up predetermined cost or expenses estimates.…

Q: GB Corporation has a standard cost system in which it applies manufacturing overhead to products on…

A: Fixed overhead budget variance = Budgeted fixed manufacturing overhead cost - Actual fixed…

Q: The following information describes a company’s usage of direct labor in a recent period. The total…

A: Labor variance is the difference between the estimated cost and the actual cost of labor. When the…

Q: HKmilk Co. has budgeted fixed manufacturing overhead of S14, 275 andbudgeted production of 2, 049…

A: In cost accounting, the fixed overhead volume variance is the difference between the budgeted fixed…

Q: Coe Parts applies fixed overhead at the rate of $7.08 per unit. Budgeted fixed overhead was…

A: FIXED OVERHEAD PRICE VARIANCEFixed overhead variance which arises due to the…

Q: Marv Company's direct labor costs for manufacturing its only product were as follows for October.…

A: The standard direct labour hours per unit is the rate that is estimated by the company. This is also…

Q: Natural Remedy Company gathered the following actual results for the current month: Actual amounts:…

A: Direct Labor rate variance : it is variance that shows difference between Standard rate and Actual…

Q: The following materials standards have been established for a particular product: Standard quantity…

A: variance is an difference between the actual and standard cost of production data.The variance can…

Q: Nina Company prepared the following fixed budget for July using 7,580 units for budgeted sales.…

A: Step 1:Preparation of the flexible budget at an actual level of 7,280 units:  Note:Sales: Total is a…

Q: The following data relate to direct labor costs for August: actual costs for 5,500 hours at $24.00…

A: The disparity between the estimated cost of direct labour at normal cost (i.e. direct labour hours…

Q: Thomas Company reports the following direct labor information for one of its products for April:…

A: Labor price variance :— It is the difference between actual hours of direct labor at standard rate…

Q: n October, Grouper Inc. reports 42,700 actual direct labor hours and incurs $201,000 of…

A: Predetermined overhead rate is calculated before the period begins. This overhead is calculated…

Q: k I t nces Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master…

A: The objective of this question is to prepare a variance analysis for each variable cost and fixed…

Q: Ellis Company's labor information for September is as follows: Direct labor hourly rate paid $31.00…

A: Variance: It is the difference between the actual cost and  the standard cost. Direct Labour Rate…

Q: The following information is available for Baxter Manufacturing for April: Actual machine hours…

A: In essence it will reflects the difference in fixed overhead costs that arises due to producing a…

Q: Answer from bellow

A: To find the budget (controllable) variance for January using the two-way analysis of overhead…

Q: For the month of April, compute the  variances, indicating whether it is favorable (F) or…

A:

Q: Calculating the Fixed Overhead Spending and Volume Variances Standish Company manufactures consumer…

A: The variance analysis is very important for cost controlling because the entity compares the actual…

Q: Question Content Area Jaxson Corporation has the following data related to direct labor costs for…

A: The objective of the question is to calculate the direct labor time variance for Jaxson Corporation…

Q: Standard labor-hours per unit of output 8.1 hours. Standard labor rate S 14.40 per hour. The…

A: Formula  Labor rate variance  =    Actual hrs × ( Standard rate - Actual rate ) Actual hrsrate =…

Q: In October, Blue Spruce Inc. reports 44,400 actual direct labor hours and incurs $218,000 of…

A: Predetermined overhead rate: Predetermined overhead rate is calculated before the period begins.…

Q: The theory of constraints suggests that the improvement efforts should usually be focused on: a.…

A: Lets start with understanding of meaning theory of constraint. Theory of constraint find out the…

Q: Williams Corporation reports the following direct labor information for November: $ 33.00 per hour $…

A: 1) Labor Efficiency variance = ( Std Hrs - Act Hrs) * Std Rate Therefore Actual Hrs = Std Hrs-(…

Q: The following labor standards have been established for a particular product Standard labor hours…

A: Variances are the differences between the actual values and budgeted values. If the budgeted values…

Q: Sara metal frames over the period of years using standard costing system in its unit and has April…

A: Various incomes and expenses of an organisation will be shown in the income statement, where it…

Q: The following materials standards have been established for a particular product: Standard quantity…

A: Solution: material quantity variance = (standard quantity - actual quantity used) * standard price…

Q: The following information in respect of a production process is available for the month of April…

A: Overhead variance refers to the contrast between the real overhead costs caused during a particular…

Q: Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master budget on…

A: Variance Analysis : Analysis of a difference between planned and actual behavior. After analyzing…

Q: Board Company's direct labor information for February is as follows: Direct labor hours worked (AQ)…

A: Direct Labor Budget Variance:This is the difference between the flexible budget and the actual…

Q: Construct a factory overhead cost variance report for the Trim Department for July. Enter a…

A: Cost Variance Report: It is a report which helps in comparison of actual performance or cost…

Q: The Illustrative Corporation recorded the following budgeted and actual information relating to…

A: Variance is the result of the difference between the budgeted value and actual results. It is used…

Q: Q3. A company follows the system of standard costing. The records of the company reveal the…

A: Calculations are as follows for all variances.

Q: Required: 1. Calculate the fixed overhead spending variance using the formula approach. 4,500 v…

A: Fixed overhead spending variance (FOSV) refers to the variance which shows the difference between…

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.