**QUESTION 2****The following data have been provided by Mathews Corporation:**| Budgeted production | 6,900 units ||-----------------------------------------|--------------------------------------|| Standard machine-hours per unit | 9.4 machine-hours || Standard lubricants rate | $1.20 per machine-hour || Standard supplies rate | $1.00 per machine-hour || Actual production | 7,000 units || Actual machine-hours (total) | 66,230 machine-hours || Actual lubricants cost (total) | $78,100 || Actual supplies cost (total) | $66,536 |Lubricants and supplies are both elements of variable manufacturing overhead.**The variable overhead rate variance for supplies is closest to:**- ○ $306 U- ○ $736 U- ○ $430 U- ○ $736 F

The variable overhead rate variance is the variance that represents the difference between actual…

The following data have been provided by Mathews Corporation: Budgeted production 6,900 units Standard machine-hours per unit 9.4 machine-hours Standard lubricants rate $1.20 per machine-hour Standard supplies rate $1.00 per machine-hour 7,000 units Actual production Actual machine-hours (total) 66,230 machine-hours Actual lubricants cost (total) $78,100 Actual supplies cost (total) $66,536 Lubricants and supplies are both elements of variable manufacturing overhead. The variable overhead rate variance for supplies is closest to: $306 U $736 U $430 U $736 F

The following data have been provided by Mathews Corporation: Budgeted production 6,900 units Standard machine-hours per unit 9.4 machine-hours Standard lubricants rate $1.20 per machine-hour Standard supplies rate $1.00 per machine-hour 7,000 units Actual production Actual machine-hours (total) 66,230 machine-hours Actual lubricants cost (total) $78,100 Actual supplies cost (total) $66,536 Lubricants and supplies are both elements of variable manufacturing overhead. The variable overhead rate variance for supplies is closest to: $306 U $736 U $430 U $736 F

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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