The following information is available for Baxter Manufacturing for April: Actual machine hours 840 Standard machine hours allowed 900 Denominator activity (machine hours) 1,000 Actual fixed overhead costs $ 3,800 Budgeted fixed overhead costs $ 4,000 Predetermined overhead rate ($1 variable + $4 fixed) $ 5 What is the production volume variance? Multiple Choice $300. $400. $240. $200.

The following information is available for Baxter Manufacturing for April: Actual machine hours 840 Standard machine hours allowed 900 Denominator activity (machine hours) 1,000 Actual fixed overhead costs $ 3,800 Budgeted fixed overhead costs $ 4,000 Predetermined overhead rate ($1 variable + $4 fixed) $ 5 What is the production volume variance? Multiple Choice $300. $400. $240. $200.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Required information [The following information applies to the questions displayed below.] Manuel Company predicts it will operate at 80% of its productive capacity. Its overhead allocation base is DLH and its standard amount per allocation base is 0.5 DLH per unit. The company reports the following for this period. Production (in units) Overhead Variable overhead Fixed overhead Total overhead Flexible Budget at 80% Capacity 53,000 1. Standard overhead rate 2. Standard overhead applied 3. Overhead variance $ 291,500 53,000 $ 344,500 Actual Results 48,800 $344,600 1. Compute the standard overhead rate. Hint: Standard allocation base at 80% capacity is 26,500 DLH, computed as 53,000 units x 0.5 DLH per unit. Compute the standard overhead applied. 3. Compute the total overhead variance. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs 4,900 lb. @ $5.85 5,000 lb. @ $5.90 2,000 hrs. @ $20.00 Direct Material Direct Labor 1,900 hrs. @ $20.50 Determine the labor efficiency variance. Select one: a. $2,000 F b. $2,000 U c. $2,050 F d. $2,050 U e. None of the above
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ThingOne Company has the following information available for the past year. They use machine hours to allocate overhead. Actual total overhead $69,270 Actual fixed overhead $33,000 Actual machine hours 9,000 Standard hours for the units produced 8,300 Standard variable overhead rate $4.40 What is the variable overhead efficiency variance? Enter the amount as positive number. Variable overhead efficiency variance $fill in the blank 1
Williams Corporation reports the following direct labor information for November: Standard rate $ 34.00 per hour Actual rate paid $ 34.80 per hour Standard hours allowed for actual production 44,700 hours Labor efficiency variance $ 221,000 F Required: Based on these data, what was the number of actual hours worked and what was the labor price variance? Acutal Hours Worked Hours Labor Price Variance F or U
Peking Palace Company reported the following: Standard hours per unit 2.5 hours Standard rate per hour $16.00 Actual hours used 12,560 Actual rate per hour $15.50 Number of units produced 4,900 What is the direct labor time variance? a.$(4,805) favorable b.$(4,960) favorable c.$4,805 unfavorable d.$4,960 unfavorable
The manufacturing overhead variance for 20X6 is: Select one: a. $25,000 over-applied b. $49,000 under-applied c. $2,900 over-applied d. $25,000 under-applied Clear my choice
Chhom Corporation makes a product whose direct labor standards are 0.4 hours per unit and $19.00 per hour. In November the company produced 1,800 units using 760 direct labor-hours. The actual direct labor cost was $13,300. The labor efficiency variance for November is: Multiple Choice $760 F $700 F $760 U $700 U
This Company uses standard costing. Variable overhead is applied at $8 per direct labor hour. Data for the month of September follows: Actual overhead variable costs $78,000 Standard hours allowed for actual production 10,000 Actual labor hours worked 9,800 How much is the controllable overhead spending variance? a. $2,000 favorable b. $400 favorable c. $400 unfavorable d. $2,000 unfavorable

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Actual machine hours		840
Standard machine hours allowed		900
Denominator activity (machine hours)		1,000
Actual fixed overhead costs	$	3,800
Budgeted fixed overhead costs	$	4,000
Predetermined overhead rate ($1 variable + $4 fixed)	$	5