The following information is available for Sheridan's Hot Dogs: Actual production Budgeted production Standard direct labor hours Actual direct labor hours Standard variable overhead rate Actual variable overhead costs 12,270 packages 12,500 packages 1.2 Variable overhead spending variance 15,776 $54,264 Variable overhead efficiency variance $4 per direct labor hour Calculate the variable overhead spending and efficiency variances. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter O for the amounts.) direct labor hours per package LA tA

The following information is available for Sheridan's Hot Dogs: Actual production Budgeted production Standard direct labor hours Actual direct labor hours Standard variable overhead rate Actual variable overhead costs 12,270 packages 12,500 packages 1.2 Variable overhead spending variance 15,776 $54,264 Variable overhead efficiency variance $4 per direct labor hour Calculate the variable overhead spending and efficiency variances. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter O for the amounts.) direct labor hours per package LA tA

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Description: The following information is available for Sheridan's Hot Dogs:Actual productionBudgeted productionStandard direct labor hoursActual direct labor hoursStandard variable overhead rateActual variable overhead costs12,270 packages12,500 packages1.2Vari

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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Concept explainers

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.

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The following information is available for Sheridan's Hot Dogs:
Actual production
Budgeted production
Standard direct labor hours
Actual direct labor hours
Standard variable overhead rate
Actual variable overhead costs
12,270 packages
12,500 packages
1.2
Variable overhead spending variance
15,776
$54,264
Variable overhead efficiency variance
$4 per direct labor hour
Calculate the variable overhead spending and efficiency variances. (Round answers to O decimal places, e.g. 125. If variance is zero, select
"Not Applicable" and enter O for the amounts.)
direct labor hours per package
tA
tA

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