The following information is available for Waterway’s Hot Dogs: Actual production 11,930 packages Budgeted production 12,500 packages Standard direct labor hours 1.6 direct labor hours per package Actual direct labor hours 20,158 Standard variable overhead rate $5 per direct labor hour Actual variable overhead costs $93,510 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 0 for the amounts.) Variable overhead spending variance $enter the variable overhead spending variance in dollars select an option Variable overhead efficiency variance $enter
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
The following information is available for Waterway’s Hot Dogs:
| Actual production | 11,930 | packages | |
| Budgeted production | 12,500 | packages | |
| Standard direct labor hours | 1.6 | direct labor hours per package | |
| Actual direct labor hours | 20,158 | ||
| Standard variable overhead rate | $5 | per direct labor hour | |
| Actual variable overhead costs | $93,510 |
Calculate the variable overhead spending and efficiency variances. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.)
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Variable overhead spending variance
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$enter the variable overhead spending variance in dollars | select an option |
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Variable overhead efficiency variance
|
$enter |
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