The following information was taken from the annual manufacturing overhead cost budget of Indigo Company:Variable manufacturing overhead costsFixed manufacturing overhead costsNormal production level in labour hoursNormal production level in unitsStandard labour hours per unit$36,660$19,50015,6003,900During the year, 3,700 units were produced, 15,000 hours were worked, and the actual manufacturing overhead was $55,980. Actualfixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on directlabour hours. Calculate the total, fixed, and variable predetermined manufacturing overhead rates. (Round answers to 2 decimal places, e.g.15.25.)Variable manufacturing overheadFixed manufacturing overheadTotal manufacturing overheadRate

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Description: The following information was taken from the annual manufacturing overhead cost budget of Indigo Company:Variable manufacturing overhead costsFixed manufacturing overhead costsNormal production level in labour hoursNormal production level in unitsSt

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The following information was taken from the annual manufacturing overhead cost budget of Indigo Company: Variable manufacturing overhead costs Fixed manufacturing overhead costs Normal production level in labour hours $36,660 $19,500 15,600

The following information was taken from the annual manufacturing overhead cost budget of Indigo Company: Variable manufacturing overhead costs Fixed manufacturing overhead costs Normal production level in labour hours $36,660 $19,500 15,600

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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The standard costs and actual costs for factory overhead for the manufacture of 2,700 units of actual production are as follows: Fixed overhead (based on 10,000 hours) Variable overhead Actual Costs Total variable cost, $17,800 Total fixed cost, $8,200 The total factory overhead cost variance is Oa. $1,600 unfavorable Ob. $2,930 favorable Oc. $2,930 unfavorable Od. $4,260 favorable Standard Costs 3 hours per unit at $0.70 per hour 3 hours per unit at $2.00 per hour
Rardin Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.4 ounces Direct labor 0.3 hours Variable overhead 0.3 hours The company reported the following results concerning this product in July. Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. Required: b. Compute the materials price variance. Do not indicate whether Favorable or Unfavorable. $8.00 per ounce $16.00 per hour $7.00 per hour 2,200 units 16,420 ounces 17,900 ounces 720 hours $141,410 $12,528 $5,112
ABC Company listed the following data for the current year: Budgeted factory overhead $1,134,000 Budgeted direct labor hours 70,000 Budgeted machine hours 25,000 Actual factory overhead 1,100,900 Actual labor hours 71,100 Actual machine hours 24,000 If overhead is applied based on direct labor hours, the overapplied/underapplied overhead is:
immy Author Company has the following data for the past year: Actual overhead $512,000 Applied overhead: Work-in-process inventory $125,000 Finished goods inventory 170,000 Cost of goods sold 150,000 Total $445,000 Calculate the overhead variance for the year and close it to cost of goods sold. Provide all the details and working outs.
Manufacturing overhead data for the production of Product H by Kingbird Company, assuming the company uses a standard cost system, are as follows. Overhead incurred for 46,100 actual direct labor hours worked $281,880 Overhead rate (variable $5; fixed $1) at normal capacity of 58,300 direct labor hours $6 Standard hours allowed for work done $47,180 Compute the total overhead variance
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Below is the selected information for a company for last year: Budgeted fixed manufacturing overhead cost Denominator activity (machine-hours) Standard machine-hours allowed per unit Actual number of units produced Underapplied fixed manufacturing overhead $270,000 45,000 3 14,000 $15,200 Actual fixed cost for last year was: 236,800 O 267,200 254,800 285,200
The standard costs and actual costs for factory overhead for the manufacture of 2,800 units of actual production are as follows: Standard Costs 3 hours per unit at $0.73 per hour 3 hours per unit at $2.06 per hour Fixed overhead (based on 10,000 hours) Variable overhead Actual Costs Total variable cost, $18,000 Total fixed cost, $8,200 The total factory overhead cost variance is Oa. $1,864 favorable Ob. $3,032 favorable Oc. $1,864 unfavorable Od. $696 unfavorable
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