The following standards for variable manufacturing overhead have been established for a company that makes only one product: Standard hours per unit of output 8.0 hours Standard variable overhead rate $14.40 per hour The following data pertain to operations for the last month: Actual hours 2,850 hours Actual total variable manufacturing overhead cost $41,770 Actual output 200 units What is the variable overhead efficiency variance for

The following standards for variable manufacturing overhead have been established for a company that makes only one product: Standard hours per unit of output 8.0 hours Standard variable overhead rate $14.40 per hour The following data pertain to operations for the last month: Actual hours 2,850 hours Actual total variable manufacturing overhead cost $41,770 Actual output 200 units What is the variable overhead efficiency variance for

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Description: The following standards for variablemanufacturing overhead have beenestablished for a company that makesonly one product: Standard hours perunit of output 8.0 hours Standardvariable overhead rate $14.40 per hourThe following data pertain to operatio

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 Litton Company has established standards as follows: Direct material Direct Labor Variable manufacturing overhead Actual production figures for the past year are given below. The company records the materials price variance when materials are purchased. Variable manufacturing overhead cost incurred Units produced Direct materials used Direct materials purchased (3,000 pounds) 11,400 Direct Labor cost (1,100 hours) 9,240 5,720 The labor rate variance is: OOO The company applies variable manufacturing overhead to products on the basis of standard direct labor-hours. 480f O 3 pounds per unit @ 4 per pound= 12 per unit 480u O 440f 2 hours per unit @ 8 per hour= 16 per unit 2 hours per unit @ 5 per hour= 10 per unit 440u 600 units 2,000 pounds
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The following standards for variable manufacturing overhead have been established for a company that makes only one product: Standard hours per unit of output Standard variable overhead rate The following data pertain to operations for the last month: Actual hours Actual total variable manufacturing overhead cost Actual output What is the variable overhead efficiency variance for the month? Multiple Choice $13,985 U $13,325 U $660 U 6.6 hours $ 13.00 per hour $21,450 F 2,675 hours $ 35,435 250 units
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