The following standards for variable manufacturing overhead have been established for a company that makes only one product: The following data pertain to operations for the last month: What is the variable overhead efficiency variance for the month?

The following standards for variable manufacturing overhead have been established for a company that makes only one product: The following data pertain to operations for the last month: What is the variable overhead efficiency variance for the month?

Name: The following standards for variable manufacturing overhead have been
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Description: The following standards for variable manufacturing overhead have been established for a company that makes only one product: The following data pertain to operations for the last month: What is the variable overhead efficiency variance for the mont

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 following standards for variable manufacturing overhead have been established for a company that makes only one product: Standard hours per unit of output 6.6 hours Standard variable overhead rate $ 13.00 per hour The following data pertain to operations for the last month: Actual hours 2675 hours Actual total variable manufacturing overhead cost $ 35,435 Actual output 250 units What is the variable overhead efficiency variance for the month?
Required: 1. Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variance for variable factory overhead for March and state whether each variance is favorable (F) or unfavorable (U). 2. Provide the appropriate journal entry to record the variable overhead spending variance and a second entry to record the variable overhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs.
Calculating the Fixed Overhead Spending and Volume Variances Standish Company manufactures consumer products and provided the following information for the month of February:
Journal entries (continuation of 8-35). 1. Prepare journal entries for variable and fixed manufacturing overhead (you will need to calculate the various variances to accomplish this). 2. Overhead variances are written off to the Cost of Goods Sold (COGS) account at the end of the fiscal year. Show how COGS is adjusted through journal entries. Reference problem:
Amada Company's standard cost system reports this information from its December operations. Standard direct materials cost Direct materials quantity variance Direct materials price variance Actual direct labor cost Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance View transaction list Journal entry worksheet 1 Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month for (a) direct materials, (b) direct labor, and (c) overhead. Ignore the journal entry to close the variances. 2 3 Record direct materials costs and variances. Date December 31 Note: Enter debits before credits. $ 100,000 General Journal 3,000 U 500 F 90,000 7,000 F 1,200 U 375,000 12,000 U 9,000 U Debit Credit >
Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours Actual direct labor-hours Standard direct labor-hours allowed for the actual output What is the fixed overhead volume variance? Multiple Choice O $20,000 U $20,000 F $9,000 U $9,000 F $ 300,000 $ 276,000 60,000 56,000 58, 200
From the data below prepare (a) an analysis of factory overhead variances using the two- variance method and (b) journal entries for the analysis. Budegeted (normal capacity) Actual Direct labor hours: 20,000 25,600 Factory overhead: Fixed: $ 14,000 $ 17,000 Variable: 16,000 19,000 Standard allowed for actual production: 24,000 hours (a) Factory Overhead Variance-Two-factor Analysis: (b) Journal entries:
The following standards for variable manufacturing overhead have been established for a company that makes only one product: Standard hours per unit of output 6.8 hours Standard variable overhead rate $ 13.20 per hour The following data pertain to operations for the last month: Actual hours 2,700 hours Actual total variable manufacturing overhead cost $ 36,310 Actual output 200 units What is the variable overhead efficiency variance for the month? Multiple Choice $18,358 U $17,688 U $670 U $17,952 F
Refer to the information in Question 1 for data. Now, assume that Juju has decided to use a plantwide overhead rate based on the direct labor hours. Required: i) Calculate the predetermined plantwide overhead rate. (Note: Round to the nearest cent.) ii) Calculate the overhead applied to production for the month of Jun. iii) Calculate the overhead variance for the month of Jun.
Standard direct materials cost per unit from variance data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or end of the month.
Bulluck Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead The company reported the following results concerning this product in July. Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate The variable overhead efficiency variance for July is: Multiple Choice The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. о C Standard Quantity or Hours 5.2 grams 0.7 hours 0.7 hours $851 F $874 U $874 F $851 U Standard Price or Rate $2.70 per gram $28.00 per hour. $ 3.70 per hour 4,700 units 13,070 grams 3,060 hours 13,800 grams $2.90 per gram $ 13.10 per hour $ 3.80 per hour.
Calculating the Variable Overhead Spending and Efficiency Variances Standish Company manufactures consumer products and provided the following information for the month of February: