The Mitsy Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-line of products. Standard fixed overhead per direct labor hour $5.5 Standard direct labor hours per unit Budgeted production Budgeted fixed overhead costs Actual production in units Actual fixed overhead costs incurred 0.5 2,700 $9,925 3,300 $3,500 What is Mitsy's forced manufacturing overhead budget variance?

The Mitsy Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-line of products. Standard fixed overhead per direct labor hour $5.5 Standard direct labor hours per unit Budgeted production Budgeted fixed overhead costs Actual production in units Actual fixed overhead costs incurred 0.5 2,700 $9,925 3,300 $3,500 What is Mitsy's forced manufacturing overhead budget variance?

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 21E: Georgia Gasket Co. budgets 8,000 direct labor hours for the year. The total overhead budget is...

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Georgia Gasket Co. budgets 8,000 direct labor hours for the year. The total overhead budget is expected to amount to 20,000. The standard cost for a unit of the companys product estimates the variable overhead as follows: The actual data for the period follow: Using the four-variance method, calculate the overhead variances. (Hint: First compute the budgeted fixed overhead rate.)
ABC Inc. spent a total of $48,000 on factory overhead. Of this, $28,000 was fixed overhead. ABC Inc. had budgeted $27,000 for fixed overhead. Actual machine hours were 5.000. Standard hours for units made were 4,800. The standard variable overhead rate was $4.10. What is the variable overhead rate variance?
Calculating amount of factory overhead applied to work in process The overhead application rate for a company is 2.50 per unit, made up of 1.00 for fixed overhead and 1.50 for variable overhead. Normal capacity is 10,000 units. In one month, there was an unfavorable flexible budget variance of 200. Actual overhead for the month was 27,000. What was the amount of the budgeted overhead for the actual level of production?
Refer to Cornerstone Exercise 8.13. In March, Nashler Company produced 163,200 units and had the following actual costs: Required: 1. Prepare a performance report for Nashler Company comparing actual costs with the flexible budget for actual units produced. 2. What if Nashler Companys actual direct materials cost were 1,175,040? How would that affect the variance for direct materials? The total cost variance?
Preparing a performance report Use the flexible budget prepared in P7-6 for the 31,000-unit level and the actual operating results listed below for the 31,000-unit level. Required: 1. Prepare a performance report. 2. List the major reasons why the actual operating income at 31,000 units differs from the master budget operating income at 30,000 units in Figure 7-12. 3. Given the level at which the company operated, how was its cost control? Item Direct materials: Direct labor:
Using High-Low to Calculate Predicted Total Variable Cost and Total Cost for Budgeted Output Refer to the information for Pizza Vesuvio on the previous page. Assume that this information was used to construct the following formula for monthly labor cost. TotalLaborCost=5,237+(7.40EmployeeHours) Required: Assume that 675 employee hours are budgeted for the month of September. Use the total labor cost formula for the following calculations: 1. Calculate total variable labor cost for September. 2. Calculate total labor cost for September.
ANSWER THIS GENERAL ACCOUNTING QUESTION
The Perry Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z−Line of products: Standard fixed overhead per direct labor hour $4.50 Standard direct labor hours per unit 0.75 Budgeted production 3,400 Budgeted fixed overhead costs $11,475.00 Actual production in units 3,700 Actual fixed overhead costs incurred $3,200.00 What is Perry's fixed manufacturing overhead volume variance?
The Illustrative Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-Line of products Standard fixed overhead per direct labor hour Standard direct labor hours per unit Budgeted production Budgeted fixed overhead costs $3 0.75 3,400 $7.650.00 Actual production in units Actual fixed overhead costs incurred What is Illustrative's fixed manufacturing overhead volume variance? A. $2.025.00 favorable OB. $4.950.00 favorable OC. $2,025.00 unfavorable D. $4.950.00 unfavorable 4,300 $2.700.00
The following information relating to a company's overhead costs is available. Budgeted fixed overhead rate per machine hour Actual variable overhead Budgeted variable overhead rate per machine hour Actual fixed overhead Budgeted hours allowed for actual output achieved Based on this information, the total overhead variance is: Multiple Choice O O $69,000 favorable. $112,000 favorable. $43,000 unfavorable. $112,000 unfavorable. $43,000 favorable. $ 1.50 $ 99,000 $ 4.00 $ 20,000 42,000
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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