The standard costs and actual costs for factory overhead for the manufacture of 2,600 units of actual production are asfollows:Standard CostsFixed overhead (based on 10,000 hours) 3 hours per unit at $0.73 per hourVariable overhead3 hours per unit at $1.95 per hourActual CostsTotal variable cost, $17,800Total fixed cost, $8,200The variable factory overhead controllable variance isa. $0Ob. $2,590 favorableOc. $2,072 favorableOd. $2,590 unfavorable

Factory Overhead is the indirect cost consisting of indirect material, indirect labor, heating,…

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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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Use the following information of Alfred Industries. Standard manufacturing overhead based on normal monthly volume: Fixed ($302,300 ÷ 20,000 units) $ 15.12 Variable ($100,000 ÷ 20,000 units) 5.00 $ 20.12 Units actually produced in current month 18,000 units Actual overhead costs incurred (including $300,000 fixed) $ 383,800 Compute the overhead spending variance and the volume variance. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).)
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The standard costs and actual costs for factory overhead for the manufacture of 2,900units of actual production are as follows: Standard Costs Line Item Description Value Fixed overhead (based on 10,000 hours) 3 hours per unit at $0.71 per hour Variable overhead 3 hours per unit at $1.96 per hour Actual CostsTotal variable cost, $18,100Total fixed cost, $8,200 The fixed factory overhead volume variance is a. $738 favorable b. $0 c. $738 unfavorable d. $923 unfavorable
The per-unit standards for direct labor are 1.4 direct labor hours at $13 per hour. If in producing 2800 units, the actual direct labor cost was $45200 for 3400 direct labor hours worked, the total direct labor variance is $5760 favorable. $2360 unfavorable. $5760 unfavorable. $2800 unfavorable.
The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: Standard Costs Fixed overhead (based on 10,000 hours) 3 hours per unit at $0.72 per hour Variable overhead 3 hours per unit at $1.97 per hour Actual Costs Total variable cost, $18,000 Total fixed cost, $7,900 The variable factory overhead controllable variance is
Taft Corporation uses a standard costing system in which variable manufacturing overhead is assigned to production on the basis of machine hours. The following data pertain to one month's operations: Variable manufacturing overhead cost incurred: Total flexible budget variable overhead cost: Standard machine hours allowed for actual production: $68,000 $74,550 3,550 MHs 3,000 MHs Actual machine hours incurred: 9 The variable overhead rate variance is: А. $6,550 Favorable $6,550 Unfavorable $5,000 Favorable В. С. D. $5,000 Unfavorable Е. None of the above
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The Clark Company makes a single product and uses standard costing. Variable overhead is assigned to production based on direct labour hours. Some data concerning this product for the month of May follow: Labour rate variance:$7,000 FLabour efficiency variance:$12,000 FVariable overhead efficiency variance:$4,000 FNumber of units produced:10,000 Standard labour rate per direct labour hour:$12 Standard variable overhead rate per direct labour hour:$4 Actual labour hours used:14,000 Actual variable manufacturing overhead costs:$58,290 The actual direct labour rate for May in dollars per hour was: Multiple Choice $11.50. $11.75. $12.00. $12.50.
The standard costs and actual costs for factory overhead for the manufacture of 2,500 units actual production are as follows: Standard Costs Fixed overhead (based on 10,000 hours)3 hours 5.80 per hour Variable overhead 3 hours@ $2.00 per hour Actual Costs Total variable cost, $18,000 Total fixed cost, $8,000 The amount of the total factory overhead cost variance is: The amount of the factory overhead controllable variance is: The amount of the factory overhead volume variance is:
Franklin Company established a predetermined fixed overhead cost rate of $36 per unit of product. The company planned to make 7,700 units of product but actually produced only 7,400 units. Actual fixed overhead costs were $286,100. Required a. Determine the fixed cost spending variance and indicate whether it is favorable (F) or unfavorable (U).
SouthHaven Corporation applies overhead based on direct labor hours. According to standard cost card, the variable overhead standard is 11.5 hours at $20.5 per hour. During July, SouthHaven produced 4,600 units using 52,380 labor hours and spent $1,091,700 for variable overhead. What is the variable overhead efficiency variance? Multiple Choice $17,910 unfavorable $979,490 favorable $17,910 favorable $10,660 favorable
A company's standard is 2 hours of direct labor per unit at a rate of $45 per hour. The company shows the following for the year. Actual units produced Actual direct labor used 5,120 units 10,040 hours Actual cost of direct labor used AH = Actual Hours SH=Standard Hours AR= Actual Rate SR Standard Rate Complete this question by entering your answers in the tabs below. Required A Required B Compute the direct labor rate variance, direct labor efficiency variance, and the total direct labor variance. For each variance, indicate whether it is favorable or unfavorable. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost $ $ 471,880 0 $ 0 0 Standard Cost

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