The standard costs and actual costs for factory overhead for the manufacture of 2,800 units of actual production are asfollows:Standard CostsFixed overhead (based on 10,000 hours)3 hours per unit at $0.70 per hourVariable overhead3 hours per unit at $1.97 per hourActual CostsTotal variable cost, $17,800Total fixed cost, $8,200The fixed factory overhead volume variance isa. $0b. $896 favorablec. $1,120 unfavorabled. $896 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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The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $4 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 23,000 units, incurring the following costs: Direct material Direct labor $ 8.00 $13.00 50,000 gallons @ $3.90 per gallon 23,500 hours @ $12.75 per hour The direct material usage variance was:
The standard costs and actual costs for factory overhead for the manufacture of 2,800 units of actual production are as follows: Line Item DescriptionValueFixed overhead (based on 10,000 hours)3 hours per unit at $0.71 per hourVariable overhead3 hours per unit at $1.98 per hour Actual Costs Total variable cost, $18,200 Total fixed cost, $8,200 The fixed factory overhead volume variance is Group of answer choices $1,136 unfavorable $909 unfavorable $909 favorable $0
The following actual and standard cost data for direct material and direct labor relate to the production of 4,00 Actual Costs Standard Costs Direct Material 7,700 lb. $2.65 8,000 lb. @ $2.50 Direct Labor 3,470 hrs. @ $19.90 3,500 hrs. @ $20.00 Determine the materials price variance. Select one: a. $1,200 F b. $1,200 U c. $1,155 U d. $1,155 F e. None of the above
The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: Standard Costs 3 hours per unit at $0.71 per hour 3 hours per unit at $1.92 per hour Fixed overhead (based on 10,000 hours) Variable overhead Actual Costs Total variable cost, $18,200 Total fixed cost, $8,100 The variable factory overhead controllable variance is Oa. $3,800 unfavorable Ob. $3,800 favorable Oc. $3,040 favorable Od. So
The following labor standards have been established for a particular product: Standard labor - hours per unit of output 7.7 hours Standard labor rate $ 15.35 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 9,800 hours Actual total labor cost $ 148, 960 Actual output 1, 100 units What is the labor rate variance for the month? Multiple Choice $165 F $1,470 F $1,470 U $165 U
The manufacturing overhead variance for 20X6 is: Select one: a. $25,000 over-applied b. $49,000 under-applied c. $2,900 over-applied d. $25,000 under-applied Clear my choice
Nevada Corporation makes a product with the following standard costs: Standard Price or Rate Standard Quantity or Hours 6.4 ounces $ 0.4 hours S 0.4 hours $ 3.00 per ounce 13.00 per hour 5.00 per hour The company reported the following results concerning this product in March. Direct materials Direct labor Variable overhead. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate $ S $ O $3,277 F O $3,390 U O $3,390 F O $3,277 U Standard Cost Per Unit S S S 4,800 units 4,900 units 30,230 ounces 1,910 hours 32,600 ounces 2.90 per ounce 12.40 per hour 4.90 per hour 19.20 5.20 2.00 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is:
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
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The standard costs and actual costs for factory overhead for the manufacture of 2,800 units of actual production are as follows: Standard Costs Fixed overhead (based on 10,000 hours) 3 hours per unit @ $0.78 per hour Variable overhead 3 hours per unit @ $1.91 per hour Actual Costs Total variable cost, $17,800 Total fixed cost, $8,100 The variable factory overhead controllable variance is a.$1,756 favorable b.$1,756 unfavorable c.$1,405 favorable d.$0
Bonnie Company applies overhead based on machine hours. The variable overhead standard is 24 hours at $19.00 per hour. During March, Bonnie spent $314,150 for variable overhead, and 13,280 machine hours were used to produce 60 units. What is the variable overhead rate variance? Note: Do not round intermediate calculation. Multiple Choice O $15.600 unfavorable $61,830 unfavorable $12.800 unfavorable $61.830 favorable

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