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FINANCIAL ACCOUNTING

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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Question

The standard costs and actual costs for factory overhead for the manufacture of 3,000 units of actual production are as follows:
Fixed overhead (based on 10,000 hours)
Variable overhead
Actual Costs
Total variable cost, $18,200
Total fixed cost, $8,000
Standard Costs
3 hours per unit at $0.70 per hour
3 hours per unit at $1.94 per hour
The fixed factory overhead volume variance is
Oa. $560 unfavorable
Ob. $700 unfavorable
Oc. $0
Od. $560 favorable

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