Bressman Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied toproducts on the basis of direct labor-hours.Standard Quantity or Hoursper Unit of OutputInputsVariable manufacturing overheadStandard Price or Rate0.20 hours$ 6.70 per hourThe company has reported the following actual results for the product for May:Actual output9,300 unitsActual direct labor-hours1,820 hoursActual variable overhead cost$ 12,558The variable overhead rate variance for the month is closest to:Multiple Choice$364 U$364 F$372 F$372 U

Name: Bressman Incorporated has provided the following data concerning one
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Description: Bressman Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied toproducts on the basis of direct labor-hours.Standard Quantity or Hoursper Unit of OutputIn

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Business

Accounting

The variable overhead rate variance for the month is closest to:

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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An example of a performance measure with a long−timehorizon is ________. A. quality of room service B. direct materials efficiency variances C. number of new patents developed D. overhead spending variances
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Antuan Company set the following standard costs per unit for its product. Direct materials (6 pounds @ $5 per pound) $ 30 Direct labor (2 hours @ $17 per hour) 34 Overhead (2 hours @ $18.50 per hour) 37 Standard cost per unit $ 101 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs $ 45,000 Indirect materials Indirect labor 180,000 Power 45,000 Maintenance 90,000 costs 360,000 Total var ble ove Fixed overhead costs. 24,000 80,000 Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries. 12,000 79,000 Total fixed overhead costs 195,000 Total overhead costs $ 555,000 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (91,000 pounds @ $5.10 per pound) $…
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1) What is the materials price variance for March? 2) What is the material quantity variance for March? 3) What is the labor rate variance for March?
Which of the following statements about fixed overhead variances is FALSE? An unfavorable volume variance means that a firm’s production facilities were under-utilized by producing less units of products than budgeted. Fixed overhead variances consist of a budget variance and a volume variance. The volume variance is a measure of facility utilization. The budget variance represents the difference between the original budgeted fixed overhead cost and the applied fixed overhead cost during a period.
3. Compute the direct labor variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to two decimal places.) The drop down options under "actual cost" "standard cost" and the middle box for the first row are: actual rate, standard rate The drop down options for the left bottom 3 rows are: total variable overhead cost variance, variable overhead efficiency variance, variable overhead spending variance, volume variance, direct material variance, Direct labor efficiency variance, direct labor rate variance, direct materials price variance, direct materials quantity variance. the drop down options for the right yellow 3 columns are: favorable, unfavorable, no variance please use the exact format as shown in photos. Thank you !
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