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Using the same framework, determine the fixed-MOH price and volume variances. Was fixed-MOH under-or overapplied this year? By how much? Fixed-MOH price variance Fixed-MOH volume variance Fixed-MOH eTextbook and Medial 750 300 Favorable Unfavorable 1050 Over-applied

Using the same framework, determine the fixed-MOH price and volume variances. Was fixed-MOH under-or overapplied this year? By how much? Fixed-MOH price variance Fixed-MOH volume variance Fixed-MOH eTextbook and Medial 750 300 Favorable Unfavorable 1050 Over-applied

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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(0) Your answer is correct. Using your corrected framework from part (a), determine the variable-MOH price and efficiency variances. Was variable-MOH under-or overapplied this year? By how much? Variable-MOH price variance Variable-MOH efficiency variance Variable-MOH eTextbook and Media- (c) List of Accounts Your answer is partially correct. Fixed-MOH price variance Fixed-MOH volume variance Fixed-MOH eTextbook and Media List of Accounts Save for Later 750 300 750 1050 300 1050 Using the same framework, determine the fixed-MOH price and volume variances. Was fixed-MOH under-or overapplied this year? By how much? Unfavorable Unfavorable Under-applied Favorable Unfavorable A Over-applied ✔ 2 ✓ Attempts: 1 of 3 used Attempts: 1 of 3 used Attempts: 2 of 3 used Submit Answer
Transcribed Image Text:(0) Your answer is correct. Using your corrected framework from part (a), determine the variable-MOH price and efficiency variances. Was variable-MOH under-or overapplied this year? By how much? Variable-MOH price variance Variable-MOH efficiency variance Variable-MOH eTextbook and Media- (c) List of Accounts Your answer is partially correct. Fixed-MOH price variance Fixed-MOH volume variance Fixed-MOH eTextbook and Media List of Accounts Save for Later 750 300 750 1050 300 1050 Using the same framework, determine the fixed-MOH price and volume variances. Was fixed-MOH under-or overapplied this year? By how much? Unfavorable Unfavorable Under-applied Favorable Unfavorable A Over-applied ✔ 2 ✓ Attempts: 1 of 3 used Attempts: 1 of 3 used Attempts: 2 of 3 used Submit Answer
Brian was working away at his first attempt at variance analysis for his manufacturing company. He filled in variable-and fixed-MO costs where he saw fit, before actually calculating the related price, efficiency, and volume variances. Since he was focusing on the overhead costs specifically, he made note of the allocation base being used, machine hours. Here is his work so far: Variable-MOH Fixed-MOH (b) Actual Variable- MOH Cost $16,700 Fixed-MOH Master Budget $27,250 Variable-MOH Flexible Budget $15,650 Applied Fixed- MOH Cost $26.750 Applied Variable- MOH Cost $15,650 Actual Fixed- MOH Cost $24,300 Brian isn't sure if he put the right costs in the right places. There were also a couple of costs that he didn't include, because he wasn sure if they belonged, as follows. Actual machine hours @budgeted variable-MOH rate: $15,950 Flexible budget fixed-MOH cost: $27,250
Transcribed Image Text:Brian was working away at his first attempt at variance analysis for his manufacturing company. He filled in variable-and fixed-MO costs where he saw fit, before actually calculating the related price, efficiency, and volume variances. Since he was focusing on the overhead costs specifically, he made note of the allocation base being used, machine hours. Here is his work so far: Variable-MOH Fixed-MOH (b) Actual Variable- MOH Cost $16,700 Fixed-MOH Master Budget $27,250 Variable-MOH Flexible Budget $15,650 Applied Fixed- MOH Cost $26.750 Applied Variable- MOH Cost $15,650 Actual Fixed- MOH Cost $24,300 Brian isn't sure if he put the right costs in the right places. There were also a couple of costs that he didn't include, because he wasn sure if they belonged, as follows. Actual machine hours @budgeted variable-MOH rate: $15,950 Flexible budget fixed-MOH cost: $27,250
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