Venus Co appli overhead based on direct labor hours. The variable overhead standard is 10 hours at $3.50 per hour. During October, Venus Company spent $157 for variable overhead. 47,440 labor hours were used to produce 4,800 units. What is the over- or underapplied variable overhead? Multiple Choice $10,400 overapplied $8.440 overapplied $8,440 underapplied $1,960 overapplied

Venus Co appli overhead based on direct labor hours. The variable overhead standard is 10 hours at $3.50 per hour. During October, Venus Company spent $157 for variable overhead. 47,440 labor hours were used to produce 4,800 units. What is the over- or underapplied variable overhead? Multiple Choice $10,400 overapplied $8.440 overapplied $8,440 underapplied $1,960 overapplied

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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 predetermined overhead rate for Teal Mountain Company is $5,comprised of a variable overhead rate of $3 and a fixed rate of $2. The amount of budgeted overhead costs at normal capacity of $150000 was divided by normal capacity of 30000 direct labor hours, to arrive at the predetermined overhead rate of $5. Actual overhead for June was $13024 variable and $2200 fixed, and 2200 units were produced. The direct labor standard is 2 hours per unit produced. The total overhead variance is O $2640 F. O $1056 F. O $1056 U. O $2640 U.
Direct material (30 pounds @ $2.60 per pound) Direct labor (20 hours @ $4,70 per DLH) Variable overhead (20 hours e $2.60 per DLH) Fixed overhead (20 hours @ $1.20 per DLH) Standard cost per unit $ 78.00 94.00 52.00 24.00 $ 248.00 The $3.80 ($2.60 + $1.20) total overhead rate per direct labor hour (DLH) is based on a predicted activity level of 36,600 units, which is 60% of the factory's capacity of 61,000 units per month. The following monthly flexible budget information is avallable. Operating Levels (X of capacity) 55% 33,550 671,000 Flexible Budget Budgeted production (units) Budgeted direct labor (standard hours) Budgeted averhead Variable overhead Fixed overhead Total overhead 60% 36,600 732,000 65% 39,650 793,000 $ 1,744,600 878,400 $ 2,623,000 $ 1,903, 200 878,400 $ 2,781,600 $ 2,061,800 878, 400 $ 2,940, 200 During the current month, the company operated at 55% of capacity, direct labor of 652,000 hours were used, and the following actual overhead costs were incurred. Actual…
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A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company bases its variable manufacturing overhead standards on direct labor-hours. Standard hours per unit of output Standard variable overhead rate 4.90 DLHS $11.55 per DLH The following data pertain to operations for the last month: Actual direct labor-hours Actual total variable manufacturing overhead cost Actual output 8,400 DLHS $95,960 1,600 units What is the variable overhead efficiency variance for the month? Multiple Cholce S6,468 U $6.773 F ( Prev 10 of 10 IMc Graw Hill 10:56 AM 92 F AQI 61 10/5/2021 Type here to search DELL PgDn Home F12 PrtScr Insert Delete F9 F10 F11 F7 F8 F2 F3 F4 F5 F6 F1 Lock Backspace
The following data relates to Titan Electric and its Light Bulb Division. Light Bulb Division sales Light Bulb Division operating income Light Bulb Division total assets Light Bulb Division current liabilities Corporate target rate of return Corporate weighted average cost of capital Corporate effective tax rate What is the Light Bulb Division's sales margin? OA. 180% OB. 18% OC. 13.5% OD. 10% $7,200,000 $720,000 $4,000,000 $540,000 12% 5% 25%
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A company budgets $106,800 for overhead and 7,060 direct labor hours for the year. The company's Basic model uses 2 direct labor hours per unit and its Premium model uses 3 direct labor hours per unit. The direct labor rate is $43 per hour. Direct materials cost $13 per unit for the Basic model and $19 per unit for the Premium model. Enter answers in the tabs below. Required Required Required 1 2 3 Compute overhead. cost per unit for each model. Basic Premium Plantwide Direct Labor Overhead Hours per Unit Rate Overhead Cost per Unit
Marj Co. uses a standard cost system and has the following standard variable costs. Direct Materials P6.00 per meter Direct Labor ? Variable Factory Overhead P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to customers. The following are the selected production data for the month: Materials Used Direct Labor Variable FOH Standard Cost Allowed $84,000 $52,500 $21,000 Actual Cost Incurred $75,000 ? $18,000 Materials Quantity Variance $6,000 U Actual Direct Labor Hours 7,500 hours Standard FOH rate per direct labor hour 3.00/hr. Standard Price per Meter 6.00 per meter The difference between the standard and actual cost per unit produced is P0.15 favorable. Requirements: 1. The standard cost per unit of product. 2. The actual cost per unit of product.
See Clear Company manufactures clear plastic CD cases. It applies variable overhead based on the number of machine hours used. Information regarding See Clear's overhead for the month of December follows: Standard Standard Quantity 0.2 machine hours per $1.00 per machine Standard Rate Unit Cost Variable manufacturing overhead $ 0.20 case hour During December, See Clear had the following actual results: 352,000 $ 74,000 65,000 Number of units produced and sold Actual variable overhead cost Actual machine hours Required: Compute See Clear's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance
Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL’s standard cost card follows: Standard Quantity Standard Rate Standard Unit Cost Variable manufacturing overhead 0.6 $0.80 $0.48 During August, LLL had the following actual results: Units produced and sold 26,300 Actual variable overhead $ 9,590 Actual direct labor hours 17,000 Required:Compute LLL’s variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) How do I figure out the variable overhead rate variance? I thought it's AH*(SR-AR) 17,000 * (.80- 9,590/17000=.56) 17000 * (.80-.56)= 4,080?? It says not correct?
Please only answer the total amount of fixed manufacturing overhead.
A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company bases its variable manufacturing overhead standards on direct labor-hours. Standard hours per unit of output 3.90 direct labor-hours Standard variable overhead rate $11.25 per direct labor-hour The following data pertain to operations for the last month: Actual direct labor-hours 8,800 direct labor-hours Actual total variable manufacturing overhead cost $ 95,850 Actual output 2,200 units What is the variable overhead rate variance for the month?