Volte Corporation produces small electric appliances. The following information is available for the most recent period of operations: Standard variable overhead rate Actual output Actual direct labor-hours used Standard direct labor-hours Actual direct labor cost incurred Standard direct labor-hour rate Actual variable overhead incurred Actual units sold 20,140 units Volte never has any work-in-process inventories and began the year with no finished goods inventory. Required: a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the period? $ 2.55 per direct labor-hour 25,150 units 34,600 1.5 per unit c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close out the variances. d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to record and close out the variances. Req A and B $ 829,000 $ 24 $ 95,000 Complete this question by entering your answers in the tabs below. Req C Reg D
Volte Corporation produces small electric appliances. The following information is available for the most recent period of operations: Standard variable overhead rate Actual output Actual direct labor-hours used Standard direct labor-hours Actual direct labor cost incurred Standard direct labor-hour rate Actual variable overhead incurred Actual units sold 20,140 units Volte never has any work-in-process inventories and began the year with no finished goods inventory. Required: a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the period? $ 2.55 per direct labor-hour 25,150 units 34,600 1.5 per unit c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close out the variances. d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to record and close out the variances. Req A and B $ 829,000 $ 24 $ 95,000 Complete this question by entering your answers in the tabs below. Req C Reg D
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A5
![Volte Corporation produces small electric appliances. The following information is available for the most recent
period of operations:
Standard variable overhead rate
Actual output
Actual direct labor-hours used
Standard direct labor-hours
Actual direct labor cost incurred
Standard direct labor-hour rate
Actual variable overhead incurred
Actual units sold.
20,140 units
Volte never has any work-in-process inventories and began the year with no finished goods inventory.
$ 2.55 per direct labor-hour
25,150 units
34,600
1.5 per unit
Required:
a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the
period?
c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to
record and close out the variances.
d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to
record and close out the variances.
Req A and B.
$ 829,000
$24
$ 95,000
Complete this question by entering your answers in the tabs below.
Req C
Req D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F09416815-9b58-46b6-8df5-c587fe199371%2Fdef8e4d5-0774-4f8f-ba55-99e764892909%2Ftv9xlse_processed.png&w=3840&q=75)
Transcribed Image Text:Volte Corporation produces small electric appliances. The following information is available for the most recent
period of operations:
Standard variable overhead rate
Actual output
Actual direct labor-hours used
Standard direct labor-hours
Actual direct labor cost incurred
Standard direct labor-hour rate
Actual variable overhead incurred
Actual units sold.
20,140 units
Volte never has any work-in-process inventories and began the year with no finished goods inventory.
$ 2.55 per direct labor-hour
25,150 units
34,600
1.5 per unit
Required:
a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the
period?
c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to
record and close out the variances.
d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to
record and close out the variances.
Req A and B.
$ 829,000
$24
$ 95,000
Complete this question by entering your answers in the tabs below.
Req C
Req D
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