A5 Volte Corporation produces small electric appliances. The following information is available for the most recentperiod of operations:Standard variable overhead rateActual outputActual direct labor-hours usedStandard direct labor-hoursActual direct labor cost incurredStandard direct labor-hour rateActual variable overhead incurredActual units sold.20,140 unitsVolte never has any work-in-process inventories and began the year with no finished goods inventory.$ 2.55 per direct labor-hour25,150 units34,6001.5 per unitRequired:a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for theperiod?c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make torecord and close out the variances.d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make torecord and close out the variances.Req A and B.$ 829,000$24$ 95,000Complete this question by entering your answers in the tabs below.Req CReq D

Variance analysis is an important part of standard costing. The variance is used to analyze the…

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

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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