Waterway Industries provided the following information from its accounting records for 2019: Estimated production Actual production Budgeted overhead Actual overhead 50000 labor hours 46000 labor hours $34.80 per hour $40.00 per hour $37.83 per hour $43.48 per hour $2000000 $1740000 How much is the overhead application rate if Waterway Industries bases it on direct labor hours?

Q: What is debit

A: Debit is an entry recorded in the left side column of an account.

Q: Problem 5-3A (Algo) The following salaried employees of Mountain Stone Brewery in Fort Collins,…

A: All employees' wages must have federal income tax withheld from them by their employers, unless they…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.