WBC Co. uses a standard costing system. The absorption rate is based on labor hours. Data for April 2019 are as follows: Budget 10,000 10,000 P45,000 Labor hours worked Standard hours produced Fixed overhead cost Actual 11,135 10,960 P46,200

WBC Co. uses a standard costing system. The absorption rate is based on labor hours. Data for April 2019 are as follows: Budget 10,000 10,000 P45,000 Labor hours worked Standard hours produced Fixed overhead cost Actual 11,135 10,960 P46,200

Name: 118. Fixed overhead capacity variance is nearest toA. P4,710 F B. P4,7
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Description: 118. Fixed overhead capacity variance is nearest toA. P4,710 F B. P4,710 U C. P5,110 FD. PS,110 U WBC Co. uses a standard costing system. The absorption rate is based on labor hours. Data for April 2019 are as follows:Budget10,00010,000P45,000Labor h

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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Subject-Acounting
The following information was taken from the annual manufacturing overhead cost budget of Tamarisk Company: Variable manufacturing overhead costs Fixed manufacturing overhead costs Normal production level in labour hours Normal production level in units Standard labour hours per unit $35,260 $18,860 16,400 4,100 4 During the year, 4,000 units were produced, 16,300 hours were worked, and the actual manufacturing overhead was $55,600. Actual fixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on direct labour hours.
Primara Corporation has a standard costing system in which it applies overhead to products on the basis of the standard direct labour- hours allowed for the actual output of the period. Data concerning the most recent year appear below: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted standard direct labour-hours (denominator level of activity) Actual direct labour-hours Standard direct labour-hours allowed for the actual output $ 500,000 $ 508,000 50,000 54,000 52,000 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. Predetermined overhead rate per DLH
M8(7)
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How do I find the actual rate for variable manufacturing overhead. I’m trying to compute the variable overhead rate variance. I’ve attached a photo of my math in the way I was taught to do it.
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $4 per pound) $ 64 Direct labor (3 hours @ $15 per hour) 45 During May the company incurred the following actual costs to produce 8,000 units. Direct materials (131,100 pounds @ $3.80 per pound). Direct labor (27,300 hours @ $15.10 per hour) AR-Actual Rate SR Standard Rate AQ-Actual Quantity SQ = Standard Quantity AP Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 $ 498,180 412,230 Required 2
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000