What is the variable overhead efficiency variance for March?What is the variable overhead spending variance for March?What is the labor efficiency variance for March?What is the labor rate variance for March? Puvo Inc. manufactures a single product in which variable manufacturing overhead isassigned on the basis of direct labor hours. The company uses a standard cost system andhas established the following standards for one unit of product:Standard quantityStandard Price/RateDirect Materials1.5 poundsP3.00/pound;Direct Labor0.6 hoursP6/hr;Variable FOH0.60 hoursP1.25/hr.During March, the following activity was recorded by the company:a. The company produced 3,000 units during the month.b. A total of 8,000 pounds of material were purchased at a cost of P23,000.c. There was no beginning inventory of materials on hand to start the month; at the end of themonth, 2,000 pounds of material remained in the warehouse.d. During March, 1600 direct labor hours were worked at a rate of P6.50 per hour.e. Variable manufacturing overhead costs during March totaled P1,800.

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Description: What is the variable overhead efficiency variance for March?What is the variable overhead spending variance for March?What is the labor efficiency variance for March?What is the labor rate variance for March? Puvo Inc. manufactures a single product i

Variable overhead efficiency variance (VOHEV) VOHEV = (SVH - AVH) * SVR Where, SVH = standard hours…

Business

Accounting

What is the variable overhead efficiency variance for March? What is the variable overhead spending variance for March? What is the labor efficiency variance for March? What is the labor rate variance for

What is the variable overhead efficiency variance for March? What is the variable overhead spending variance for March? What is the labor efficiency variance for March? What is the labor rate variance for

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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Question 2 Answer the questions from the information provided. INFORMATION The following information was extracted from the accounting records of Alpha Enterprises for the month ended 31 March 2022: Sales Selling price per unit Finished products on 01 March 2022 Products manufactured during the month Variable manufacturing costs per unit Variable selling and administrative costs per unit sold Fixed manufacturing costs Fixed selling and administrative costs 3 200 units R100 400 units 3 600 units R26 R12 R25 200 R12 400
kk. Subject :- Accounting
Prepare a horizontal analysis of Paragon Company’s income statements. If required, round your percentage to the nearest whole number. Paragon Company Income Statements For the Years Ended December 31 Increase/(Decrease) 20Y7 20Y6 Amount Percent Fees earned $2,360,000 $2,000,000 $ fill in the blank 1 fill in the blank 2 % Expenses (1,680,000) (1,500,000) fill in the blank 3 fill in the blank 4 % Net income $680,000 $500,000 $ fill in the blank 5 fill in the blank %
All of our workers are under labor contracts. That means our labor rate variance must be zero.
Which of the following statements about fixed overhead variances is FALSE? O The budget variance represents the difference between the original budgeted fixed overhead cost and the applied fixed overhead cost during a period. O An unfavorable volume variance means that a firm's production facilities were under-utilized by producing less units of products than budgeted. O The volume variance is a measure of facility utilization. O Fixed overhead variances consist of a budget variance and a volume variance. Ne: Previous
Example: Using the direct labor standards for the production process at Hardrock Quarry, Inc. as above: Required: Compute the following variances for Hardrock Quarry, Inc. for the month of August: 1. Direct labor yield variances for the individual labor categories and for the total output. 2. Direct labor mix variances for the individual labor categories and for the total output.
The labor efficiency variance is the difference between the actual quantity of hours at the standard rate and the standard direct labor hours at the standard rate. A. True B. False
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Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. For example, Mitt builds up its inventory to meet the needs of retailers selling to Christmas shoppers. A large portion of Mitt's sales are on credit. As a result, Mitt often collects cash from its sales several months after Christmas. Assume on November 1, 2018, Mitt borrowed $6.5 million cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 6.00 percent payable at maturity. The accounting period ends December 31. how would i make the three journal entires for the statement above
1. Prepare a report showing the conpany's activity variances for July. 2. Which of the activity variances should be of concern to management? Explain.
Assume the labor rate variance is $400 unfavorable and the labor spending variance is $200 unfavorable. Given these assumptions, which of the following statements is true? Multiple Choice The labor efficiency variance must be $600 favorable. The labor efficiency variance must be $600 unfavorable. The labor efficiency variance must be $200 favorable. The labor efficiency variance must be $200 unfavorable.