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Wineman Incorporated makes a single product-an electrical motor used in many long-haul trucks. The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted (Planned) Overhead: Budgeted variable manufacturing overhead Budgeted fixed manufacturing overhead Total budgeted manufacturing overhead Budgeted production (a) Standard hours per unit (b) Budgeted hours (a) x (b) Applying Overhead: Actual production (a) Standard hours per unit (b) $12 231 1 Standard hours allowed for the actual production (a) x (b) Actual Overhead and Hours: Actual variable manufacturing overhead Actual fixed manufacturing overhead Total actual manufacturing overhead The fixed overhead budget variance is: Multiple Choice $16,000 U $16,000 F $12,234 F Actual hours $ 153,425 352,925 $ 506,350 25,000 1.90 47,500 23,000 1.90 43,700 $ 107,000 336,925 $ 443,925 42.800 units machine-hours machine-hours units machine-hours machine-hours machine-hours

Wineman Incorporated makes a single product-an electrical motor used in many long-haul trucks. The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted (Planned) Overhead: Budgeted variable manufacturing overhead Budgeted fixed manufacturing overhead Total budgeted manufacturing overhead Budgeted production (a) Standard hours per unit (b) Budgeted hours (a) x (b) Applying Overhead: Actual production (a) Standard hours per unit (b) $12 231 1 Standard hours allowed for the actual production (a) x (b) Actual Overhead and Hours: Actual variable manufacturing overhead Actual fixed manufacturing overhead Total actual manufacturing overhead The fixed overhead budget variance is: Multiple Choice $16,000 U $16,000 F $12,234 F Actual hours $ 153,425 352,925 $ 506,350 25,000 1.90 47,500 23,000 1.90 43,700 $ 107,000 336,925 $ 443,925 42.800 units machine-hours machine-hours units machine-hours machine-hours machine-hours

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Wineman Incorporated makes a single product-an electrical motor used in many long-haul trucks. The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted (Planned) Overhead: Budgeted variable manufacturing overhead Budgeted fixed manufacturing overhead Total budgeted manufacturing overhead Budgeted production (a) Standard hours per unit (b) Budgeted hours (a) x (b) Applying Overhead: Actual production (a) Standard hours per unit (b) Standard hours allowed for the actual production (a) x (b) Actual Overhead and Hours: Actual variable manufacturing overhead Actual fixed manufacturing overhead Total actual manufacturing overhead The fixed overhead budget variance is: Multiple Choice $16,000 U $16,000 F $12,234 F $12,234 U Actual hours $ 153,425 352,925 $ 506,350 25,000 1.90 47,500 23,000 1.90 43,700 $ 107,000 336,925 $ 443,925 42,800 units machine-hours machine-hours units machine-hours machine-hours machine-hours
Transcribed Image Text:Wineman Incorporated makes a single product-an electrical motor used in many long-haul trucks. The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted (Planned) Overhead: Budgeted variable manufacturing overhead Budgeted fixed manufacturing overhead Total budgeted manufacturing overhead Budgeted production (a) Standard hours per unit (b) Budgeted hours (a) x (b) Applying Overhead: Actual production (a) Standard hours per unit (b) Standard hours allowed for the actual production (a) x (b) Actual Overhead and Hours: Actual variable manufacturing overhead Actual fixed manufacturing overhead Total actual manufacturing overhead The fixed overhead budget variance is: Multiple Choice $16,000 U $16,000 F $12,234 F $12,234 U Actual hours $ 153,425 352,925 $ 506,350 25,000 1.90 47,500 23,000 1.90 43,700 $ 107,000 336,925 $ 443,925 42,800 units machine-hours machine-hours units machine-hours machine-hours machine-hours
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