Homework Help is Here – Start Your Trial Now!
Business
Accounting
You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated nformation from the remaining data. Fill in the missing numbers below. (Round your per machine hour and per unit answers to two decimal places. Indicate the effect of the variance by selecting "Positive" or "Negative". Select "None" and enter "O" for no effect i.e., zero variance).) Standard machine hours per unit of output 3 hours Standard variable-overhead rate per machine hour 10.00 Actual variable-overhead rate per machine hour Actual machine hours per unit of output Budgeted fixed overhead 24,975 Actual fixed overhead Budgeted production in units 18,500 Actual production in units 68,600 Unfavorable 50,000 Favorable Variable-overhead spending variance $ Variable-overhead efficiency variance $ %24 %24

You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated nformation from the remaining data. Fill in the missing numbers below. (Round your per machine hour and per unit answers to two decimal places. Indicate the effect of the variance by selecting "Positive" or "Negative". Select "None" and enter "O" for no effect i.e., zero variance).) Standard machine hours per unit of output 3 hours Standard variable-overhead rate per machine hour 10.00 Actual variable-overhead rate per machine hour Actual machine hours per unit of output Budgeted fixed overhead 24,975 Actual fixed overhead Budgeted production in units 18,500 Actual production in units 68,600 Unfavorable 50,000 Favorable Variable-overhead spending variance $ Variable-overhead efficiency variance $ %24 %24

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated information from the remaining data. Fill in the missing numbers below. (Round your per machine hour and per unit answers to two decimal places. Indicate the effect of the variance by selecting "Positive" or "Negative". Select "None" and enter "O" for no effect (i.e., zero variance).) Standard machine hours per unit of output 3 hours Standard variable-overhead rate per machine hour 10.00 Actual variable-overhead rate per machine hour Actual machine hours per unit of output Budgeted fixed overhead Actual fixed overhead Budgeted production in units Actual production in units Variable-overhead spending variance Variable-overhead efficiency variance $ 24,975 18,500 $ 68,600 Unfavorable $ 50,000 Favorable Fixed-overhead budget variance $ 15,000 Unfavorable Fixed-overhead volume variance Total actual overhead Total budgeted overhead (flexible budget) Total budgeted overhead (static budget) Total applied overhead Positive $ 598,575 $ 564,300 %24 %24 %24 %24 %24
Transcribed Image Text:You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated information from the remaining data. Fill in the missing numbers below. (Round your per machine hour and per unit answers to two decimal places. Indicate the effect of the variance by selecting "Positive" or "Negative". Select "None" and enter "O" for no effect (i.e., zero variance).) Standard machine hours per unit of output 3 hours Standard variable-overhead rate per machine hour 10.00 Actual variable-overhead rate per machine hour Actual machine hours per unit of output Budgeted fixed overhead Actual fixed overhead Budgeted production in units Actual production in units Variable-overhead spending variance Variable-overhead efficiency variance $ 24,975 18,500 $ 68,600 Unfavorable $ 50,000 Favorable Fixed-overhead budget variance $ 15,000 Unfavorable Fixed-overhead volume variance Total actual overhead Total budgeted overhead (flexible budget) Total budgeted overhead (static budget) Total applied overhead Positive $ 598,575 $ 564,300 %24 %24 %24 %24 %24
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 6 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS