Explain the responsibility accounting and its purpose.

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Chapter 22, Problem 13Q

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Explain the responsibility accounting and its purpose.

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The Maxit Corporation has a standard costing system in which variable manufacturing overhead is assigned to production on the basis of standard machine hours. The following data are available for July: Actual variable manufacturing overhead cost incurred: $11,310 Actual machine hours worked: 1,600 hours Variable overhead rate variance: $1,710 U Total variable overhead spending variance: $2,310 U The standard number of machine-hours allowed for July production is closest to: a. 1,500 hours b. 1,600 hours c. 1,700 hours d. 1,300 hours

True or False: A company that incurred $1,000 in production costs reported cost of goods sold of $800 and selling costs of $100. Its ending finished goods inventory was $300.