At the end of the year, Pryor Company provided the following actual information: Overhead S 913,000 Direct labour cost 1, 214, 400 Pryor uses normal costing and applies overhead at the rate of 75 percent of direct labour cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $1,780,000. Required: 1. Calculate the overhead variance for the year. 2. Dispose of the overhead variance by adjusting Cost of Goods Sold.

At the end of the year, Pryor Company provided the following actual information: Overhead S 913,000 Direct labour cost 1, 214, 400 Pryor uses normal costing and applies overhead at the rate of 75 percent of direct labour cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $1,780,000. Required: 1. Calculate the overhead variance for the year. 2. Dispose of the overhead variance by adjusting Cost of Goods Sold.

Name: only typed solution At the end of the year, Pryor Company provided the
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Description: only typed solution At the end of the year, Pryor Company provided the following actual information: Overhead S913,000 Direct labour cost 1, 214, 400 Pryor uses normal costing and applies overhead at therate of 75 percent of direct labour cost. At th

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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