The following information relating to a company's overhead costs is available. Actual total variable overhead Actual total fixed overhead Budgeted variable overhead rate per machine hour Budgeted total fixed overhead. Budgeted machine hours allowed for actual output Based on this information, the total variable overhead variance is: Multiple Choice O O O O $5,000 favorable. $6,000 favorable. $5,000 unfavorable. $6,000 unfavorable. $2,344 favorable. $ 75,000 $ 14,000 $ 2.50 $ 15,000 32,000

The following information relating to a company's overhead costs is available. Actual total variable overhead Actual total fixed overhead Budgeted variable overhead rate per machine hour Budgeted total fixed overhead. Budgeted machine hours allowed for actual output Based on this information, the total variable overhead variance is: Multiple Choice O O O O $5,000 favorable. $6,000 favorable. $5,000 unfavorable. $6,000 unfavorable. $2,344 favorable. $ 75,000 $ 14,000 $ 2.50 $ 15,000 32,000

Name: Please do not give solution in image format thanku The following infor
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Please do not give solution in image format thanku The following information relating to a company's overhead costs is available.Actual total variable overheadActual total fixed overheadBudgeted variable overhead rate per machine hourBudgeted total f

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 10EA: ThingOne Company has the following information available for the past year. They use machine hours...

See similar textbooks

Similar questions

A company reports the following information for its direct labor. Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced ! AH = Actual Hours SH= Standard Hours AR= Actual Rate SR Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Q F1 Actual Cost @ 2 W F2 # 3 E 80 F3 $ $ 4 0 Ơ F4 R $ % 5 0 0 * DII 8 F8 Standard Cost ( 9 F9 ) U I O F1
Relevant information for product A follows: Actual variable overhead cost per hour Standards variable overhead cost per hour Actual hours Standard hours $8,00 $7.50 O $2,250 unfavorable. O $4,000 unfavorable. O $2,250 favorable. O $4,000 favorable. 4,500 5,000 What was the variable overhead spending variance for product A?
Required information (The following information applies to the questions displayed below.] Mosaic Company applies overhead using machine hours and shows the following information. Actual hours of machine use Standard hours of machine use (for actual production) Actual variable overhead rate per machine hour Standard variable overhead rate per machine hour 5,500 hours 6,000 hours $5.10 Compute the variable overhead variance and identify it as favorable or unfavorable. Actual Cost Standard Cost
A company reports the following information for its direct labor. Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced AH = Actual Hours SH Standard Hours AR = Actual Rate SR Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Actual Cost $ 0 $ 74,000 $15 $14 75, 200 0 0 $ 0 Standard Cost
Mosaic Company applies overhead using machine hours and reports the following information. Compute the total variable overhead cost variance and classify it as favorable or unfavorable. Actual machine hours used . 4,700 hours Standard machine hours (for actual production) 5,000 hours Actual variable overhead rate per hour $4.15 Standard variable overhead rate per hour . $4.00
Given on the following information, calculate the variable overhead rate variance. Actual variable overhead cost $15,500; Actual hours used 4,200, Standard hours allowed 4,000; and Standard variable overhead rate $3.75 per hour. O $500 F O $250 U O $250 F O $500 U Î
Best, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) variable overhead, $3,800; actual fixed overhead, $3, 500; actual direct labor hours, 1,400. Read the requirements. Data table Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standardco \table [[,, Formula,Variance], [VOH cost variance, = , 1 = , ], [VOH efficiency variance, =,1 =, 0
1) In a company's standard costing system direct labor-hours are used as the base for applying variable manufacturing overhead costs. The standard direct labor rate is twice the variable overhead rate. Last period the labor efficiency variance was unfavorable. From this information one can conclude that last period the variable overhead efficiency variance was: A) favorable and twice the labor efficiency variance. B) unfavorable and twice the labor efficiency variance. C) favorable and half the labor efficiency variance. D) unfavorable and half the labor efficiency variance. 1)
Aretha Company provided the following information: Standard variable overhead rate (SVOR) per direct labor hour $4.70 Actual variable overhead costs $335,750 Actual direct labor hours worked (AH) 69,200 Actual production in units 14,000 Standard hours (SH) allowed for actual units produced 70,000 Required: 1. Calculate the total variable overhead variance. Enter amount as a positive number and select Favorable or Unfavorable.2. Using the formula approach, calculate the variable overhead spending variance. Enter amount as a positive number and select Favorable or Unfavorable. $fill in the blank 11 Unfavorable 3. Using the formula approach, calculate the variable overhead efficiency variance. Enter amount as a positive number and select Favorable or Unfavorable.
Given the following information in standard costing: Standard 18,800 hours at $6.80 Actual 18,600 hours at $7.00 What is the direct labor rate variance? Multiple Choice $3,720 Favorable $2,770 Unfavorable $2,770 Favorable $3,720 Unfavorable
A company reports the following information for its direct labor. Actual hour of direct labor uned Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direet labor for unita produced 65,000 $ 14 $13 66,000 AH - Actual Hours SH Standard Hours AR Actual Rate SR- Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Actual Cost Standard Cost
The following information is available for Carla Shirts: Direct Materials Direct Labour Variable Overhead Fixed Overhead Standard Quantity 3 metres 2 hours 2 machine hours 2 machine hours Materials Price Variance Materials Quantity Variance Labour Rate Variance Labour Efficiency Variance VOH Spending Variance VOH Efficiency Variance FOH Budget Variance FOH Volume Variance ? Standard Cost $10/metre $9/hour $270 U $513 U $243 F $96 F $120 F $80 F $20 U $2/machine hour The normal production level is 280 shirts. This production period Carla produced 270 shirts. Concert Wear purchased 840 metres of fabric for $7,476. The variances for the production period are: $1/machine hour Total Standard Cost $30 $18 $4 $2 $54