Please do not give solution in image format thanku Records at the Farnsworth Corporation contained the followingdata for the most recent period of activity:Actual total direct labor costActual direct labor-hours workedStandard direct labor-hours allowed for actualoutput (flexible budget)Direct labor price varianceActual variable overheadStandard variable overhead rate per standarddirect labor-hour$468,10015,10014,200Efficiency VarianceVariable overhead:Price VarianceEfficiency Variance$45,300F$347,300$22Variable overhead is applied based on standard direct labor-hours allowed.Required:Compute the labor and variable overhead price and efficiencyvariances.Note: Indicate the effect of each variance by selecting "F" forfavorable, or "U" for unfavorable. If there is no effect, do notselect either option.Direct Labor:Price Variance

The difference between planned costs based on standards and actual costs for direct labor is known…

Answered: Compute the labor and variable overhead…

Business

Accounting

Compute the labor and variable overhead price and efficiency variances.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 23E: (Appendix) Calculating factory overhead: three variances Using the data given in E8-17, calculate...

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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Please do not give solution in image format thanku

Records at the Farnsworth Corporation contained the following
data for the most recent period of activity:
Actual total direct labor cost
Actual direct labor-hours worked
Standard direct labor-hours allowed for actual
output (flexible budget)
Direct labor price variance
Actual variable overhead
Standard variable overhead rate per standard
direct labor-hour
$
468,100
15,100
14,200
Efficiency Variance
Variable overhead:
Price Variance
Efficiency Variance
$45,300
F
$
347,300
$22
Variable overhead is applied based on standard direct labor-
hours allowed.
Required:
Compute the labor and variable overhead price and efficiency
variances.
Note: Indicate the effect of each variance by selecting "F" for
favorable, or "U" for unfavorable. If there is no effect, do not
select either option.
Direct Labor:
Price Variance

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