Knowledge Check Overhead information for Wilts Company is presented. • Actual fixed overhead, $9,150 Actual variable overhead, $5,590 Budgeted fixed overhead, $9,300 Variable overhead rate, $0.90 · Fixed overhead rate, $1.50 • Normal capacity hours, 6,200 Standard hours allowed, 6,100 Determine the overhead controllable and the overhead volume variances. Indicate whether they are favorable or unfavorable. Overhead controllable variance $ Overhead volume variance $

Knowledge Check Overhead information for Wilts Company is presented. • Actual fixed overhead, $9,150 Actual variable overhead, $5,590 Budgeted fixed overhead, $9,300 Variable overhead rate, $0.90 · Fixed overhead rate, $1.50 • Normal capacity hours, 6,200 Standard hours allowed, 6,100 Determine the overhead controllable and the overhead volume variances. Indicate whether they are favorable or unfavorable. Overhead controllable variance $ Overhead volume variance $

Name: Knowledge CheckOverhead information for Wilts Company is presented.·
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Description: Knowledge CheckOverhead information for Wilts Company is presented.· Actual fixed overhead, $9,150. Actual variable overhead, $5,590Budgeted fixed overhead, $9,300Variable overhead rate, $0.90Fixed overhead rate, $1.50Normal capacity hours, 6,200Sta

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 38BEB: Mulliner Company showed the following information for the year: Required: 1. Calculate the standard...

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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 $5.10 Compute the variable overhead variance and identify it as favorable or unfavorable. Actual Cost Standard Cost
Required:1. Compute the plantwide predetermined overhead rate and calculate the overhead assigned toeach product.2. Calculate the predetermined departmental overhead rates and calculate the overheadassigned to each product.3. Using departmental rates, compute the applied overhead for the year. What is the under- oroverapplied overhead for the firm?4. Prepare the journal entry that disposes of the overhead variance calculated in Requirement3, assuming it is not material in amount. What additional information would you need ifthe variance is material to make the appropriate journal entry?
Following information has been obtained from the records of a manufacturing organisation using the standard costing system. Standard Actual Production (units) Working days Fixed overheads ($) Variable overheads ($) 4,000 3,800 20 21 40,000 39,000 12,000 12,000 You are required to calculate the following overhead variances : (1) (1I) Fixed overhead variances : (a) Expenditure variances; (b) Volume Variances; (c) Efficiency variances; (d) Calendar variances. Variable overheads variance;
Rath Company showed the following information for the year: Required: 1. Calculate the standard direct labor hours for actual production. 2. Calculate the applied variable overhead. 3. Calculate the total variable overhead variance.
Mulliner Company showed the following information for the year: Required: 1. Calculate the standard direct labor hours for actual production. 2. Calculate the applied variable overhead. 3. Calculate the total variable overhead variance.
At the end of the period, the factory overhead account has a credit balance of 10,000. (a) Is the total factory cost variance favorable or unfavorable? (b) Are the controllable and volume variances favorable or unfavorable?
Scattergraph method Using the data in P4-2 and a piece of graph paper: 1. Plot the data points on the graph and draw a line by visual inspection, indicating the trend shown by the data points. 2. Determine the variable cost per unit and the total fixed cost from the information on the graph. 3. Determine the variable cost to be charged to the product for the year. 4. Determine the fixed cost to be charged to factory overhead for the year. 5. Do these answers agree with the answers to P4-2? Why or why not?
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ThingOne Company has the following information available for the past year. They use machine hours to allocate overhead. What is the variable overhead efficiency variance?
Fixed Overhead Spending and Volume Variances, Columnar and Formula Approaches Branch Company provided the following information: Standard fixed overhead rate (SFOR) per direct labor hour $5.00 Actual fixed overhead $305,000 BFOH $300,000 Actual production in units 16,000 Standard hours allowed for actual units produced (SH) 64,000 Required Enter amounts as positive numbers and select Favorable (F) or Unfavorable(U). 1. Using the columnar approach, calculate the fixed overhead spending and volume variances. (1) (2) (3) fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 9 Spending Volume 2. Using the formula approach, calculate the fixed overhead spending variance. $fill in the blank 11 3. Using the formula approach, calculate the fixed overhead volume variance. $fill in the blank 13 4. Calculate the total fixed overhead variance. $fill in the blank…
Requirement 1. Record Brookman's direct labor journal entry (use Wages Payable). Journalize the incurrence and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit - X Data Table AC x AQ SC x AQ SC x SQ $13.00 per DLHr $16.00 per DLHR $16.00 per DLHr 1,650 DLHF 1,650 DLHR 1.200 DLHr $21,450 $26.400 $19,200 Requirements 1. Record Brookman's direct labor journal entry (use Wages Payable). 2. Explain what management will do with this variance information. Cost Efficiency Variance Variance $4.950 F S7,200 U Print Done Print Done
Manufacturing overhead data for the production of Product H by Shakira Company, assuming the company uses a standard cost system, are as follows. Overhead incurred for 46,000 actual direct labor hours worked $373,200 Overhead rate (variable $7; fixed $1) at normal capacity of 50,700 direct labor hours $8 Standard hours allowed for work done 46,750 Compute the total overhead variance. Total overhead variance $enter the total overhead variance in dollars select an option Neither favorable nor unfavorableFavorableUnfavorable