6. A manufacturer planned to use $78 of variable overhead per unit produced, but in the most recent period, it actually used $76 of variable overhead per unit produced. During this same period, the company planned to produce 500 units but actually produced 540 units. NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F” (for Favorable) or "U” (for Unfavorable) - capital letter and no quotes. What is the variable overhead spending variance? Is it favorable or unfavorable?
Q: At the end of last year, Lee Company had 40,000 units in its ending inventory. Every year, Lee…
A: The absorption Costing Method is a method of determination of the total product cost of the goods…
Q: Exercise 6-3 (Algo) Allocating transaction price [LO6-4] Video Planet (VP) sells a big screen TV…
A: The revenue is the amount of net sales earned by the company on selling its different products. In…
Q: Entries for issuing bonds and amortizing discount by straight-line method On the first day of its…
A: Bonds are the source of raising funds from the outside of the organization. It is considered to be…
Q: Lillian Farms reported a net operating loss of $240,000 for financial reporting and tax purposes in…
A: 1.Net Operating loss carrybackAmountRate of TaxTaxRecorded asCarried back -…
Q: 3. Acme Inc. has the following information available: Actual price paid for material…
A: VarianceVariance AmountFavorable (F) or Unfavorable (U)ExplanationMaterial Price$0.10 (100 units *…
Q: Required information [The following information applies to the questions displayed below.] The…
A: Solution:-The query pertains to multiple transactions and adjustments concerning Pop's Fireworks for…
Q: i need solution....
A: The objective of the question is to prepare the journal entry to record the employer payroll costs…
Q: Pharoah Co. has a taxable payroll of $1320000. The company is subject to FUTA tax of 6.2% that…
A: There are many taxes in relation to provide safeguard to workers. There are Federal Unemployment Tax…
Q: Select all that apply X-Mart uses the perpetual inventory system to account for its merchandise. On…
A: In accounting, debit represents an increase in assets or expenses, while credit represents a…
Q: On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The…
A: Inventory comprises goods and materials held by a business for resale or production, including raw…
Q: 1. Prepare the journal entry for American Food Services' purchase of the machine on January 1, 2024.…
A: A note payable is a formal commitment or written pledge made by a borrower to repay a lender a…
Q: Please help with this table, I even tried 28,425 for the net interest in first column but it is…
A: To resolve the pension spreadsheet for 20X6, we'll follow the accounting rules for pension…
Q: Problem 14-5A (Algo) Installment notes LO C1 On January 1, 2021, Norwood borrows $540,000 cash from…
A: The company issued notes with the purpose of raising funds for business operations. Notes payable…
Q: Required information [The following information applies to the questions displayed below.) Karane…
A: Businesses are able to deduct costs associated with purchasing physical assets particularly for use…
Q: 4. The difference between the budgeted amounts of Sales and Cash Received for sales is equal to the…
A: b. Accounts ReceivableExplanation:This is the reason why: Budgeted Sales: This is the entire…
Q: The operations vice president of Security Home Bank has been interested in investigating the…
A: Activity rate is the rate determined to allocate the costs over different activities or departments.…
Q: Salem Company reports the following information for June: (Click the icon to view the amounts.)…
A: As per the absorption costing method, the product cost includes fixed and variable manufacturing…
Q: Heidelberg Fabrication manufactures two products, G -09 and G-35: \table[[, G- 69, G-35], [Units…
A: Overhead is the total indirect costs incurred in connection with production of a product. Overheads…
Q: Carolina Communications reported the figures from its adjusted trial balance and from its multi-step…
A: To prepare Carolina Communications' statement of retained earnings for the year ended July 31, 2025,…
Q: es to the questions displayed below.] In its first month of operations, Literacy for the Illiterate…
A: FIFO is one of the methods that is used widely by companies to determine the value of inventory. The…
Q: A machine with a cost of $120,000 has an estimated residual value of $15,000 and an estimated life…
A: The objective of the question is to calculate the amount of depreciation for the second full year…
Q: Abbott Company purchased $6,500 of merchandise inventory on account. Which of the following entries…
A: Debit Credit Inventory Account $6,500Accounts Payable Account…
Q: mithfield Industries had the following production costs during the previous fiscal year: ndirect…
A: The budget is used to estimate the expected amount of revenue, income, and expenses. These are also…
Q: Ivanhoe Chemicals Company acquires a delivery truck at a cost of $36,200 on January 1, 2025. The…
A: Lets understand the basics.Depreciation means the reduction in the value of an asset over the life…
Q: Mercado Ltd started its business with £21,000 in cash on 1 Jan 20X1, and immediately purchased 400…
A: The objective of the question is to calculate the cash balance at the end of the year under current…
Q: Missing Statement Items, Available-for-Sale Securities Highland Industries Inc. makes investments in…
A: The difference between the beginning retained earnings and the ending retained earnings is the net…
Q: On January 1, 2025, Concord Industries Inc. issued a $89,000, 7% bond due in 10 years with interest…
A: Bonds face value89000Interest rate7.00%Effective interest rate9.00%Compounding periods2Discount or…
Q: ing ethods Tyler Company has the following information related to purchases and sales of one of its…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. FIFO stands for…
Q: Prior service cost is being amortized over a remaining service life of 8 years. The average service…
A: Journal entry:The monetary transaction of business is recorded in the books of accounts called the…
Q: 8. When a budget is updated at every incremental budget period, the process is called: a.…
A: Choosing the Right AnswerThe correct answer is:b. Continuous budgetingExplanation:Here's the…
Q: applies to questions displayed be Joe and Jessie are married and have one dependent child, Lizzie.…
A: The definition of adjusted gross income (AGI) is gross income less adjustments to income. Earnings…
Q: Production budget Junior Pro Striker 5,800 units 24,500 units Both rackets are produced in two…
A: A direct labor cost budget helps in determining the cost required to be incurred toward the labor…
Q: Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East…
A: Production Budget: A production budget is a financial document that assists a corporation in…
Q: A company's year-end selected financial data is shown below. Year 2 Year 1 Current assets $250,000…
A: The company's rate of return on assets for Year 2 is 12.5%, which is closest to 13% in the given…
Q: am. 122.
A: The question is asking about the potential disadvantages of using departmental and plantwide…
Q: Required Information [The following information applies to the questions displayed below]…
A: The perpetual inventory system is one of the inventory systems where the inventory is updated after…
Q: PART 3 Betty's Book and Music Store has two service departments, Warehouse and Data Centre.…
A: The objective of the question is to allocate the costs of the support departments (Warehouse and…
Q: INSTRUCTIONS: Answer ALL the following questions. ப A product is manufactured by passing materials…
A: A. Process A and Process B Accounts**Process A Account**| Particulars | Amount ($)** | Particulars |…
Q: During May, Sharpton Corporation recorded the following: Raw materials, beginning balance Work in…
A: Under process costing , All direct costs are debited to work in process account and all indirect…
Q: Memorial Services, Incorporated (MSI) has three service departments (IT, Accounting, and HR) and two…
A: The reciprocal method allocates support-department costs to operating departments by fully…
Q: Current Assets do not include: Prepaid expenses Inventory Cash Bills receivable due after 12 months
A: Current assets are the assets that are expected to be converted into cash within one year or are due…
Q: From the textbook, what are examples of Contractually Obligated Income (COI)? (Select all that…
A: The contractually obligated income, also known as COI, can be defined as the income that is mandated…
Q: Jackson Company acquires 100% of the stock of Clark Corporation on January 1, 2023, for $4,100 cash.…
A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…
Q: Accounts Amounts a. Net income $ 528,000 b. Retained earnings, 1/1/23 $ (1,121,000) c. Patented…
A: Consolidation refers to the process of combining the financial statements of two or more separate…
Q: Cane Company manufactures two products called Alpha and Beta that sell for $120 and $80,…
A: Incremental Analysis :— This analysis shows the comparison between two different alternatives. A…
Q: Exercise 20-3 Manufacturing: Production budget LO P1 Ruiz Co. provides the following sales forecast…
A: Production budget :- This budget is prepared to estimate the number of units to be produced for…
Q: No Ai solution
A: The information you provided is a great start for the activity-based costing (ABC) study at Sweet…
Q: Tim and Allison are married and have two children, ages 8 and 13. Allison is a "nonworking" spouse…
A: The first thing you need to consider while purchasing a life insurance is the amount of coverage…
Q: Current Attempt in Progress Monty Company uses a flexible budget for manufacturing overhead based on…
A: Overhead Budget is prepared to forecast and present all the expected costs concerning manufacturing…
Q: Dhapa
A: The objective of the question is to prepare the journal entry for the first lease payment made by…
6. A manufacturer planned to use $78 of variable
NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F” (for Favorable) or "U” (for Unfavorable) - capital letter and no quotes.
What is the variable overhead spending variance?
Is it favorable or unfavorable?
Step by step
Solved in 1 steps
- Thorne Company has the following information available for the past year. They use machine hours to allocate overhead. NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F” (for Favorable) or "U” (for Unfavorable) - capital letter and no quotes. What is the variable overhead efficiency variance? Is it favorable or unfavorable?Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced Variance Material Price NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F" (for Favorable) or "U" (for Unfavorable) - capital letter and no quotes. Complete the following table of variances and their conditions: Material Quantity Total DM Cost Variance Labor Rate Labor Efficiency Total DL Cost Variance $1.00 $0.90 100 90 15 14 Variance Amount $ $ 200 190 Favorable (F) or Unfavorable (U)Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $4.00 per pound) Direct labor (1.8 hours @ $12.00 per hour) $ 12.00 21.60 33.30 Overhead (1.8 hours @ $18.50 per hour) Standard cost per unit $ 66.90 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 15,000 Indirect labor 75,000 Power 15,000 Maintenance 30,000 135,000 Total variable overhead costs Fixed overhead costs Depreciation-Building 24,000 70,000 Depreciation-Machinery Taxes and insurance 16,000 Supervisory salaries 254,500 Total fixed overhead costs 364,500
- ACE CORP HAS THE FOLLOWING DL STANDARDS: DLHRS/UNIT 1.25 DL COST/HR $32 ACE USED 21,780 DLHRS TO PRODUCE 18,000 UNITS. ACTUAL DL COSTS = $713,295. WHAT IS THE AMOUNT OF THE DL PRICE VARIANCE? ___________ IS THE VARIANCE FAVORABLE OR UNFAVORABLE? ___________ REFER TO QUESTION 1. WHAT IS THE AMOUNT OF THE DL EFFICIENCY VARIANCE? _________ IS THE VARIANCE FAVORABLE OR UNFAVORABLE__________A manufacturer planned to use $78 of variable overhead per unit produced, but in the most recent period, it actually used $76 of variable overhead per unit produced. During this same period, the company planned to produce 500 units but actually produced 540 units. What is the variable overhead spending variance?Recompute the variances from the second Acme Inc. exercise using $0.0725 as the standard cost of the material and $14 as the standard labor cost per hour. How has your explanation of the variances changed?
- Formidable Company collected the following information: Standard costs per unit: Variable overhead 4 machine hours @ $6 per machine hour Fixed overhead 4 machine hours @ $10 per machine hour Actual output 20,000 units Denominator (normal capacity) output 21,000 units Actual machine hours 79,000 machine hours Actual variable overhead cost $540,000 Actual fixed overhead cost $810,000 Using the two variance method, what is the volume variance? a.$6,000 (F) b.$40,000 (F) c.$40,000 (U) d.$6,000 (U)Antuan Company set the following standard costs per unit for its product. Direct materials (6 pounds @ $5 per pound) $ 30 Direct labor (2 hours @ $17 per hour) 34 Overhead (2 hours @ $18.50 per hour) 37 Standard cost per unit $ 101 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs $ 45,000 Indirect materials Indirect labor 180,000 Power 45,000 Maintenance 90,000 costs 360,000 Total var ble ove Fixed overhead costs. 24,000 80,000 Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries. 12,000 79,000 Total fixed overhead costs 195,000 Total overhead costs $ 555,000 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (91,000 pounds @ $5.10 per pound) $…A manufacturer planned to use $80 of variable overhead per unit produced, but in the most recent period, it actually used $77 of variable overhead per unit produced. During this same period, the company planned to produce 600 units but actually produced 630 units. What is the variable overhead spending variance? Enter the amount as positive number. Variable overhead spending variance $fill in the blank 1
- Hughes Satellites' actual direct labor cost was $67,000 during the current period. Hughes reported an unfavorable direct labor rate variance of $1,800 and a favorable direct labor efficiency variance of $2,900. What was the standard direct labor cost for actual output during the period? IMPORTANT: Provide your answer in the following format: xxxxx (Do NOT use the dollar sign or commas in your final answer) Answer:d) Calculate the variable overhead efficiency variance. Actual Quantity: 3150 Standard Quantity for Actual Output: 5850 Variable Overhead Efficiency Variance: $36990 Favorable <Acme Inc. has the following information available: $ 1.00 $ 1.20 Actual price paid for material Standard price for material Actual quantity purchased and used in production 100 Standard quantity for units produced 110 $ 15.00 $ 16.00 Actual labor rate per hour Standard labor rate per hour Actual hours 200 Standard hours for units produced 220 Calculate the Labor Efficiency (Time) Variance and indicate if the variance is favorable or unfavorable