Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following excerpt from the standard cost card of its only product: Fixed manufacturing overhead During the most recent period, the following additional information was available: • The total budgeted fixed overhead was $285,000 . The fixed overhead volume variance was $4,200 F How many units were produced during the period? Standard Hours 2 hours Multiple Choice Standard Rate $ 5.55 per hour Standard Cost $ 11.10

Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following excerpt from the standard cost card of its only product: Fixed manufacturing overhead During the most recent period, the following additional information was available: • The total budgeted fixed overhead was $285,000 . The fixed overhead volume variance was $4,200 F How many units were produced during the period? Standard Hours 2 hours Multiple Choice Standard Rate $ 5.55 per hour Standard Cost $ 11.10

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Description: Denger COTB MC Qu. 10-97 (Algo) Assume that a company uses a...Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided thefollowing excerpt from the standard cost card of its only

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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Case:Mercurial Company has made the following information available for its production facility for the current month. Fixed overhead was estimated at 22,000 machine hours for the production cycle. Actual machine hours for the period were 22,500; 4,200 units were produced. Material purchased (107,000 pieces) P529,650 Material quantity variance P7,000 U Machine hours used (22,500 hours) VOH spending variance P100 U Actual fixed overhead P81,000 Actual labor cost P60,300 Actual labor hours 8,500 Mercurial Company’s standard costs are as follows: Direct material 25 pieces @ P5 per piece Direct labor 2.0 hours @ P7 per hour Variable overhead (applied on a machine hour basis) 5.2 hours @ P3.00 per hour Fixed overhead (applied on a machine hour basis) 5.2 hours @ P3.50 per hour Determine the following items: m. applied fixed overheadn. fixed overhead spending varianceo. volume variance
Case: Mercurial Company has made the following information available for its production facility for the current month. Fixed overhead was estimated at 22,000 machine hours for the production cycle. Actual machine hours for the period were 22,500; 4,200 units were produced. Material purchased (107,000 pieces) P529,650 Material quantity variance P7,000 U Machine hours used (22,500 hours) VOH spending variance P100 U Actual fixed overhead P81,000 Actual labor cost P60,300 Actual labor hours 8,500 Mercurial Company’s standard costs are as follows: Direct material 25 pieces @ P5 per piece Direct labor 2.0 hours @ P7 per hour Variable overhead (applied on a machine hour basis) 5.2 hours @ P3.00 per hour Fixed overhead (applied on a machine hour basis) 5.2 hours @ P3.50 per hour Determine the following items: a. material purchase price variance b. standard quantity allowed for material c. total standard cost of…