Create a narrative explanation for the variances. Create a scenario, context, or circumstance that can hypothetically account for the variance's nature and cause. Make a recommendation based on the variance calculated. Carry out this procedure for Overhead only. Problem 3 - Golden Shower Company5,000 DLHPS.Per DLHr1.00Total5,000Std. hrs./unit = 5.,000 DLHrs.4,000 unitsFixed1.502.50Variable 7,500Total12.500= 1.25 Hrs./unitMaterials1. Actual priceStd. priceDifferenceX actual qty.P 1.02(1,00).022. Actual qty. 7,200Std.(3,500 x 2) 7.000Differencex Std. priceMQV2001.00200 U7.200MPV144 U.Labor1. Actual rate (33,750/4,500) 7,50(8.00)( 0.50)4,500(2,250) F4,500Std. hrs. (3,500 x 1.25) 4,3751252/ Actual hrs.Std. rateDifferenceX actual hrs.LRVDifferencex Std. rateLEV8.001.000UFactory overhead1. Actual overhead11.250.00Less: Budget allowed on std. hrs.FixedVariable (4,375 x 1.50) 6,562.505,00011,562.50312.50) FControllable variance2. Budget allowed on std hrs.Less: OH applied to production(4,3,75 x 2.50)11,562.5010,937.50625.00Volume variance

Variance is the difference between two figures. One figure is the actual and another one is the…

Create a narrative explanation for the variances. Create a scenario, context, or circumstance that can hypothetically account for the variance's nature and cause. Make a recommendation based on the variance calculated. Carry out this procedure for Overhead only.

Create a narrative explanation for the variances. Create a scenario, context, or circumstance that can hypothetically account for the variance's nature and cause. Make a recommendation based on the variance calculated. Carry out this procedure for Overhead 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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