HKmilk Co. has budgeted fixed manufacturing overheadof $14, 275 and budgeted production of 2,049 units forApril. In April, the fixed overhead volume variance wasfavorable $2,502,and overhead was underapplied by $1,894?What was the actual amount of fixed manufacturingoverhead that HKmilk Co. incurred in April?

In cost accounting, the fixed manufacturing overhead refers to the set costs associated with…

Answered: HKmilk Co. has budgeted fixed…

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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YCO, Inc. budgeted manufacturing overhead of $294,644 at a level of 9,527 fabrication hours. The actual results at the end of March showed 8,190 fabrication hours and total manufacturing overhead charges of $272,441. Based on this data, how much manufacturing overhead did YCO apply in March?
Whitman has a direct labor standard of 2 hours per unit of output. Each employee has a standard wage rate of $24.50 per hour. During July, Whitman paid $198,000 to employees for 8,980 hours worked. 4,720 units were produced during July. What is the direct labor rate variance?
Pharoah Company's overhead rate was based on estimates of $181.200 for overhead costs and 18,120 direct labour hours. Pharoah's standards allow 2 hours of direct labour per unit produced. Production in May was 830 units, and actual overhead incurred in May was $19,000. The overhead budgeted for 1,660 standard direct labour hours is $16.150 ($4,530 fixed and $11,620 variable). (a) Calculate the total, budget, and volume variances for overhead. Total overhead variance Overhead budget variance S Overhead volume variance $ 2200 2710 510 Favourable Unfavourable Unfavourable
REQUIREMIENTS: What is the predetermined overhead rate? What is the amount of overhead applied for February? If the actual overhead for February is $64,700, what is the overhead variance and is it overapplied or underapplied?
The Fellowes Company has developed standards for direct labor. During June, 75 units were scheduled and 100 were produced. Data related to direct labor are: Standard hours allowed 4 hours per unit Standard wages allowed $ 5.00 per hour Actual direct labor 410 hours (total cost $2,009) What is the direct labor rate variance for June?
In October, Pine Company reports 21,000 actual direct labor hours, and it incurs $118,000 of manufacturing overhead costs. Standard hours allowed for the work done is 20,600 hours. The predetermined overhead rate is $6.00 per direct labor hour. In addition, the flexible manufacturing overhead budget shows that budgeted costs are $4 variable per direct labor hour and $50,000 fixed. Compute the overhead controllable variance. Overhead Controllable Variance $ 5600 Favorable 23
The following information pertains to UV company. The direct labor standards for a product are 5 hours of direct labor at $14.00 per direct labor- hour- $70. During April, 3,650 units of this product were made, and the budgeted units were 3,900. The labor cost incurred was $169,786 and 14,150 direct labor-hours were worked. The direct labor variances for the month were:
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Cheshire, Inc. allocates fixed overhead at a rate of $18 per direct labor hour. This amount is based on 90% of capacity or 3,600 direct labor hours for 6,000 units. During May, Cheshire produced 5,500 units. The budgeted fixed overhead is $60,000 and the overhead incurred was $67,000. Determine the volume variance for May.
Botosan Factory has budgeted factory overhead for the year at $614,520, and budgeted direct labor hours for the year are 284,500. If the actual direct labor hours for the month of May are 258,900, the overhead allocated for May is
Deems Company's budgeted fixed factory overhead costs are $50,000 per month plus a variable factory overhead rate of $4.00 per direct labor hour. The standard direct labor hours allowed for November production was 18,000. An analysis of the factory overhead indicates that in November, Deems had an unfavorable budget (controllable) variance of $1,000 and a favorable volume variance of $500. Deems uses a two-way analysis of overhead variance. The applied factory overhead in November is: 122,500 123,000 122,000 121,000
At Laramie, the standard quantity of labor is 26 hours per refrigeration unit. The standard wage rate is $34. In July, the company produced 79 refrigeration units and incurred 2,020 labor hours at a cost of $60,600.Calculate the labor rate variance and the labor efficiency variance. Indicate whether the variances are favorable or unfavorable. (Round intermediate calculations to 2 decimal places, e.g. 14.37 and final answers to 0 decimal places, e.g. 125. Enter all variances as a positive number.) Labor Rate Variance $enter labour rate variance in dollar amount favorable, unfavorable, or neither (same questions for labor efficiency variance) Labor Efficiency Variance $enter labour efficiency in dollar amount

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