Humphrey Manufacturing has the following standards for its production department: Overhead is assigned to products based on standard direct labor hours. Humphrey budgeted 10,000 finished lots for the period, 9,810 were actually produced. Actual overhead was $340,000 and actual direct labor hours were 3,950. What is Humphrey’s overhead efficiency variance?

Humphrey Manufacturing has the following standards for its production department: Overhead is assigned to products based on standard direct labor hours. Humphrey budgeted 10,000 finished lots for the period, 9,810 were actually produced. Actual overhead was $340,000 and actual direct labor hours were 3,950. What is Humphrey’s overhead efficiency variance?

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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