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

See similar textbooks

Similar questions

The following labor standards have been established for a particular product: Standard labor-hours per unit of output Standard labor rate The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost. Actual output What is the labor efficiency variance for the month? Multiple Choice O $26,008 F $26,008 U $22,360 F 7,400 hours $23,048 F $ 96,200 9.6 hours $13.40 per ho 950 units
Verde Company produces wheels for bicycles. During the year, 660,000 wheels were produced. The actual labor used was 368,000 hours at $9.20 per hour. Verde has the following labor standards: 1) $10.20 per hour; 2) 0.5 hour per wheel. REQUIRED 1. Compute the labor rate variance. 2. Compute the labor efficiency variance.
ABC Inc. spent a total of $49,760 on factory overhead. Of this, $28,000 was fixed overhead. ABC Inc. had budgeted $27,000 for fixed overhead. Actual machine hours were 5,200. Standard hours for units made were 5,000. The standard variable overhead rate was $4.30. What is the variable overhead rate variance? Enter the amount as positive number. Variable overhead rate variance $fill in the blank 1
Elm Industries uses a standard cost accounting system. During the month of May, Elm's actual total direct labor costs are $51,450. The direct labor rate variance is $1,800 unfavorable, and the direct labor efficiency variance is $750 favorable. What is the total amount of direct labor costs that Elm applies to its work in process inventory for the month of May? O $50,400 O $51,450 O $52,500 $53,250 O None of the above
Rose Ltd is a manufacturing company that uses standard costing and varianceanalysis to control its costs. It sets the following standards for each unit of itsproduct produced. Direct Materials 2 kg at $2 per kgDirect Labour 1.5 hours at $14 per hour During the period, 4,000 units were actually produced, incurring the followingcosts: Direct Material 7,600kg at a total cost of $14,440Direct Labour 8,000 hours at a total cost of $111,200 a. Calculate the following variances:i. Direct Materials Price Variance ii. Direct Materials Usage Variance iii. Direct Labour Efficiency Variance iv. Direct Labour Rate Variance
From the data below prepare (a) an analysis of factory overhead variances using the two- variance method and (b) journal entries for the analysis. Budegeted (normal capacity) Actual Direct labor hours: 20,000 25,600 Factory overhead: Fixed: $ 14,000 $ 17,000 Variable: 16,000 19,000 Standard allowed for actual production: 24,000 hours (a) Factory Overhead Variance-Two-factor Analysis: (b) Journal entries:
Give me answer
Refer to the information in Question 1 for data. Now, assume that Juju has decided to use a plantwide overhead rate based on the direct labor hours. Required: i) Calculate the predetermined plantwide overhead rate. (Note: Round to the nearest cent.) ii) Calculate the overhead applied to production for the month of Jun. iii) Calculate the overhead variance for the month of Jun.
The data below relate to the month of November for Badong, Inc. which uses a standard cost system: Actual direct labor cost, P43,400 Actual hours used, 14,000 Standard hours allowed for good output, 15,000 Direct labor rate variance – debit, 1,400 Actual total overhead, 32,000 Budgeted fixed cost, 9,000 Normal activity in hours, 12,000 Total application rate per standard direct labor hour, 2.25 Badong uses a two-way analysis of overhead variance. What was Badong’s direct labor usage variance for November? P3,200 favorable P3,000 favorable P3,000 unfavorable P3,200 unfavorable
XYZ company produces a unit where delivery of its units to customers are related with all of the overheads.Computer expenditure and efficiency variance-ABC method. Budget: Overheads=4,000 Output =2,000 units Deliveries=20 Actual: Overheads =3,900 Output =2,100 units Deliveries to customers =19