FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for …
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on t…
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Lossing Corporation applies manufacturing overhead to products on the basis of standard machine-hours. Budgeted and actual overhead costs for the most recent month appear below: Original Budget Variable overhead costs: Supplies Indirect labor. Fixed overhead costs: Supervision Utilities Factory depreciation. Total overhead cost. Multiple Choice O $3,150 Favorable $3,150 Unfavorable The company based its original budget on 5,100 machine-hours. The company actually worked 4,800 machine-hours during the month. The standard hours allowed for the actual output of the month totaled 4,980 machine-hours. What was the overall fixed manufacturing overhead volume variance for the month? $1,260 Unfavorable $11,220 8,670 $1,260 Favorable 5,610 8,160 39,780 $73,440 Actual Costs $10,670 8,030 5,940 7,990 39,950 $72,580
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Transcribed Image Text:Lossing Corporation applies manufacturing overhead to products on the basis of standard machine-hours. Budgeted and actual overhead costs for the most recent month appear below: Original Budget Variable overhead costs: Supplies Indirect labor. Fixed overhead costs: Supervision Utilities Factory depreciation. Total overhead cost. Multiple Choice O $3,150 Favorable $3,150 Unfavorable The company based its original budget on 5,100 machine-hours. The company actually worked 4,800 machine-hours during the month. The standard hours allowed for the actual output of the month totaled 4,980 machine-hours. What was the overall fixed manufacturing overhead volume variance for the month? $1,260 Unfavorable $11,220 8,670 $1,260 Favorable 5,610 8,160 39,780 $73,440 Actual Costs $10,670 8,030 5,940 7,990 39,950 $72,580
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