Q3. A company follows the system of standard costing. The records of the company reveal the following information for the month of May: |Budgeted Actual Number of man-hours Number of working days 8000 8600 20 22 Overhead rate per hour { 1.00 Hours per unit of output 20 Fixed Overheads incurred 7,200 Number of units produced 450 units For the month of May, calculate the following variances for fixed overheads: (0) (i) Overhead Cost variance Overhead Volume variance Overhead Efficiency variance (iv) Overhead Capacity variance (v) Overhead Budget variance (vi) Calendar variance

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The following labor standards have been established for a particular product: Standard labor- 8.4 hours per unit of output Standard labor rate $ Actual hours worked Actual total labor cost 15.70 The following data pertain to operations concerning the product for the last month: $336 F $2,520 F $2,520 U $336 U hours per hour $ 162,330 1,400 10,500 hours Actual output What is the labor rate variance for the month? units

The records of Heritage Home Supplies show the following for July: Standard direct labor-hours allowed per unit of output Standard variable overhead rate per standard direct labor-hour Good units produced Actual direct labor-hours worked Actual total direct labor cost Direct labor efficiency variance Actual variable overhead Required: Compute the direct labor and variable overhead price and efficiency variances. $ 34 3,600 13,925 $ 510,200 $ 17,670 F $ 473,450 Note: Do not round Intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct labor: Price variance Efficiency variance Variable overhead: Price variance Efficiency variance

Williams Corporation reports the following direct labor information for November: Standard rate $ 34.00 per hour Actual rate paid $ 34.80 per hour Standard hours allowed for actual production   44,700 hours Labor efficiency variance $ 221,000 F   Required: Based on these data, what was the number of actual hours worked and what was the labor price variance?  Acutal Hours Worked    Hours  Labor Price Variance    F or U

enow.com stom Order < eBook Fixed overhead cost: Factory Overhead Cost Variance Report Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use 17,000 hours for production: Variable overhead cost: Indirect factory labor Power and light Indirect materials Total variable overhead cost LakeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed overhead cost Indirect factory labor Power and light Indirect materials Print Item Total variable cost Check My Work $40,560 11,470 20,200 $72,230 $44,200 12,410 20,400 Total factory overhead cost Tannin has available 21,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 16,000 hours for production. The actual fixed costs were as budgeted.…

The following data relate to direct labor costs for the current period: 7,200 hours at $11.00 6,400 hours at $10.80 Standard costs Actual costs The direct labor time variance is O a. $8,800 unfavorable O b. $8,640 favorable O c. $8,640 unfavorable O d. $8,800 favorable

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f. Calculate the variable overhead spending variance for Job Alpha    g. Calculate the variable overhead efficiency variance for Job Alpha    h. What is the company’s fixed overhead spending variance