FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Mn51.
b hi Data table Number of bags produced Average number of bags per setup Hours to set up machines Direct variable cost per setup-hour Total fixed setup overhead costs Print 60 S Static-Budget Amounts Done Actual Results 114,000 125,000 100 6 25 $ 60,000 $ 95 5.8 27 62,640 - X - bra
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Transcribed Image Text:b hi Data table Number of bags produced Average number of bags per setup Hours to set up machines Direct variable cost per setup-hour Total fixed setup overhead costs Print 60 S Static-Budget Amounts Done Actual Results 114,000 125,000 100 6 25 $ 60,000 $ 95 5.8 27 62,640 - X - bra
The Cotton Shop (TCS) specializes in making fraternity and sorority tote bags for the college market. TCS produces bags in batch sizes of 100. For rush orders, TCS will produce smaller batches for an additional charge of $180 per setup. Budgeted and actual costs for the production process for 2020 are as follows: (Click the icon to view the budgeted and actual costs.) Requirement 6. For direct variable setup costs, compute the price and efficiency variances. Begin by calculating the following amounts for the variable overhead. Actual input Variable overhead Actual costs Fixed overhead incurred budgeted rate Requirement 7. For fixed setup overhead costs, compute the spending and the production-volume variances. Same budgeted lump sum regardless of output level Actual costs Flexible budget incurred date shal the variance as favorable (F) or unfavorable (U1) Allocated overhead
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Transcribed Image Text:The Cotton Shop (TCS) specializes in making fraternity and sorority tote bags for the college market. TCS produces bags in batch sizes of 100. For rush orders, TCS will produce smaller batches for an additional charge of $180 per setup. Budgeted and actual costs for the production process for 2020 are as follows: (Click the icon to view the budgeted and actual costs.) Requirement 6. For direct variable setup costs, compute the price and efficiency variances. Begin by calculating the following amounts for the variable overhead. Actual input Variable overhead Actual costs Fixed overhead incurred budgeted rate Requirement 7. For fixed setup overhead costs, compute the spending and the production-volume variances. Same budgeted lump sum regardless of output level Actual costs Flexible budget incurred date shal the variance as favorable (F) or unfavorable (U1) Allocated overhead
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Step 3: (6) Determine variable overhead price and efficiency variances:
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Step 4: Working Notes:
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Step 5: (7) Determined fixed overhead spending and production-volume variances:
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