The following data are presented: Budgeted 50,000 Actual 55,000 P800,000 Production in units Manufacturing P750,000 overhead Sales in units No data 47,000 No beginning inventories The under-applied or over-applied overhead is (M) a. P25,000 under-applied. b. P25,000 over-applied. 1097 C. P75,000 over-applied. d. P75,000 under-applied. RPCP

The following data are presented: Budgeted 50,000 Actual 55,000 P800,000 Production in units Manufacturing P750,000 overhead Sales in units No data 47,000 No beginning inventories The under-applied or over-applied overhead is (M) a. P25,000 under-applied. b. P25,000 over-applied. 1097 C. P75,000 over-applied. d. P75,000 under-applied. RPCP

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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View Policies Current Attempt in Progress The predetermined overhead rate for Crane Company is $4, comprised of a variable overhead rate of $2 and a fixed rate of $2. The amount of budgeted overhead costs at normal capacity of $120000 was divided by normal capacity of 30000 direct labor hours, to arrive at the predetermined overhead rate of $4. Actual overhead for June was $8600 variable and $5900 fixed, and 2000 units were produced. The direct labor standard is 2 hours per unit produced. The total overhead variance is $2000 F. $1500 F. $1500 U. $2000 U.
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Paragraph Styles Question 1: WPC Company's Budget and actual costs per unit are provided below for the most recent period. During this period, 700 units were actually produced. Product Product Standard Cost Actual Cost Materials Unit Price Per Metre $2.00 $2.20 Metres Standard $10.00 Actual 5.2 $11.44 Direct labour Hours Hourly Rate $50 $5.50 Standard 3. $15.00 Actual 3.2 $17.60 Variable overhead Hours Hourly Rate Standard 4 $3.00 $12.00 $3.10 $13.02 Actual 4.2 Total unit cost $37.00 $42.06 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable.
Budgeted variable factory overhead costs: $354,000 Budgeted production in units: 60,000 units Budgeted time: 2 direct labor hours per unit Allocation base: direct labor hours Actual production in units: 58,600 units Actual variable factory overhead costs incurred: $338,500 Actual direct labor hours used: 119,000 hours CALCULATE VARIABLE FACTORY OVERHEAD ALLOCATED: Allocated: $__________ CALCULATE VARIABLE FACTORY OVERHEAD SPENDING (PRICE) VARIANCE :…
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X Company's 2021 budgeted cost function for fixed overhead was C=$211,800. Its budgeted cost function for variable overhead was C=$11.8ox, where X the number of units produced. The following information is also available for 2021: Master Actual Budget Results Production 10,100 units 11,500 units Total variable costs $119,180 $134,185 Total fixed costs $211,800 $213,544 1. What was the total overhead master (static) budget for 2021? 2. What was the total overhead flexible budget for 2021?
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16. Selected operating information on three different companies for a recent year is given below: Company B 9,000 27,000 9,000 28,000 Budgeted production at denominator machine hours Budgeted machine hours (denominator level) Actual production Actual machine hours Company A 10,000 20,000 11,000 19,000 Which company will have an unfavorable Fixed Overhead Volume Variance? a. Company A b. Company B c. Company C Company C 90,000 45,000 88,000 45,000
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Budgeted overhead £100,000 Actual overhead £90,000 Budgeted labour hours 20,000 Actual labour hours 21,000 Calculate the amount of under/over recovery of overheads. A Over absorption £15,000 B Over absorption £5,000 C Under absorption £15,000 D Under absorption £5,000