The following information is available from the Terry Company: Actual total factory overhead cost incurred $ 28,000 Actual fixed overhead cost incurred $ 12,100 Budgeted fixed overhead expenses $ 14,000 Actual direct labor hours (DLH) worked 4,800 Standard DLHs for this period’s production (output) 5,100 Standard variable overhead rate per DLH $ 3.00 Standard fixed overhead rate per DLH $ 2.50

The following information is available from the Terry Company: Actual total factory overhead cost incurred $ 28,000 Actual fixed overhead cost incurred $ 12,100 Budgeted fixed overhead expenses $ 14,000 Actual direct labor hours (DLH) worked 4,800 Standard DLHs for this period’s production (output) 5,100 Standard variable overhead rate per DLH $ 3.00 Standard fixed overhead rate per DLH $ 2.50

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Actual total factory overhead cost incurred	$ 28,000
Actual fixed overhead cost incurred	$ 12,100
Budgeted fixed overhead expenses	$ 14,000
Actual direct labor hours (DLH) worked	4,800
Standard DLHs for this period’s production (output)	5,100
Standard variable overhead rate per DLH	$ 3.00
Standard fixed overhead rate per DLH	$ 2.50

Similar questions

Help please
The Illustrative Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-Line of products Standard fixed overhead per direct labor hour Standard direct labor hours per unit Budgeted production Budgeted fixed overhead costs $3 0.75 3,400 $7.650.00 Actual production in units Actual fixed overhead costs incurred What is Illustrative's fixed manufacturing overhead volume variance? A. $2.025.00 favorable OB. $4.950.00 favorable OC. $2,025.00 unfavorable D. $4.950.00 unfavorable 4,300 $2.700.00
The standard costs and actual costs for factory overhead for the manufacture of 2,800 units of actual production are as follows: Standard Costs Fixed overhead (based on 10,000 hours) 3 hours per unit @ $0.78 per hour Variable overhead 3 hours per unit @ $1.91 per hour Actual Costs Total variable cost, $17,800 Total fixed cost, $8,100 The variable factory overhead controllable variance is a.$1,756 favorable b.$1,756 unfavorable c.$1,405 favorable d.$0
Bonnie Company applies overhead based on machine hours. The variable overhead standard is 24 hours at $19.00 per hour. During March, Bonnie spent $314,150 for variable overhead, and 13,280 machine hours were used to produce 60 units. What is the variable overhead rate variance? Note: Do not round intermediate calculation. Multiple Choice O $15.600 unfavorable $61,830 unfavorable $12.800 unfavorable $61.830 favorable
Using the one-variance approach, what is the total overhead variance?
Data on Gantry Company's direct labor costs are given below: Standard direct labor-hours Actual direct labor-hours Direct labor efficiency variance-favorable Direct labor rate variance-favorable Total direct labor payroll What was Gantry's actual direct labor rate? 35,000 34,000 $ 4,100 $ 6,800 $ 132,600 Multiple Choice $4.10 $3.70 $3.90 $6.80
The Litton Company has established standards as follows: Direct material Direct Labor Variable manufacturing overhead Actual production figures for the past year are given below. The company records the materials price variance when materials are purchased. Variable manufacturing overhead cost incurred Units produced Direct materials used Direct materials purchased (3,000 pounds) 11,400 Direct Labor cost (1,100 hours) 9,240 5,720 The labor rate variance is: OOO The company applies variable manufacturing overhead to products on the basis of standard direct labor-hours. 480f O 3 pounds per unit @ 4 per pound= 12 per unit 480u O 440f 2 hours per unit @ 8 per hour= 16 per unit 2 hours per unit @ 5 per hour= 10 per unit 440u 600 units 2,000 pounds
The following standards for variable manufacturing overhead have been established for a company that makes only one product: Standard hours per unit of output Standard variable overhead rate The following data pertain to operations for the last month: Actual hours Actual total variable manufacturing overhead cost Actual output What is the variable overhead efficiency variance for the month? Multiple Choice $13,985 U $13,325 U $660 U 6.6 hours $ 13.00 per hour $21,450 F 2,675 hours $ 35,435 250 units
Need help with fixed factory overhead volume variance amount and total factory overhead cost variance, please! Factory Overhead Variance Corrections The data related to Shunda Enterprises Inc.’s factory overhead cost for the production of 60,000 units of product are as follows: Actual: Variable factory overhead $261,300 Fixed factory overhead 188,400 Standard: 91,000 hrs. at $5 ($2.90 for variable factory overhead) 455,000 Productive capacity at 100% of normal was 90,000 hours, and the factory overhead cost budgeted at the level of 91,000 standard hours was $452,300. Based on these data, the chief cost accountant prepared the following variance analysis: Variable factory overhead controllable variance: Actual variable factory overhead cost incurred $261,300 Budgeted variable factory overhead for 91,000 hours (263,900) Variance—favorable $(2,600) Fixed factory overhead volume variance: Normal productive capacity at 100% 90,000 hrs.…
Give me answer
Anderson Manufacturing incurred variable overhead costs of $14,500 and fixed overhead costs of $12,600. How much actual overhead will be used in the total overhead variance calculation? $27,100 $14,500 $1,900 O $12,600 Save for Later Submit Answer
Rainbow Company uses standard cost system for its production process. Rainbow Company applies overhead based on direct labor hours. The following information is available for October Standard: Direct labor hours per unit 2.20 variable overhead per hour P2.50 fixed overhead per hour (based on 11,990 DLHs) 3.00 Actual: Units produced 4,400 Direct labor hours 8,800 Variable Overhead P29,950 Fixed Overhead 42,300 1. What is the variable overhead spending variance? 2. Using the three-variance approach, what is the efficiency variance?Required to answer. Single choice. 3. Using the two-variance approach, what is the controllable variance?