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The following information relates to Brookman, Inc.'s overhead costs for the month (Click the icon to view the information) Requirements 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable Requirement 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume vanance. Begin by selecting the formulas needed to compute the variable overhead (VOH) and foxed overhead (FOH) variances, and then compute each variance amount (Actual cost-Standard cost) Actual hours (Actual hours-Standard hours allowed) Standard cost Actual overhead-Budgeted overhead Budgeted overhead-Allocated overhead text pages Get more help. K Data table VOH cost variance VOH efficiency variance FOH cost variance FOH volume variance . $ Static budget variable overhead 5 7,000 Static budget fixed overhead Static budget direct labor hours Static budget number of units i 3,000 1,000 hours 4,000 units Brookman alocates manufacturing overhead to production based on standard direct labor hours. Last month, Brookman reported the following actual results actual vanable overhead, $10.300, actual fixed overhead. $2,820 actual production of 7.200 units at 030 direct labor hours per unit. The standard direct labor time is 0.25 direct labor hours per unit (1,000 static direct labor hours/ 4,000 static units)

The following information relates to Brookman, Inc.'s overhead costs for the month (Click the icon to view the information) Requirements 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable Requirement 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume vanance. Begin by selecting the formulas needed to compute the variable overhead (VOH) and foxed overhead (FOH) variances, and then compute each variance amount (Actual cost-Standard cost) Actual hours (Actual hours-Standard hours allowed) Standard cost Actual overhead-Budgeted overhead Budgeted overhead-Allocated overhead text pages Get more help. K Data table VOH cost variance VOH efficiency variance FOH cost variance FOH volume variance . $ Static budget variable overhead 5 7,000 Static budget fixed overhead Static budget direct labor hours Static budget number of units i 3,000 1,000 hours 4,000 units Brookman alocates manufacturing overhead to production based on standard direct labor hours. Last month, Brookman reported the following actual results actual vanable overhead, $10.300, actual fixed overhead. $2,820 actual production of 7.200 units at 030 direct labor hours per unit. The standard direct labor time is 0.25 direct labor hours per unit (1,000 static direct labor hours/ 4,000 static units)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following information relates to Brookman, Inc.'s overhead costs for the month (Click the icon to view the information) Requirements 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable Requirement 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume vanance. Begin by selecting the formulas needed to compute the variable overhead (VOH) and foxed overhead (FOH) variances, and then compute each variance amount (Actual cost-Standard cost) Actual hours (Actual hours-Standard hours allowed) Standard cost Actual overhead-Budgeted overhead Budgeted overhead-Allocated overhead text pages Get more help. KID Data table VOH cost variance VOH efficiency variance . FOH cost variance FOH volume variance 7,000 3,000 1,000 hours 4,000 units $ Static budget variable overhead 5 Static budget fixed overhead Static budget direct labor hours Static budget number of units s Brookman allocates manufacturing overhead to production based on standard direct labor hours. Last month, Brookman reported the following actual results actual vanable overhead, $10.300, actual fixed overhead, $2,820 actual production of 7.200 units at 030 direct labor hours per unit. The standard direct labor time is 0.25 direct labor hours per unit (1,000 static direct labor hours/ 4,000 static units)
Transcribed Image Text:The following information relates to Brookman, Inc.'s overhead costs for the month (Click the icon to view the information) Requirements 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable Requirement 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume vanance. Begin by selecting the formulas needed to compute the variable overhead (VOH) and foxed overhead (FOH) variances, and then compute each variance amount (Actual cost-Standard cost) Actual hours (Actual hours-Standard hours allowed) Standard cost Actual overhead-Budgeted overhead Budgeted overhead-Allocated overhead text pages Get more help. KID Data table VOH cost variance VOH efficiency variance . FOH cost variance FOH volume variance 7,000 3,000 1,000 hours 4,000 units $ Static budget variable overhead 5 Static budget fixed overhead Static budget direct labor hours Static budget number of units s Brookman allocates manufacturing overhead to production based on standard direct labor hours. Last month, Brookman reported the following actual results actual vanable overhead, $10.300, actual fixed overhead, $2,820 actual production of 7.200 units at 030 direct labor hours per unit. The standard direct labor time is 0.25 direct labor hours per unit (1,000 static direct labor hours/ 4,000 static units)
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