The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $9,600 variable factory overhead cost, $92,000 for fixed factory overhead cost and 2,000 direct labor hours (its practical capacity) to manufacture 4,000 pairs of boots in March. The factory used 3,700 direct labor hours in March to manufacture 3,800 pairs of boots and spent $16,800 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $95,000. Required: 1. Compute the variable overhead spending (rate) variance, the variable overhead efficiency variance, and the total variable overhead variance for March and state whether each variance is favorable (F) or unfavorable (U). 2. Provide the appropriate journal entry to record the variable overhead spending (rate) variance and a second entry to record the variable overhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs.

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Kaumajet Factory produces two products: table lamps and desk lamps. It has two separate departments: Fabrication and Assembly. The factory overhead budget for the Fabrication Department is $324,156, using 272,400 direct labor hours. The factory overhead budget for the Assembly Department is $295,263, using 61,900 direct labor hours. If a desk lamp requires 2 hours of fabrication and 5 hours of assembly, the amount of factory overhead that Kaumajet Factory will allocate to each unit of desk lamp using the multiple production department factory overhead rate method with an allocation base of direct labor hours is a.$4.77 b.$10.01 c.$70.05 d.$26.23

Carter Company manufactures two products, Deluxe and Regular, and uses a traditional two-stage cost allocation system. The first stage assigns all factory overhead costs to two production departments, A and B. based on machine hours. The second stage uses direct labor hours to allocate overhead to individual products. For the current year, the firm budgeted $1,550,000 total factory overhead cost. The $1,550,000 was for the planned levels of machine and direct labor hours shown in the following table. Machine hours Direct labor hours Units produced and sold Unit cost of direct materials The following information relates to the firm's operations for the month of January: Hourly direct labor wage rate Direct labor hours in Department A per unit Direct labor hours in Department B per unit Activity Material movement Machine setups Inspections Shipment Production Production Department A Department B 6,200 31,000 1. Deluxe unit cost Regular unit cost 2. Deluxe unit overhead Regular unit…

Coronado Company produces high-quality microscopes for education and health care uses. The company uses a job order costing system. Because the microscopes’ optics require significant manual labor to ensure adherence to strict manufacturing specifications, the company applies overhead on the basis of direct labor hours. At the beginning of 2021, the company estimated its manufacturing overhead would be $1,960,000 and that employees would work a total of 49,000 direct labor hours. During March, the company worked on the following five jobs: Job   BeginningBalance   Direct Materialsadded duringMarch   Direct Laboradded duringMarch   Direct Labor Hoursadded duringMarch   134   $120,600   $6,000   $9,400   140   158   125,450   3,500   12,160   450   212   21,800   88,400   36,650   3,500   287   36,350   71,800   31,850   2,550   301       18,990   21,845   1,400   Total   $304,200   $188,690   $111,905   8,040   Jobs 134 and 158 were started in January,…

The Gidget Company produces a variety of styles of gidgets, and measures total output as the standard hours allowed for actual output. Gidget Company's manufacturing overhead budget calls for $50,000 of fixed overhead for the year plus $10 per direct labor hour. Last year the Gidget Company produced 11,000 standard hours of output. Actual manufacturing overhead for the year amounted to $53,000 of fixed overhead and the Gidget Company used 8,000 direct labor hours. The Gidget Company uses standard direct labor hours allowed as a basis for allocating overhead and uses 10,000 direct labor hours as its denominator volume. Calculate the production volume variance:

Cozy, Inc., manufactures small and large blankets. It estimates $350,000 in overhead during the manufacturing of 75,000 small blankets and 25,000 large blankets. What is the predetermined overhead rate if a small blanket takes 1 machine hour and a large blanket takes 2 machine hours?

Marvel Parts, Incorporated, manufactures auto accessories including a set of seat covers that can be adjusted to fit most cars. According to its standards, the factory should work 1,015 hours each month to produce 2,030 sets of seat covers. The standard costs associated with this level of production are: Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Direct materials (8,400 yards) Direct labor Variable manufacturing overhead Total $ 59,276 $ 8,120 $ 3,857 1. Materials price vanance 1. Materials quantity variance 2. Labor rate variance 2 Labor efficiency variance 3. Vanable overhead rate variance 3. Variable overhead efficiency variance Per Set of Covers During August, the factory worked 700 direct labor-hours and produced 1,500 sets of covers. The following actual costs were recorded during the month: Total $ 42,000 $ 6,300 $3,150 $ 29.20 4.00 1.90 $ 35.10 Per Set of Covers $28.00 4.20 2.10 $34.30 At standard, each set of covers should…

Required Information [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $15,000 variable factory overhead cost, $90,000 for fixed factory overhead cost and 2,500 direct labor hours (its practical capacity) to manufacture 5,000 pairs of boots in March. The factory used 2,700 direct labor hours in March to manufacture 4,800 pairs of boots and spent $15,600 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $92,000. The Platter Valley factory of Bybee Industries uses a two-variance analysis of the total factory overhead variance. Required: 1. Compute the total flexible-budget variance for overhead and the production…

Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. The process consists of a lean cell for each customer. The following information relates to only one customer's lean cell for the coming year. For the year, projected labor and overhead was $5,154,500 and materials costs were $34 per unit. Planned production included 5,408 hours to produce 16,900 motor drives. Actual production for August was 1,820 units, and motor drives shipped amounted to 1,400 units. Conversion costs are applied based on units of production From the foregoing information, determine the amount of the conversion costs charged to Raw and In Process Inventory during August. Oa. $555,100 Ob. $556,954 Oc. $235,349 Od. $128,100