The records of Heritage Home Supplies show the following for July:Standard direct labor-hours allowed per unit of outputStandard variable overhead rate per standard direct labor-hourGood units producedActual direct labor-hours workedActual total direct labor costDirect labor efficiency varianceActual variable overhead4$ 343,60013,925$ 510,200$ 17,670 F$ 473,450Required:Compute the direct labor and variable overhead price and efficiency variances.Note: Do not round intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable, or "U" forunfavorable. If there is no effect, do not select either option.Direct labor:Price varianceEfficiency variance$Variable overhead:Price varianceEfficiency varianceF17.670 F0

These variances reflect differences between the expected (standard) costs and the actual costs…

Answered: The records of Heritage Home Supplies…

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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Selena Company applies overhead based on direct labor hours and has the following available for November: Standard: Direct labor hours (DLH) per unit Variable overhead per DLH Fixed overhead per DLH (based on 8,900 DLH) Actual Units produced Direct labor hours Variable overhead Fixed overhead 1,800 8,900 $6,400 $17,500 5 $0.75 $1.90 2. Compute all appropriate variances using the four-variance approach. (with SOLUTION)
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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
Please help answer: fixed overhead spending variance for Nov. And variable overhead spending variance for Nov.
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Standard hours per unit of output Standard variable overhead rate The following data pertain to operations for the last month: Actual direct labor-hours Actual total variable manufacturing overhead cost Actual output What is the variable overhead rate variance for the month? Multiple Choice TB MC Qu. 10-202 (Algo) A manufacturing company that has only one product... A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company bases its variable manufacturing overhead standards on direct labor-hours. C $1446 F saved SUGSF 3.80 direct labor-hours $11.15 per direct labor-hour Help 8,700 direct labor-hours $ 95,840 2,100 units Save & Exit
Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead During August, LLL had the following actual results: Units produced and sold Actual variable overhead Actual direct labor hours Standard. Quantity 0.6 Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance 24,900 $ 9,480 15,900 Standard Rate $0.80 Standard Unit Cost $0.48 Required: Compute LLL's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).
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
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