FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- The standard costs and actual costs for factory overhead for the manufacture of 2,500 units actual production are as follows: Standard Costs Fixed overhead (based on 10,000 hours)3 hours 5.80 per hour Variable overhead 3 hours@ $2.00 per hour Actual Costs Total variable cost, $18,000 Total fixed cost, $8,000 The amount of the total factory overhead cost variance is: The amount of the factory overhead controllable variance is: The amount of the factory overhead volume variance is:arrow_forwardThe following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs 4,900 lb. @ $5.85 5,000 lb. @ $5.90 2,000 hrs. @ $20.00 Direct Material Direct Labor 1,900 hrs. @ $20.50 Determine the labor efficiency variance. Select one: a. $2,000 F b. $2,000 U c. $2,050 F d. $2,050 U e. None of the abovearrow_forward.arrow_forward
- Please give correct answer for this questionarrow_forwardThingOne Company has the following information available for the past year. They use machine hours to allocate overhead. Actual total overhead $69,270 Actual fixed overhead $33,000 Actual machine hours 9,000 Standard hours for the units produced 8,300 Standard variable overhead rate $4.40 What is the variable overhead efficiency variance? Enter the amount as positive number. Variable overhead efficiency variance $fill in the blank 1arrow_forwardThe standard costs and actual costs for factory overhead for the manufacture of 2,800 units of actual production are as follows: Line Item DescriptionValueFixed overhead (based on 10,000 hours)3 hours per unit at $0.71 per hourVariable overhead3 hours per unit at $1.98 per hour Actual Costs Total variable cost, $18,200 Total fixed cost, $8,200 The fixed factory overhead volume variance is Group of answer choices $1,136 unfavorable $909 unfavorable $909 favorable $0arrow_forward
- The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: Standard Costs 3 hours per unit at $0.71 per hour 3 hours per unit at $1.92 per hour Fixed overhead (based on 10,000 hours) Variable overhead Actual Costs Total variable cost, $18,200 Total fixed cost, $8,100 The variable factory overhead controllable variance is Oa. $3,800 unfavorable Ob. $3,800 favorable Oc. $3,040 favorable Od. Soarrow_forwardanswer in text form please (without image)arrow_forwardThe following data relate to direct labor costs for the current period: Line Item Description Value Standard costs 7,000 hours at $11.90 Actual costs 6,300 hours at $10.70 The direct labor time variance is a. $8,330 unfavorable b. $7,490 favorable c. $7,490 unfavorable d. $8,330 favorablearrow_forward
- A company reports the following information for its direct labor. Actual hours of direct labor used 64,000 Actual rate of direct labor per hour $ 15 Standard rate of direct labor per hour $ 13 Standard hours of direct labor for units produced 65,300 AH = Actual HoursSH = Standard HoursAR = Actual RateSR = Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable.arrow_forwardCompute all material and labor variances correctly Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. $7.00 Direct materials-1 pound plastic at $7.00 per pound Direct labor-1.0 hours at $11.65 per hour 11.65 7.00 7.00 $32.65 Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit The predetermined manufacturing overhead rate is $14.00 per direct labor hour ($14.00 1.0). It was computed from a master manufacturing overhead budget based on normal production of 5,300 direct labor hours (5,300 units) for the month. The master budget showed total variable costs of $37,100 ($7.00 per hour) and total fixed overhead costs of $37,100 ($7.00 per hour). Actual costs for October in producing 4.600 units were as follows. Direct materials (4.770 pounds) Direct labor (4,440 hours) Variable overhead Fixed overhead Total manufacturing costs $33.867 52.614 48.942 17,258 $152.681 The purchasing department buys the…arrow_forwardFeagin Company’s actual variable overhead was $73,000. Actual direct labor hours were 25,000 to make 20,000 finished products. The per-unit standard for direct labor hour is 1.5 hours, and the pre-determined variable overhead rate is $3 per direct labor hour. What were (1) the variable overhead spending variance (2) the variable overhead efficiency variance?arrow_forward
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