FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for …
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on t…
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Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 6,000 computers: Actual: Variable factory overhead Fixed factory overhead $234,300 57,500 276,000 Standard: 6,000 hrs. at $46 If productive capacity of 100% was 10,000 hours and the total factory overhead cost budgeted at the level of 6,000 standard hours was $299,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate was $5.75 per hour. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variance Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance Amount Favorable/Unfavorable
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Transcribed Image Text:Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 6,000 computers: Actual: Variable factory overhead Fixed factory overhead $234,300 57,500 276,000 Standard: 6,000 hrs. at $46 If productive capacity of 100% was 10,000 hours and the total factory overhead cost budgeted at the level of 6,000 standard hours was $299,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate was $5.75 per hour. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variance Variable factory overhead controllable variance Fixed factory overhead volume variance Total factory overhead cost variance Amount Favorable/Unfavorable
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