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- ABC Inc. spent a total of $48,000 on factory overhead. Of this, $28,000 was fixed overhead. ABC Inc. had budgeted $27,000 for fixed overhead. Actual machine hours were 5.000. Standard hours for units made were 4,800. The standard variable overhead rate was $4.10. What is the variable overhead rate variance?Georgia Gasket Co. budgets 8,000 direct labor hours for the year. The total overhead budget is expected to amount to 20,000. The standard cost for a unit of the companys product estimates the variable overhead as follows: The actual data for the period follow: Using the four-variance method, calculate the overhead variances. (Hint: First compute the budgeted fixed overhead rate.)Direct materials, direct labor, and factory overhead cost variance analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product were as follows: Each unit requires 0.3 hour of direct labor. Instructions Determine (A) the direct materials price variance, direct materials quantity variance, and total direct materials cost variance; (B) the direct labor rate variance, direct labor time variance, and total direct labor cost variance; and (C) the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.
- The normal capacity of a manufacturing plant is 30,000 direct labor hours or 20,000 units per month. Standard fixed costs are 6,000, and variable costs are 12,000. Data for two months follow: For each month, make a single journal entry to charge overhead to Work in Process, to close Factory Overhead, and to record variances. Indicate the types of variances and state whether each is favorable or unfavorable. (Hint: You must first compute the flexible-budget and production-volume variances.)Given on the following information, calculate the variable overhead rate variance. Actual variable overhead cost $15,500; Actual hours used 4,200, Standard hours allowed 4,000; and Standard variable overhead rate $3.75 per hour. O $500 F O $250 U O $250 F O $500 U ÎThe following information relating to a company's overhead costs is available. Budgeted fixed overhead rate per machine hour Actual variable overhead Budgeted variable overhead rate per machine hour Actual fixed overhead Budgeted hours allowed for actual output achieved Based on this information, the total overhead variance is: Multiple Choice O O $69,000 favorable. $112,000 favorable. $43,000 unfavorable. $112,000 unfavorable. $43,000 favorable. $ 1.50 $ 99,000 $ 4.00 $ 20,000 42,000
- Formidable Company collected the following information: Standard costs per unit: Variable overhead 4 machine hours @ $6 per machine hour Fixed overhead 4 machine hours @ $10 per machine hour Actual output 20,000 units Denominator (normal capacity) output 21,000 units Actual machine hours 79,000 machine hours Actual variable overhead cost $540,000 Actual fixed overhead cost $810,000 Using the two variance method, what is the volume variance? a.$6,000 (F) b.$40,000 (F) c.$40,000 (U) d.$6,000 (U)You are provided with the following information. Direct materials Direct labor Variable manufacturing overhead Actual results: Actual output Actual variable manufacturing overhead cost $ Inputs Actual direct materials cost Actual direct labor cost Actual Quantity 8,050 Required: Use the information above to calculate the variances. Note: Use ABS() formula for variances. Actual Hours Actual Hours Actual Quantity 8,050 pounds 1,420 hours Actual Price Actual Rate Standard Quantity 2.9 pounds Actual Rate 0.65 hours 0.65 hours 2,420 units 9,060 $ su $ $ in is in $ $ Standard Price 4.90 22.30 per hour 6.19 per hour Actual Price 4.30 per pound 21.65 per hour Actual Quantity Actual Hours per pound Direct Materials Actual Hours Direct Labor Variable Overhead Standard Price Standard Rate Standard Rate Standard Quantity Standard Hours Standard Hours Standard Price Standard Rate Standard RateThe variable overhead expenditure and efficiency variances are: PQR has prepared the following standard cost information for one unit of product X: Direct materials 2 kg @ $13/kg Direct labour 3.3 hours @ $12/hour Variable overheads 3.3 hours @ $2.50 Actual results for the period were recorded as follows: 12,000 units Production Materials - 26,400 kg Labour - 40,200 hours Variable overheads $336,600 $506,520 $107,250 * $26.00 $39.60 $8.25
- Given the following information in standard costing: Standard 18,200 hours at $6.20 Actual 18,000 hours at $6.00 What is the direct labor rate variance?The standard and actual cost data of Ali & Company are as follows;STANDARD ACTUALMaterial 8,000 kg @ Rs. 6 7,600 kg @ 5.6Labour 4,000 Hours @ Rs. 20 5,500 Hours @ 22Factory Overhead 60% of Direct Labour Rs. 40,000Required:a) Material price and Quantity variance b) Labour rate and efficiency variancec) Overhead variance d) Journal entries to record and to close the variance accounts.The following information is available for Marigold's Hot Dogs: Actual production Budgeted production Standard direct labor hours Actual direct labor hours Standard variable, overhead rate Actual variable overhead costs 11,760 packages 12,500 packages Variable overhead spending variance 1.6 direct labor hours per package Variable overhead efficiency variance 19,887 $32,314 $2 per direct labor hour Calculate the variable overhead spending and efficiency variances. (Round answers to 0 decimal places, e.g. 125. If varlance is zero, select "Not Applicable" and enter O for the amounts.) $ $