The fixed setup overhead flexibleminus−budget variance is calculated as actual costs minus− flexibleminus−budget variance. True False
The fixed setup overhead
flexibleminus−budget
variance is calculated as actual costs
minus−
flexibleminus−budget
variance.
True
False
Homework Answers
The Fixed Setup Overhead - Fixed overhead variance analysis uses your standard costs . The standard overhead and actual overhead, you can determine if you are running over or under budget The fixed overhead volume variance compares how many units you actually produce to how many you should be producing.
A standard overhead cost, also called a rate, is the amount of budgeted overhead expenses for a period. In other words, this is the amount of costs that management anticipates and plans to incur in the next period. ( Flexible Budget )
formula = Actual Cost - Flexible Budget
So, The statement is true !
Add Answer to:
The fixed setup overhead
flexibleminus−budget
variance is calculated as actual costs
minus−
flexibleminus−budget
variance.
True
False
The variable overhead spending variance is calculated as: A. Actual Cost- (actual quantity x standard price)...
The variable overhead spending variance is calculated as: A. Actual Cost- (actual quantity x standard price) B. Actual Cost -(standard quantity x standard price) C. Standard Cost - (Acutal quantity x actual price) D. Actual results minus flexible budget amount. (C is NOT the correct answer).
Answer the following True or False Questions 1 i)Applied overhead is calculated by dividing the actual...
Answer the following True or False Questions 1 i)Applied overhead is calculated by dividing the actual activity level of application base by the predetermined overhead rate. True/False? ii)Overapplied overhead means that not enough overhead cost was charged to products as they were made. True/False? iii)As manufacturing overhead is incurred, it is added to the individual job. True/False?
TRUE OR FALSE Overhead Cost : A. True or False / It is usually better to...
TRUE OR FALSE Overhead Cost : A. True or False / It is usually better to spread fixed factory overhead costs over more units compared to fewer units (as long as the units made can be sold). B.True or False / If actual variable overhead per unit is less than budgeted variable overhead, then the variance will be unfavorable. C. True or False / In general, the more overhead incurred, the higher the resulting profit.
Presented here are the original overhead budget and the actual costs incurred during April for Piccole,...
Presented here are the original overhead budget and the actual costs incurred during April for Piccole, Inc. Piccolo's managers we overhead to direct labor hours for planning, control and product casting purposes. The original budget is based on budgeted production of 22.500 units in 5.700 tandard direct labor hours. Actual production of 24 400 is required 6.0 actual direct labor hour Original Budget Actus Costs SO Vale overhead Feed overhead 40.470 Required a. Calculate the texed budget allowances for variable...
Actual overhead costs are not assigned to jobs in a job costing system. True or False...
Actual overhead costs are not assigned to jobs in a job costing system. True or False True False
Actual overhead costs are not assigned to jobs in a job costing system True or False...
Actual overhead costs are not assigned to jobs in a job costing system True or False True False
Direct Materials, Direct Labor, and Reports budgeted and actual costs for variable and fixed factory overhead...
Direct Materials, Direct Labor, and Reports budgeted and actual costs for variable and fixed factory overhead along with the related controllable and volume variances.Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. A detailed estimate of what a product should cost.Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 70,000 units of product were as follows: Standard Costs Actual Costs Direct materials 189,000 lbs. at $6.00 187,100...
True or False 1.Actual sales rarely match budgeted sales in the master budget. 2.Standard costs are...
True or False 1.Actual sales rarely match budgeted sales in the master budget. 2.Standard costs are used to establish the flexible budget for direct labor. 3.The cause of one variance might influence another variance. 4.Management by exception is a term used to describe managers who look at all variances, regardless of the amount. 5.Favorable variances are recorded with a credit to the appropriate variance account.
Factory Overhead Cost Variance Report Tannin Products Inc. prepared the following factory overhead cost budget for...
Factory Overhead Cost Variance Report
Tannin Products Inc. prepared the following factory overhead
cost budget for the Trim Department for July of the current year,
during which it expected to use 14,000 hours for production:
Variable overhead costs:
Indirect factory labor
$47,600
Power and light
10,360
Indirect materials
15,400
Total variable overhead cost
$73,360
Fixed overhead costs:
Supervisory salaries
$56,430
Depreciation of plant and equipment
14,850
Insurance and property taxes
27,720
Total fixed overhead cost
99,000
Total factory overhead cost...
true/false and why? 24) A company has a standard cost system in which fixed and variable...
true/false and why? 24) A company has a standard cost system in which fixed and variable manufacturing overhead costs are applied to products on the basis of direct labor-hours. A fixed manufacturing overhead volume variance will necessarily occur in a month in which actual direct labor-hours differ from standard hours allowed. 25) A fixed manufacturing overhead budget variance occurs as the result of a difference between the denominator level of activity (in hours) and the standard hours allowed for the...
Presented here are the original overhead budget and the actual costs incurred during April for Piccole, Inc. Piccolo's managers we overhead to direct labor hours for planning, control and product casting purposes. The original budget is based on budgeted production of 22.500 units in 5.700 tandard direct labor hours. Actual production of 24 400 is required 6.0 actual direct labor hour Original Budget Actus Costs SO Vale overhead Feed overhead 40.470 Required a. Calculate the texed budget allowances for variable...
Actual overhead costs are not assigned to jobs in a job costing system. True or False True False
Actual overhead costs are not assigned to jobs in a job costing system True or False True False
Factory Overhead Cost Variance Report
Tannin Products Inc. prepared the following factory overhead
cost budget for the Trim Department for July of the current year,
during which it expected to use 14,000 hours for production:
Variable overhead costs:
Indirect factory labor
$47,600
Power and light
10,360
Indirect materials
15,400
Total variable overhead cost
$73,360
Fixed overhead costs:
Supervisory salaries
$56,430
Depreciation of plant and equipment
14,850
Insurance and property taxes
27,720
Total fixed overhead cost
99,000
Total factory overhead cost...
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