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.
Homework Answers
A.True
Reason- In absorption costing, fixed overhead cost is allocated to all the units produced for the period. And, it's better to spread fixed factory overhead costs over all the sold units, to determine the driving profit from per unit sold.
B. False
Reason - Variable overhead is an expense, and when the actual expenditure is lower than the budgeted, ItsI always a favorable variance.
C.False
Reason - Overheads refers to the cost of producfion, and lower the cost, higher the resulting profit.
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TRUE OR FALSE Overhead Cost :
A. True or False / It is usually better to...
Choose the correct bolded choices to complete the sentences. The variable overhead cost variance is (favorable,...
Choose the correct bolded choices to complete the
sentences.
The variable overhead cost variance is (favorable,
unfavorable) because Longman actually spent (less,
more) than budgeted.
The variable overhead efficiency variance is (favorable,
unfavorable) because the actual hours used was
(more, less) than budgeted.
The fixed overhead cost variance is (favorable,
unfavorable) because Longman actually spent (less,
more) than budgeted for fixed overhead.
The fixed overhead volume variance is (favorable,
unfavorable) because Longman allocated (more,
less) overhead to jobs than the...
The data related to Shunda Enterprises Inc.’s factory overhead cost for the production of 50,000 units...
The data related to Shunda Enterprises Inc.’s factory overhead cost for the production of 50,000 units of product are as follows: Actual: Variable factory overhead $263,300 Fixed factory overhead 188,800 Standard: 76,000 hrs. at $6 ($3.50 for variable factory overhead) 456,000 Productive capacity at 100% of normal was 75,000 hours, and the factory overhead cost budgeted at the level of 76,000 standard hours was $453,300. Based on these data, the chief cost accountant prepared the following variance analysis: Variable factory...
Factory Overhead Cost Variance Report Feeling Better Medical Inc., a manufacturer of disposable medical supplies, prepared...
Factory Overhead Cost Variance Report Feeling Better Medical Inc., a manufacturer of disposable medical supplies, prepared the following factory overhead cost budget for the Assembly Department for October of the current year. The company expected to operate the department at 100% of normal capacity of 7,100 hours. Variable costs: Indirect factory wages $22,720 Power and light 13,987 Indirect materials 11,147 Total variable cost $47,854 Fixed costs: Supervisory salaries Depreciation of plant and equipment $12,900 33,090 Insurance and property taxes 10,100...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 4,000 computers: Variable factory overhead $105,700 Actual: Fixed factory overhead 40,500 4,000 hrs. at $34 Standard: 136,000 If productive capacity of 100 % was 6,000 hours and the factory overhead cost budgeted at the level of 4,000 standard hours was $149,500, determine the variable factory overhead Controllable Variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 3,000 computers: Actual: Variable factory overhead $64,700 Fixed factory overhead 18,750 Standard: 3,000 hrs. at $26 78,000 If productive capacity of 100% was 5,000 hours and the factory overhead cost budgeted at the level of 3,000 standard hours was $85,500, determine the variable factory overhead Controllable Variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate was...
Factory Overhead Variance Corrections The data related to Shunda Enterprises Inc.'s factory overh...
Factory Overhead Variance Corrections The data related to Shunda Enterprises Inc.'s factory overhead cost for the production of 50,000 units of product are as follows: Actual: Variable factory overhead Fixed factory overhead 76,000 hrs. at $7 ($4.10 for variable factory overhead) $308,500 220,200 532,000 Standard: Productive capacity at 100% of normal was 75,100 hours, and the factory overhead cost budgeted at the level of 76,000 standard hours was $528,800. Based on these data the chief cost accountant prepared the following...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 7,000 computers: Actual: Variable factory overhead $181,600 Fixed factory overhead 57,750 Standard: 7,000 hrs. at $32 224,000 If productive capacity of 100% was 11,000 hours and the total factory overhead cost budgeted at the level of 7,000 standard hours was $245,000, urs and the total factory overhead cost budgeted at the level of 7,000 standard hours was $245,000, determine the variable factory overhead controllable...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 6,000 computers: Actual: Variable factory overhead $170,200 Fixed factory overhead 57,500 Standard: 6,000 hrs. at $35 210,000 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 $233,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 7,000 computers: Actual: Variable factory overhead $198,600 Fixed factory overhead 63,250 245,000 Standard: 7,000 hrs. at $35 If productive capacity of 100% was 11,000 hours and the total factory overhead cost budgeted at the level of 7,000 standard hours was $268,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 8,000 computers: Actual: Variable factory overhead $124,200 Fixed factory overhead 52,000 Standard: 8,000 hrs. at $20 160,000 If productive capacity of 100% was 13,000 hours and the total factory overhead cost budgeted at the level of 8,000 standard hours was $180,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate...
Choose the correct bolded choices to complete the
sentences.
The variable overhead cost variance is (favorable,
unfavorable) because Longman actually spent (less,
more) than budgeted.
The variable overhead efficiency variance is (favorable,
unfavorable) because the actual hours used was
(more, less) than budgeted.
The fixed overhead cost variance is (favorable,
unfavorable) because Longman actually spent (less,
more) than budgeted for fixed overhead.
The fixed overhead volume variance is (favorable,
unfavorable) because Longman allocated (more,
less) overhead to jobs than the...
Factory Overhead Cost Variance Report Feeling Better Medical Inc., a manufacturer of disposable medical supplies, prepared the following factory overhead cost budget for the Assembly Department for October of the current year. The company expected to operate the department at 100% of normal capacity of 7,100 hours. Variable costs: Indirect factory wages $22,720 Power and light 13,987 Indirect materials 11,147 Total variable cost $47,854 Fixed costs: Supervisory salaries Depreciation of plant and equipment $12,900 33,090 Insurance and property taxes 10,100...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 4,000 computers: Variable factory overhead $105,700 Actual: Fixed factory overhead 40,500 4,000 hrs. at $34 Standard: 136,000 If productive capacity of 100 % was 6,000 hours and the factory overhead cost budgeted at the level of 4,000 standard hours was $149,500, determine the variable factory overhead Controllable Variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate...
Factory Overhead Variance Corrections The data related to Shunda Enterprises Inc.'s factory overhead cost for the production of 50,000 units of product are as follows: Actual: Variable factory overhead Fixed factory overhead 76,000 hrs. at $7 ($4.10 for variable factory overhead) $308,500 220,200 532,000 Standard: Productive capacity at 100% of normal was 75,100 hours, and the factory overhead cost budgeted at the level of 76,000 standard hours was $528,800. Based on these data the chief cost accountant prepared the following...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 7,000 computers: Actual: Variable factory overhead $181,600 Fixed factory overhead 57,750 Standard: 7,000 hrs. at $32 224,000 If productive capacity of 100% was 11,000 hours and the total factory overhead cost budgeted at the level of 7,000 standard hours was $245,000, urs and the total factory overhead cost budgeted at the level of 7,000 standard hours was $245,000, determine the variable factory overhead controllable...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 6,000 computers: Actual: Variable factory overhead $170,200 Fixed factory overhead 57,500 Standard: 6,000 hrs. at $35 210,000 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 $233,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 7,000 computers: Actual: Variable factory overhead $198,600 Fixed factory overhead 63,250 245,000 Standard: 7,000 hrs. at $35 If productive capacity of 100% was 11,000 hours and the total factory overhead cost budgeted at the level of 7,000 standard hours was $268,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate...
Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 8,000 computers: Actual: Variable factory overhead $124,200 Fixed factory overhead 52,000 Standard: 8,000 hrs. at $20 160,000 If productive capacity of 100% was 13,000 hours and the total factory overhead cost budgeted at the level of 8,000 standard hours was $180,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate...
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