Overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the...
Overhead cost variance is:
Multiple Choice
-
The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level.
-
The difference between the actual overhead incurred during a period and the standard overhead applied.
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The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit.
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The costs that should be incurred under normal conditions to produce a specific product (or component) or to perform a specific service.
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The difference between the total overhead cost that would have been expected if the actual operating volume had been accurately predicted and the amount of overhead cost that was allocated to products using the standard overhead rate.
Homework Answers
Answer- Overhead cost variance is = The difference between the actual overhead incurred during a period and the standard overhead applied.
Explanation-Overhead cost variance is a difference between the standard cost of overhead on actual output and actual cost of overhead incurred.
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Overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the...
7. Overhead cost variance is: a. The difference between the overhead costs actually incurred and the...
7. Overhead cost variance is: a. The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. b. The difference between the actual overhead incurred during a period and the standard overedd app C. The difference between actual and budaeted cost caused by the difference between the actual price per unit and the budgeted price per unit. d. The costs that should be incurred under normal conditions to produce a specific product (or component...
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and...
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. The difference betweene actual overhead incurred during a period and the standard overhead applied. The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit The costs that should be incurred under normal conditions to produce a specific product (or component) or to perform...
U lu di stuttenng -- Saved The overhead cost variance is: The difference between the overhead...
U lu di stuttenng -- Saved The overhead cost variance is: The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level 0 The difference between the actual overhead incurred during a period and the standard overhead applied. 0 The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit 0 The costs that should be incurred under normal conditions to produce...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come from material costs that are higher or lower than expected, material usage that is not what was expected, higher or lower labor costs than expected, or more or less time spent to produce an item than expected. Overhead cost and volume variances are another cause for costs to be higher or lower than what was expected. The total manufacturing variance can be broken down...
A Variance A. is the difference between variable cost value, or standard, and the indirect (realized)...
A Variance A. is the difference between variable cost value, or standard, and the indirect (realized) value. Variance analysis examines differences between last years and actual amounts with the goal of finding out why things went either badly or well. B. between unit price and variable cost rate, or per unit revenue minus per unit variable cost. Thus, contribution margin is the per unit dollar amount available to cover an organization’s fixed costs and then to contribute to profit. C....
The difference between the total actual overhead cost incurred during a period and budgeted total factory...
The difference between the total actual overhead cost incurred during a period and budgeted total factory overhead cost for the actual quantity of the cost driver used to apply overhead is equal to the: Multiple Choice A: Total overhead spending variance. B: Total overhead efficiency variance. C: Factory overhead production-volume variance. D: Total overhead rate variance. E: Total overhead variance.
1) 2) 3) 4) 5) A favorable cost variance occurs when Oa. actual costs are the...
1)
2)
3)
4)
5)
A favorable cost variance occurs when Oa. actual costs are the same as standard costs Ob. actual costs are more than standard costs Oc. standard costs are more than actual costs Od. standard costs are less than actual costs The Flapjack Corporation had 8,042 actual direct labor hours at an actual rate of $12.00 per hour. Original production had been budgeted for 1,100 units, but only 999 units were actually produced. Labor standards were 7.9...
Exercise 21-19 Computation of total overhead rate and total overhead variance LO P3 World Company expects...
Exercise 21-19 Computation of total
overhead rate and total overhead variance LO P3 World Company
expects to operate at 80% of its productive capacity of 50,000
units per month. At this planned level, the company expects to use
25,000 standard hours of direct labor. Overhead is allocated to
products using a predetermined standard rate of 0.625 direct labor
hours per unit. At the 80% capacity level, the total budgeted cost
includes $50,000 fixed overhead cost and $275,000 variable overhead
cost....
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...
30. The overhead control account records the actual overhead costs incurred and the overhead cost...
True or False
30. The overhead control account records the actual overhead costs incurred and the overhead costs allocated. 31. There are normally three inventory accounts in a manufacturer's general ledger; raw materials, cost of sales and finished goods. 32. When raw materials are purchased the raw materials inventory account is credited. 33. Actual overhead is debited to the overhead control account. 34. The journal entry to record overhead allocated is debit Work in Process and credit Overhead Control 35....
7. Overhead cost variance is: a. The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. b. The difference between the actual overhead incurred during a period and the standard overedd app C. The difference between actual and budaeted cost caused by the difference between the actual price per unit and the budgeted price per unit. d. The costs that should be incurred under normal conditions to produce a specific product (or component...
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. The difference betweene actual overhead incurred during a period and the standard overhead applied. The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit The costs that should be incurred under normal conditions to produce a specific product (or component) or to perform...
U lu di stuttenng -- Saved The overhead cost variance is: The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level 0 The difference between the actual overhead incurred during a period and the standard overhead applied. 0 The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit 0 The costs that should be incurred under normal conditions to produce...
1)
2)
3)
4)
5)
A favorable cost variance occurs when Oa. actual costs are the same as standard costs Ob. actual costs are more than standard costs Oc. standard costs are more than actual costs Od. standard costs are less than actual costs The Flapjack Corporation had 8,042 actual direct labor hours at an actual rate of $12.00 per hour. Original production had been budgeted for 1,100 units, but only 999 units were actually produced. Labor standards were 7.9...
Exercise 21-19 Computation of total
overhead rate and total overhead variance LO P3 World Company
expects to operate at 80% of its productive capacity of 50,000
units per month. At this planned level, the company expects to use
25,000 standard hours of direct labor. Overhead is allocated to
products using a predetermined standard rate of 0.625 direct labor
hours per unit. At the 80% capacity level, the total budgeted cost
includes $50,000 fixed overhead cost and $275,000 variable overhead
cost....
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...
True or False
30. The overhead control account records the actual overhead costs incurred and the overhead costs allocated. 31. There are normally three inventory accounts in a manufacturer's general ledger; raw materials, cost of sales and finished goods. 32. When raw materials are purchased the raw materials inventory account is credited. 33. Actual overhead is debited to the overhead control account. 34. The journal entry to record overhead allocated is debit Work in Process and credit Overhead Control 35....
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