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QUESTION 1 Note the change in numbers from the previous question. Jordan Company produces basketballs and...
QUESTION 10 Jordan Company produces basketballs and uses a standard costing system. Budgeted fixed overhead was...
QUESTION 10 Jordan Company produces basketballs and uses a standard costing system. Budgeted fixed overhead was $300,000. Rent changed during the year, causing actual fixed overhead to be $334,000. Jordan Company applies overhead on the basis of DLH. They projected 1,000,000 basketballs would be produced during the year. They actually produced 1,296,000 basketballs. The standard is 1 DLH/basketball. They actually used 1 DLH/basketball. What is the fixed overhead volume variance? (Please indicate overapplied fixed overhead with the letter "o" and...
QUESTION 1 Jordan Company produces basketballs and uses a standard costing system. Budgeted fixed overhead was...
QUESTION 1 Jordan Company produces basketballs and uses a standard costing system. Budgeted fixed overhead was $300,000. Rent changed during the year, causing actual fixed overhead to be $269,000. Jordan Company applies overhead on the basis of DLH. They projected 1,000,000 basketballs would be produced during the year. They actually produced 1,267,000 basketballs. The standard is 1 DLH/basketball. They actually used 1 DLH/basketball. What is the fixed overhead volume variance? (Please indicate overapplied fixed overhead with the letter "o" and...
Likert company manufactures extremely accurate scales. They use a standard costing system. Last year the company...
Likert company manufactures extremely accurate scales. They use a standard costing system. Last year the company projected that 301,000 scales would be produced. When Likert company closed out manufacturing overhead, they recorded a $103,000 debit to the FOH Budget Variance and a $118,000 credit to the FOH Volume Variance. Likert company budgeted $2,418,000 of fixed overhead. What was the actual amount of fixed overhead? Jordan Company produces basketballs and uses a standard costing system. Budgeted fixed overhead was $300,000. Rent...
QUESTION 4 ABC Company uses a standard absorption costing system that allocates overhead on the basis...
QUESTION 4 ABC Company uses a standard absorption costing system that allocates overhead on the basis of direct labor hours. Here is their Statement of Gross Margin: Statement of Gross Margin Standard Revenue 1,000,000 Sales price variance (30,000) Sales volume variance 60,000 Net revenue 1,030,000 CGS @ Standard 700,000 Total direct labor variance 30,000 Direct materials price variance (50,000) Direct materials quantity variance 40,000 Fixed overhead budget variance 50,000 Fixed overhead volume variance (100,000) Variable overhead spending variance 20,000 Variable...
Glavine & Co. produces a single product, each unit of which requires three direct labor hours...
Glavine & Co. produces a single product, each unit of which
requires three direct labor hours (DLHs). Practical capacity (for
setting the factory overhead application rate) is 58,000 DLHs, on
an annual basis. The information below pertains to the most recent
year:
Standard direct labor hours (DLHs) per unit produced
3.00
Practical capacity, in DLHs (per year)
58,000
Variable overhead efficiency variance
$
19,000
unfavorable (U)
Actual production for the year
16,500
units
Budgeted fixed manufacturing overhead
$
1,160,000
Standard...
Glavine & Co. produces a single product, each unit of which requires three direct labor hours...
Glavine & Co. produces a single product, each unit of which requires three direct labor hours (DLHs). Practical capacity (for setting the factory overhead application rate) is 62,000 DLHs, on an annual basis. The information below pertains to the most recent year: $ Standard direct labor hours (DLHS) per unit produced Practical capacity, in DLHS (per year) Variable overhead efficiency variance Actual production for the year Budgeted fixed manufacturing overhead Standard direct labor wage rate Total overhead cost variance for...
QUESTION 3 Note the change in numbers from the previous problem. Druid Company makes a single...
QUESTION 3 Note the change in numbers from the previous problem. Druid Company makes a single product and uses a standard costing system that applies overhead on the basis of direct labor hours. They recently used 2,000 labor hours to produce 300 units. Their static budget indicated expectations of 500 units, 3,000 DLH and $60,000 in variable overhead. Actual VOH totaled $30,000. What was the variable overhead efficiency variance? Please indicate favorable variances with an "T and unfavorable variances with...
Glavine & Co. produces a single product, each unit of which requires three direct labor hours...
Glavine & Co. produces a single product, each unit of which requires three direct labor hours (DLHs). Practical capacity (for setting the factory overhead application rate) is 52,000 DLHs, on an annual basis. The information below pertains to the most recent year: Standard direct labor hours (DLHs) per unit produced 3.00 Practical capacity, in DLHs (per year) 52,000 Variable overhead efficiency variance $ 16,000 unfavorable (U) Actual production for the year 15,000 units Budgeted fixed manufacturing overhead $ 1,040,000 Standard...
QUESTION 7 Note the change in numbers from the previous problem. Alpha company makes a single...
QUESTION 7 Note the change in numbers from the previous problem. Alpha company makes a single product and uses a standard costing system that applies overhead on the basis of direct labor hours. For the most recent period, the VOH spending variance was $130,000 F, and the VOH Efficiency Variance was $80,000 U. The company budgeted making 4,800 units at 3.5 hours each with $924,000 of VOH. The company actually produced 3,000 units. What was the actual VOH? (Please round...
QUESTION 6 Note the change in numbers from the previous problem. Alpha company makes a single...
QUESTION 6 Note the change in numbers from the previous problem. Alpha company makes a single product and uses a standard costing system that applies overhead on the basis of direct labor hours. For the most recent period, the VOH spending variance was $60,000 F, and the VOH Efficiency Variance was $50,000 U. The company budgeted making 4,800 units at 3.5 hours each with $924,000 of VOH. The company actually produced 3,000 units. What was the actual VOH? (Please round...
QUESTION 10 Jordan Company produces basketballs and uses a standard costing system. Budgeted fixed overhead was $300,000. Rent changed during the year, causing actual fixed overhead to be $334,000. Jordan Company applies overhead on the basis of DLH. They projected 1,000,000 basketballs would be produced during the year. They actually produced 1,296,000 basketballs. The standard is 1 DLH/basketball. They actually used 1 DLH/basketball. What is the fixed overhead volume variance? (Please indicate overapplied fixed overhead with the letter "o" and...
Likert company manufactures extremely accurate scales. They use a standard costing system. Last year the company projected that 301,000 scales would be produced. When Likert company closed out manufacturing overhead, they recorded a $103,000 debit to the FOH Budget Variance and a $118,000 credit to the FOH Volume Variance. Likert company budgeted $2,418,000 of fixed overhead. What was the actual amount of fixed overhead? Jordan Company produces basketballs and uses a standard costing system. Budgeted fixed overhead was $300,000. Rent...
Glavine & Co. produces a single product, each unit of which
requires three direct labor hours (DLHs). Practical capacity (for
setting the factory overhead application rate) is 58,000 DLHs, on
an annual basis. The information below pertains to the most recent
year:
Standard direct labor hours (DLHs) per unit produced
3.00
Practical capacity, in DLHs (per year)
58,000
Variable overhead efficiency variance
$
19,000
unfavorable (U)
Actual production for the year
16,500
units
Budgeted fixed manufacturing overhead
$
1,160,000
Standard...
Glavine & Co. produces a single product, each unit of which requires three direct labor hours (DLHs). Practical capacity (for setting the factory overhead application rate) is 62,000 DLHs, on an annual basis. The information below pertains to the most recent year: $ Standard direct labor hours (DLHS) per unit produced Practical capacity, in DLHS (per year) Variable overhead efficiency variance Actual production for the year Budgeted fixed manufacturing overhead Standard direct labor wage rate Total overhead cost variance for...
QUESTION 3 Note the change in numbers from the previous problem. Druid Company makes a single product and uses a standard costing system that applies overhead on the basis of direct labor hours. They recently used 2,000 labor hours to produce 300 units. Their static budget indicated expectations of 500 units, 3,000 DLH and $60,000 in variable overhead. Actual VOH totaled $30,000. What was the variable overhead efficiency variance? Please indicate favorable variances with an "T and unfavorable variances with...
QUESTION 7 Note the change in numbers from the previous problem. Alpha company makes a single product and uses a standard costing system that applies overhead on the basis of direct labor hours. For the most recent period, the VOH spending variance was $130,000 F, and the VOH Efficiency Variance was $80,000 U. The company budgeted making 4,800 units at 3.5 hours each with $924,000 of VOH. The company actually produced 3,000 units. What was the actual VOH? (Please round...
QUESTION 6 Note the change in numbers from the previous problem. Alpha company makes a single product and uses a standard costing system that applies overhead on the basis of direct labor hours. For the most recent period, the VOH spending variance was $60,000 F, and the VOH Efficiency Variance was $50,000 U. The company budgeted making 4,800 units at 3.5 hours each with $924,000 of VOH. The company actually produced 3,000 units. What was the actual VOH? (Please round...
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