Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] Alvarez Company for the current period shows a $30,000 favorable volume variance and a $61,200 unfavorable controllable variance. Standard overhead applied for the period is $222,000. QS 23-17 (Algo) Components of overhead variance LO P4 a. What is the actual total overhead cost incurred for the period? b. What is the total overhead variance and is it favorable or unfavorable? a. Actual total overhead i b. Total overhead variance

Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] Alvarez Company for the current period shows a $30,000 favorable volume variance and a $61,200 unfavorable controllable variance. Standard overhead applied for the period is $222,000. QS 23-17 (Algo) Components of overhead variance LO P4 a. What is the actual total overhead cost incurred for the period? b. What is the total overhead variance and is it favorable or unfavorable? a. Actual total overhead i b. Total overhead variance

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Description: Please do not give solution in image format thanku Required informationUse the following information for the Quick Study below. (Algo)[The following information applies to the questions displayed below.]Alvarez Company for the current period shows a

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 23E: (Appendix) Calculating factory overhead: three variances Using the data given in E8-17, calculate...

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(Appendix) Calculating factory overhead: three variances Using the data given in E8-17, calculate the following overhead variances: a. Spending variance. b. Production-volume variance. c. Efficiency variance. d. Was the factory overhead under- or overapplied? By what amount? In all problems involving variances, use F and U to indicate favorable and unfavorable variances, respectively.
Using variance analysis and interpretation Last year, Wrigley Corp. adopted a standard cost system. Labor standards were set on the basis of time studies and prevailing wage rates. Materials standards were determined from materials specifications and the prices then in effect. On June 30, the end of the current fiscal year, a partial trial balance revealed the following: Standards set at the beginning of the year have remained unchanged. All inventories are priced at standard cost. What conclusions can be drawn from each of the four variances shown in Wrigleys trial balance?
At the end of the period, the factory overhead account has a credit balance of 10,000. (a) Is the total factory cost variance favorable or unfavorable? (b) Are the controllable and volume variances favorable or unfavorable?
Using variance analysis and interpretation Last year, Endicott Corp. adopted a standard cost system. Labor standards were set on the basis of time studies and prevailing wage rates. Materials standards were determined from materials specifications and the prices then in effect. On June 30, the end of the current fiscal year, a partial trial balance revealed the following: Standards set at the beginning of the year have remained unchanged. All inventories are priced at standard cost. What conclusions can be drawn from each of the four variances shown in Endicotts trial balance?
Required information [The following information applies to the questions displayed below.] Alvarez Company for the current period shows a $22,000 favorable volume variance and a $59,000 unfavorable controllable variance. Standard overhead applied for the period is $233,000. (a) What is the actual total overhead cost incurred for the period? (b) What is the total overhead variance and is it favorable of unfavorable? a. Actual total overhead b. Total overhead variance
Required information Use the following information for the Quick Study below. (Static) [The following information applies to the questions displayed below.] Alvarez Company for the current period shows a $20,000 favorable volume variance and a $60,400 unfavorable controllable variance. Standard overhead applied for the period is $225,000. QS 21-18A (Static) Preparing overhead entries LO P6 Alvarez records standard costs in its accounts. Prepare the journal entry to charge overhead costs to the Work in Process Inventory account and to record any variances View transaction list Journal entry worksheet Record overhead applied to production and overhead variances..
Derr Company reports the following. Compute (a) controllable variance, (b) volume variance, and (c) total overhead. Actual total overhead $ 1,120 Budgeted (flexible) overhead at units produced Standard overhead applied 800 1,040 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute controllable variance. (Indicate the effect of the variance by selecting or no variance. Controllable Variance Controllable variance Required 2 >
Derr Company reports the following. Compute (a) controllable variance, (b) volume variance, and (c) total overhead Actual total overhead Budgeted (flexible) overhead at units produced Standard overhead applied $ 1,120 800 1,040 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute total overhead variance. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Total Overhead Variance Overhead variance < Required 2
Required information [The following information applies to the questions displayed below.] AirPro Corporation reports the following for this period. Actual total overhead Standard overhead applied Budgeted (flexible) variable overhead rate Budgeted fixed overhead Predicted activity level Actual activity level $ 28,325 $ 32,550 $ 2.10 per unit $ 12,700 12,700 units 10,500 units Compute the volume variance and identify it as favorable or unfavorable. Volume Variance Volume variance
Required information [The following information applies to the questions displayed below.] AirPro Corporation reports the following for this period. Actual total overhead Standard overhead applied Budgeted (flexible) variable overhead rate Budgeted fixed overhead Predicted activity level Actual activity level Answer is complete but not entirely correct. Standard overhead applied Budgeted (flexible) overhead Volume variance Volume Variance ✓ S $ Compute the volume variance and identify it as favorable or unfavorable. $ $ 28,525 $ 31,620 28,525 X 12,600 x (2,400) Unfavorable $ 2.10 per unit $ 12,600 12,600 units 10,200 units
Required information [The following information applies to the questions displayed below.] AirPro Corporation reports the following for this period. Actual total overhead Standard overhead applied Budgeted (flexible) variable overhead rate Budgeted fixed overhead Predicted activity level Actual activity level $ 28,325 $ 32,550 $ 2.10 per unit $ 12,700 12,700 units 10,500 units Compute the (a) total overhead variance and (b) controllable variance and identify each variance as favorable or unfavorable. (Round "Variable amount per unit" to 2 decimal places.) Flexible Budget Flexible Budget at Variable Amount per Unit Total Fixed Cost 12.700 units 10.500 units Total flexible budget Controllable Overhead Variance Controllable overhead variance
Knowledge Check Overhead information for Wilts Company is presented. · Actual fixed overhead, $9,150 . Actual variable overhead, $5,590 Budgeted fixed overhead, $9,300 Variable overhead rate, $0.90 Fixed overhead rate, $1.50 Normal capacity hours, 6,200 Standard hours allowed, 6,100 Determine the overhead controllable and the overhead volume variances. Indicate whether they are favorable or unfavorable. Overhead controllable variance Overhead volume variance $