Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1) Marshfield Tax Company considers 8,000 direct labor hours or 400 tax returns its normal monthly capacity. Its standard variable overhead rate is $5 per

1) Marshfield Tax Company considers 8,000 direct labor hours or 400 tax returns its normal monthly capacity. Its standard variable overhead rate is $5 per direct labor hour.

During the current month, $39500 of variable overhead cost was incurred in working 7,500 direct labor hours to produce 360 units of product.

Determine the following variances, and indicate whether each is favorable or unfavorable:

(Do not use negative signs with any of your answers.) Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable.

image text in transcribedimage text in transcribed
Question 2 Not complete Marked out of 0.63 1? Flag question Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 8,400 lbs.@ $4.90 8,000 lbs.@ $5.2( Direct labor 11,400 hrs.@ $9.30 12,000 hrs.@ $9.5( Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either \"F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: $ Split cost: $ Standard cost: $ $ $ a. Materials price 00000 0 0 b. Materials efficiency Labor Variances Actual cost: $ 0 Split cost: $ 0 Standard cost: $ 0 c. Labor rate $ 0 d. Labor efficieny $ 0 Question 3 Not complete Marked out of 0.63 it? Flag question Variable Overhead Variances Marshfield Tax Company considers 8,000 direct labor hours or 400 tax returns its normal monthly capacity. Its standard variable overhead rate is $5 per direct labor hour. During the current month, $39,500 of variable overhead cost was incurred in working 7,500 direct labor hours to produce 360 units of product. Determine the following variances, and indicate whether each is favorable or unfavorable: Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Variable Overhead Variances Actual cost: 33 Split cost: $ Standard cost: $ a. Variable overhead spending $ 00000 0 0 b. Variable overhead efficiency $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Carl S Warren, James M Reeve, Jonathan Duchac

12th Edition

0538478519, 9780538478519

More Books

Students also viewed these Accounting questions