Brief Exercise 24-06 x Your answer is incorrect. Try again. In October, Concord Company reports 20,100 actual direct labor hours, and it incurs $113,420 of manufacturing overhead costs. Standard hours allowed for the work done is 21,400 hours. The predetermined overhead rate is $5.25 per direct labor hour. Compute the total overhead variance. Total Overhead Variance 112350 Favorable Click if you would like to Show Work for this question: Open Show Work Do It! Review 24-04 Sheffield Zone Corporation experienced the following variances: materials price $370 U, materials quantity $1,800 F, labor price $850 F, labor quantity $530 F, and total overhead $1,270 U. Sales revenue was $97,600, and cost of goods sold (at standard) was $54,700. Determine the actual gross profit. Actual gross profit $ Click if you would like to Show Work for this question: Open Show Work Exercise 24-16 (Video) Swifty Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,260 U Labor quantity variance $760 U Materials quantity variance 720 F Overhead variance 710 v Labor price variance 540 U In addition, 8,660 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,020 for the month. Prepare an income statement for management for the month ended January 31, 2020. SWIFTY COMPANY Income Statement > Click if you would like to Show Work for this question: Open Show Work