Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Check my work 12 Required information Part 2 of 2 (The following information applies to the questions displayed below.) Trico Company set the following standard
Check my work 12 Required information Part 2 of 2 (The following information applies to the questions displayed below.) Trico Company set the following standard unit costs for its single product. 6 points Direct materials (30 lbs. @ $5.10 per Ib.) Direct labor (4 hrs. @ $15 per hr.) Pactory overhead-variable (4 hrs. @ $6 per hr.) Factory overhead-Fixed (4 hrs. & $10 per hr.) Total standard cost $153.00 60.00 24.00 40.00 $277.00 eBook Print References The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 68,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 47,600 54,400 190,400 217,600 90% 61,200 244,800 Production in units Standard direct labor hours Budgeted overhead Fixed factory overhead Variable factory overhead $2,176,000 $2,176,000 $2,176,000 $1,142,400 $1,305, 600 $1,468,800 During the current quarter, the company operated at 90% of capacity and produced 61,200 units of product; actual direct labor totaled 238,800 hours. Units produced were assigned the following standard costs. Direct materials (1,836,000 lbs. $5.10 per Ib.) $ 9,363,600 During the current quarter, the company operated at 90% of capacity and produced 61,200 units of product; actual direct labor totaled 238,800 hours. Units produced were assigned the following standard costs. Direct materials (1,836,000 Ibs. @ $5.10 per Ib.) Direct labor (244,800 hrs. @ $15 per hr.) Factory overhead (244,800 hrs. @ $16 per hr.) Total standard cost $ 9,363,600 3,672,000 3,916,800 $ 16,952,400 Actual costs incurred during the current quarter follow. Direct materials (1,822,000 Ibs. @ $6.70 per lb.) Direct labor (238,800 hrs. @ $12.10 per hr.) Fixed factory overhead costs Variable factory overhead costs Total actual costs $ 12,207,400 2,889,480 1,942,700 1,668,700 $18,708,280 Compute the total overhead controllable variance. Required A Required B Required C compute the variable overhead spending and efficiency variances. (Round "cost per unit" and "rate per hour" answers to 2 decimal places.) Actual Variable OH Cost Flexible Budget Standard Cost (VOH a 0 0 O (d) Compule me vdildnie overedu spending and enciency valldrices. (b) Compute the fixed overhead spending and volume variances. (c) Compute the total overhead controllable variance. Required A Required B Required C Compute the total overhead controllable variance. Overhead Controllable Variance Total overhead controllable variance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started