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Hello expert, kindly assist me with this Managerial Accounting Homework. Many thanks. At the start of 2021, Textile Express Company determined its standard labor cost
Hello expert, kindly assist me with this Managerial Accounting Homework. Many thanks.
At the start of 2021, Textile Express Company determined its standard labor cost to be 2.25 hours per unit at $12.00 per hour. The budget for variable overhead was $9 per unit, and budgeted fixed overhead was $15,000 for the year. Expected annual production wa 6,000 units. During 2021 , the actual cost of labor was $14.25 per hour. Textile Express produced 4,600 units requiring 11,700 direct labor hours. Actual overhead for the year was $50,000. Calculate labor rate and efficiency variances and the controllable overhead variance and the overhead volume variance. (Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125. Enter all variances as a positive number.)Step by Step Solution
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