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, Inc. uses a standard cost system and provides the following information. LOADING... (Click the icon to view the information.) P r e m i
,
Inc. uses a standard cost system and provides the following information. LOADING...
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allocates manufacturing overhead to production based on standard direct labor hours. Premium
reported the following actual results for 2024:
actual number of units produced, 1,000;
actual variable overhead, $2,500;
actual fixed overhead, $2,900;
actual direct labor hours, 1,200.
1. | Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. |
2. | Explain why the variances are favorable or unfavorable. |
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