Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lossing Corporation applies manufacturing overhead to products on the basis of standard machine- hours. Budgeted and actual overhead costs for the most recent month appear

image text in transcribed

Lossing Corporation applies manufacturing overhead to products on the basis of standard machine- hours. Budgeted and actual overhead costs for the most recent month appear below: Original Budget Actual Costs $ 6,700 $ 6,890 9,960 10,610 Variable overhead costs: Supplies Indirect labor Fixed overhead costs: Supervision Utilities Factory depreciation Total overhead cost 14,510 13,800 58,050 $103,670 14,380 13,850 58,130 $103,210 The company based its original budget on 6,800 machine-hours. The company actually worked 6,760 machine-hours during the month. The standard hours allowed for the actual output of the month totaled 6,690 machine-hours. What was the overall fixed manufacturing overhead volume variance for the month? (Round your intermediate calculations to 2 decimal places.) Multiple Choice $1,301 Unfavorable $1,397 Unfavorable $1,301 Favorable $1,397 Favorable

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

Gleim CIA Review Part 2 Practice Of Internal Auditing

Authors: Irvin N. Gleim

2020 Edition

1618542648, 978-1618542649

More Books

Students also viewed these Accounting questions