Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You Are Not Your Mom Company (YANYM) manufactures hip-hop jeans. In June, YANYM made 1,200 pairs of hip hop jeans but had budgeted production at

image text in transcribed
image text in transcribed
You Are Not Your Mom Company (YANYM) manufactures hip-hop jeans. In June, YANYM made 1,200 pairs of hip hop jeans but had budgeted production at 1,400 pairs. The allocation base for overhead costs is direct labor hours. The following additional data is available for the month: Variable overhead cost standard $0.60 per DLHO Direct labor efficiency standard 2.00 DLHr per jean Actual amount of direct labor hours 2,520 DLHO Actual cost of variable overhead $1,512 Fixed overhead cost standard $0.25 per DLHO Budgeted fixed overhead $700 Direct labor efficiency standard 2.00 DLHr per jean Actual amount of direct labor hours 2,520 DLHO Actual cost of variable overhead $1,512 Fixed overhead cost standard $0.25 per DLHr Budgeted fixed overhead $700 Actual cost of fixed overhead $750 Calculate the following variances ensuring you label each variance as favorable or unfavorable: 1. Variable overhead cost variance 2. Variable overhead efficiency variance 3. Total variable overhead variance 4. Fixed overhead cost variance 5. Fixed overhead volume variance 6. Total fixed overhead variance

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

Students also viewed these Accounting questions

Question

What is the mean? Calculate based only on the valid responses.

Answered: 1 week ago

Question

1. In what ways has flexible working revolutionised employment?

Answered: 1 week ago