corihd oom/doAunt/2Selected data for the Palawan Manufacturing Company for the year 2014 follow:Budgeted for year260.000Actual for yearDirect labor hours248,300Manufacturing overheadFixedP585,000P578,400Variable1,092,0001,039,940TotalP1,677,000P1,638,34016. What is the over or underapplied overhead for the year?17. What is the fixed volume variance?18. What is the spending variance?19. What is the net variance?

Name: corihd oom/doAunt/2Selected data for the Palawan Manufacturing Compan
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: corihd oom/doAunt/2Selected data for the Palawan Manufacturing Company for the year 2014 follow:Budgeted for year260.000Actual for yearDirect labor hours248,300Manufacturing overheadFixedP585,000P578,400Variable1,092,0001,039,940TotalP1,677,000P1,63

Overhead Variance: The difference between real overhead and applied overhead is referred to as…

Business

Accounting

Selected data for the Palawan Manufacturing Company for the year 2014 follow: Actual for year Budgeted for year 260,000 Direct labor hours Manufacturing overhead Fixed Variable Total 248,300 P585,000 1,092,000 P1,677,000 P578,400 1,039,940 P1,638,340 16. What is the over or underapplied overhead for the year? 17. What is the fixed volume variance? 18. What is the spending variance? 19. What is the net variance?

Selected data for the Palawan Manufacturing Company for the year 2014 follow: Actual for year Budgeted for year 260,000 Direct labor hours Manufacturing overhead Fixed Variable Total 248,300 P585,000 1,092,000 P1,677,000 P578,400 1,039,940 P1,638,340 16. What is the over or underapplied overhead for the year? 17. What is the fixed volume variance? 18. What is the spending variance? 19. What is the net variance?

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...

See similar textbooks

Similar questions

Professional labor cost budget for a service company Based on the data in Exercise 7 and assuming that the average compensation per hour for staff is 40 and for partners is 175, prepare a professional labor cost budget for each department forLundquist Fretwell, CPAs, for the year ending May 31, 20Y8. Use the following column headings:
Prepare a cost of goods sold budget for the Crest Hills Manufacturing Co. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 854,000; beginning inventory of direct materials, 31,000; and ending inventory of direct materials, 26,000. Totals from other budgets included:
A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000
Preparing a performance report Use the flexible budget prepared in P7-6 for the 31,000-unit level and the actual operating results listed below for the 31,000-unit level. Required: 1. Prepare a performance report. 2. List the major reasons why the actual operating income at 31,000 units differs from the master budget operating income at 30,000 units in Figure 7-12. 3. Given the level at which the company operated, how was its cost control? Item Direct materials: Direct labor:
Mesa Aquatics, Inc. estimated direct labor hours as 1,900 in quarter 1, 2,000 in quarter 2.2,200 in quarter 3, and 1,800 in quarter 4. a sales and administration budget using the information provided.
Preparing a performance report Use the flexible budget prepared in P7-6 for the 29,000-unit level of activity and the actual operating results listed below for the 29,000- unit level. Required: 1. Prepare a performance report. 2. List the major reasons why the actual operating income at 29,000 units differs from the master budget operating income at 30,000 units in Figure 7-12. 3. Given the level at which the company operated, how was its cost control? Item Direct materials: Direct labor:
Budgeted income statement and supporting budgets The budget director of Jupiter Helmets Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for May: Prepare a cost of goods sold budget for May. Work in process at the beginning of May is estimated to be $4200. and work in process at the end of May is desired to be $3800.
A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000
Budget performance reports for cost centers Partially completed budget performance reports for Runquist Company, a manufacturer of air conditioners, are provided below. a.Complete the budget performance reports by determining the correct amounts for the lettered spaces. b.Compose a memo to Jeff Kitchens, president of Meridian Company, explaining the performance of the Production Division for June.
Budgeted income statement and supporting budgets The budget director of Jupiter Helmets Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for May: Prepare a factory overhead cost budget for May.
Using the information for Crable and Tesch, the systems consultants in P9-3 and P9-4, prepare a budgeted income statement for the year ended December 31, 2016.
Direct labor hours are estimated as 2,000 in Quarter 1; 2,100 in Quarter 2; 1,900 in Quarter 3; and 2,300 in Quarter 4. Prepare a manufacturing overhead budget using the information provided.