ThingOne Company has the following information available for the past year. They use machine hours to allocate overhead. Actual total overhead $73,060 Actual fixed overhead $32,000 Actual machine hours 10,000 Standard hours for the units produced 9,400 Standard variable overhead rate $4.40 What is the variable overhead efficiency variance? Enter the amount as positive number. Variable overhead efficiency variance $

ThingOne Company has the following information available for the past year. They use machine hours to allocate overhead. Actual total overhead $73,060 Actual fixed overhead $32,000 Actual machine hours 10,000 Standard hours for the units produced 9,400 Standard variable overhead rate $4.40 What is the variable overhead efficiency variance? Enter the amount as positive number. Variable overhead efficiency variance $

Name: ThingOne Company has the following information availablefor the past
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Description: ThingOne Company has the following information availablefor the past year. They use machine hours to allocateoverhead.Actual total overhead$73,060Actual fixed overhead$32,000Actual machine hours10,000Standard hours for the units produced9,400Standar

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 10EA: ThingOne Company has the following information available for the past year. They use machine hours...

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At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
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