The following information is available for Marigold's Hot Dogs:Actual productionBudgeted productionStandard direct labor hoursActual direct labor hoursStandard variable, overhead rateActual variable overhead costs11,760 packages12,500 packagesVariable overhead spending variance1.6 direct labor hours per packageVariable overhead efficiency variance19,887$32,314$2 per direct labor hourCalculate the variable overhead spending and efficiency variances. (Round answers to 0 decimal places, e.g. 125. If varlance is zero, select"Not Applicable" and enter O for the amounts.)$$

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Description: The following information is available for Marigold's Hot Dogs:Actual productionBudgeted productionStandard direct labor hoursActual direct labor hoursStandard variable, overhead rateActual variable overhead costs11,760 packages12,500 packagesVariab

Variable Overhead Spending Variance = (Actual Hours x Standard Rate) - Actual Overhead Costs…

Business

Accounting

Calculate the variable overhead spending and efficiency variances. (Round answers to O decimal places, e.g. 125. If varlance is zero, select "Not Applicable" and enter O for the amounts.) Variable overhead spending variance Variable overhead efficiency variance $ $

Calculate the variable overhead spending and efficiency variances. (Round answers to O decimal places, e.g. 125. If varlance is zero, select "Not Applicable" and enter O for the amounts.) Variable overhead spending variance Variable overhead efficiency variance $ $

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 18P: Kamen Manufacturing Co. estimates the following labor and overhead costs for the...

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Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours or Rate Cost $5 per foot ? per hour Direct materials 3 feet $ 15 Direct labor ? hours ? During March, the company purchased direct materials at a cost of $45,375, all of which were used in the production of 2,350 units of product. In addition, 4,800 direct labor-hours were worked on the product during the month. The cost of this labor time was $50,400. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 2,250 U $ 3,400 U $ 1,000 U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of…
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