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The (partial) cost sheet for the single product manufactured at Briarcliff Corporation follows: Direct labor Variable overhead Fixed overhead (2 hours @ $30) $ 60 (2 hours @ $9) (2 hours @ $11) 18 22 The master budget level of production is 45,150 direct labor-hours, which is also the production volume used to compute the fixed overhead application rate. Other information available for operations over the past accounting period include the following: Actual variable overhead incurred Actual fixed overhead incurred Direct labor efficiency variance Variable overhead price variance $ 456,000 467,500 67,500 F 42,000 U Required: a. What was the variable overhead efficiency variance? b. What was the fixed overhead price variance? c. What was the fixed overhead production volume variance? Note: For all requirements, indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. a. Variable overhead efficiency variance b. Fixed overhead price variance c. Fixed overhead production volume variance

The (partial) cost sheet for the single product manufactured at Briarcliff Corporation follows: Direct labor Variable overhead Fixed overhead (2 hours @ $30) $ 60 (2 hours @ $9) (2 hours @ $11) 18 22 The master budget level of production is 45,150 direct labor-hours, which is also the production volume used to compute the fixed overhead application rate. Other information available for operations over the past accounting period include the following: Actual variable overhead incurred Actual fixed overhead incurred Direct labor efficiency variance Variable overhead price variance $ 456,000 467,500 67,500 F 42,000 U Required: a. What was the variable overhead efficiency variance? b. What was the fixed overhead price variance? c. What was the fixed overhead production volume variance? Note: For all requirements, indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. a. Variable overhead efficiency variance b. Fixed overhead price variance c. Fixed overhead production volume variance

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...
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The (partial) cost sheet for the single product manufactured at Briarcliff Corporation follows: Direct labor Variable overhead Fixed overhead (2 hours @ $30) $ 60 (2 hours @ $9) (2 hours @ $11) 18 22 The master budget level of production is 45,150 direct labor-hours, which is also the production volume used to compute the fixed overhead application rate. Other information available for operations over the past accounting period include the following: Actual variable overhead incurred Actual fixed overhead incurred Direct labor efficiency variance Variable overhead price variance $ 456,000 467,500 67,500 F 42,000 U Required: a. What was the variable overhead efficiency variance? b. What was the fixed overhead price variance? c. What was the fixed overhead production volume variance? Note: For all requirements, indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. a. Variable overhead efficiency variance b. Fixed overhead price variance c. Fixed overhead production volume variance
Transcribed Image Text:The (partial) cost sheet for the single product manufactured at Briarcliff Corporation follows: Direct labor Variable overhead Fixed overhead (2 hours @ $30) $ 60 (2 hours @ $9) (2 hours @ $11) 18 22 The master budget level of production is 45,150 direct labor-hours, which is also the production volume used to compute the fixed overhead application rate. Other information available for operations over the past accounting period include the following: Actual variable overhead incurred Actual fixed overhead incurred Direct labor efficiency variance Variable overhead price variance $ 456,000 467,500 67,500 F 42,000 U Required: a. What was the variable overhead efficiency variance? b. What was the fixed overhead price variance? c. What was the fixed overhead production volume variance? Note: For all requirements, indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. a. Variable overhead efficiency variance b. Fixed overhead price variance c. Fixed overhead production volume variance
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