Compute variable overhead spending and efficiency variance, Accounting Basics

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Compute variable overhead spending and efficiency variance

At the beginning of the year, Gaillard Company had the following standard cost sheet for one of its chemical products:

Direct Materials (5 lbs. @ $3.20) $16
Direct Labor (2 hrs. @ $18) $36
FOH (2 Hrs. @ $4.30) $8.6
VOH (2Hrs @ $0.90) $1.80

Standard Cost Per Unit $62.40

Gaillard computes its overhead rates using practical volume, which is 144,000 units. The actual results for the year are as follows a) Units produced: 143, 400 b) Direct Labor: 286,400 Hrs @ $18.10 c) FOH: $1,235,900 and d) VOH: $259,300

Compute the Variable Overhead Spending and Efficiency Variances.

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Accounting Basics: Compute variable overhead spending and efficiency variance

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Q : Compute variable overhead spending and efficiency variance

Gaillard computes its overhead rates using practical volume, which is 144,000 units. The actual results for the year are as follows a) Units produced: 143, 400 b) Direct Labor: 286,400 Hrs @ $18.10 c) FOH: $1,235,900 and d) VOH: $259,300

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Accounting Basics: Compute variable overhead spending and efficiency variance

Reference No:- TGS0702691

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Recent Questions Asked Accounting Basics

Q : What is the average rate of reaction over given time

Q : Who would be affected if person suggestion is followed

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Q : Compute variable overhead spending and efficiency variance

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Compute variable overhead spending and efficiency variance

Reference No:- TGS0702691

Recent Questions Asked Accounting Basics

Q : What is the average rate of reaction over given time

Q : Who would be affected if person suggestion is followed

Q : Calculate the equilibrium concentration

Q : Determine whether the equipment is impaired

Q : Compute variable overhead spending and efficiency variance

Q : Nearest tenth of a degree

Q : What is the the market interest rate

Q : How can managerial accounting support these changes

Q : The proper action to be taken

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