1 answer

Exercise 6-21 Your answer is partially correct. Try again. The following information is available for Swifty's...

Question:

Exercise 6-21 Your answer is partially correct. Try again. The following information is available for Swiftys Hot Dogs: Actu

Exercise 6-21 Your answer is partially correct. Try again. The following information is available for Swifty's Hot Dogs: Actual production Budgeted production Standard direct labor hours Actual direct labor hours Standard variable overhead rate Actual variable overhead costs 11,620 packages 12,500 packages 1.52 direct labor hours per package 18,731 $3 per direct labor hour $47,743 Calculate the variable overhead spending and efficiency variances. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter o for the amounts.) Variable overhead spending variance $ 1069|| Unfavorable v Variable overhead efficiency variance $

Answers

Variable overhead spending variance = $ 5,244 Favorable

Variable overhead efficiency variance = $ 3,206 Unfavorable

Working

Variable Overhead Spending Variance
( Standard Cost - Actual Cost )
( $         52,987.20 - $           47,743.00 )
5244.2
Variance $             5,244.20 Favourable-F

.

Variable Overhead Efficiency Variance
( Standard Hours - Actual Hours ) x Standard Rate
( 17662.4 - 18731 ) x $              3.00
$         (3,205.80)
Variance $             3,2056 Unfavourable-U

.

Standard DATA for 11620 Units
Quantity (SQ) Rate (SR) Standard Cost
[A] [B] [A x B]
Variable Overhead ( 1.52 Hour x 11620 Units)=17662.4 Hour $                   3.00 $            52,987.20

.

Actual DATA for 11620 Units
Quantity (AQ) Rate (AR) Actual Cost
Variable Overhead 18731 $            2.55 $          47,743.00
.

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