Extracts from a company's records from last period are as follows.
Budget
Actual
Production
1,925
units
2,070
Variable production overhead cost
$11,550
$14,904
Labour hours worked
5,775
8,280
What are the variable production overhead variances for last period?
Expenditure
Efficiency
$1,656 (F)
$4,140 (A)
$3,354 (A)
$3,726 (A)
$2,070 (A)
The correct answer is:
Standard variable production overhead cost per hour = $11,550 ¸ 5,775 = $2
8,280 hours of variable production overhead should cost (´ $2)
but did cost
Variable production overhead expenditure variance
(F)
Standard time allowed for one unit = 5,775 hours ¸ 1,925 units = 3 hours
2,070 units should take (´ 3 hours)
hours
but did take
Efficiency variance in hours
hours (A)
´ standard variable production overhead cost per hour
Variable production overhead efficiency variance
(A)
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