Questions 24 to 26 are based on the following flexible budget of factory overhead for Ritz...

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Questions 24 to 26 are based on the following flexible budget of factory overhead for Ritz Company: Percentage of Normal Capacity Variable Overhead 90% 216,000 240,000 264,000 120,000 120,000 120,000 336,000 360,000 384,000 100% 110% Fixed Overhead According to the standards established, when operating at normal capacity of 120,000 machine hours, 60,000 units of product should be produced. Last year, the company produced 42,000 units of product in 96,000 machine hours. The total variable overhead for the year was P197,500 and the total fixed overhead amounted to P124,000. 24. The total overhead variance is: 25. The overhead controllable variance is: 26. The overhead volume variance is: 27. Leroy Company uses two-way analysis for overhead variances. Selected data for April 2018 production activity are as follows: Actual variable factory overhead incurred Standard variable factory overhead rate per hour Standard direct labor hours allowed Actual direct labor hours The budgeted fixed overhead is the same as the actual fixed overhead. What was the overhead controllable variance? 28. Normal Capacity for one month is 150,000 direct labor hours with budgeted fixed overhead of P105,000. Actual hours are 125,000 and the standrd hours allowed for the actual production are 122,500. What is the overhead colume variance: 29. The following informatio is available: Standard hours allowed for actual production Standard overhead rate per hour Actual Overhead 23,500 P6 P145,320 Overhead volume variance What is the overhead controllable variance? 30. The following information is available: Standard hours allowed for actual production Normal Capacity (in hours) Standard variable overhead rate Controllable variance Actual overhead What is the overhead volume variance? P2,000 unfavorable 12,400 15,000 P3 P3,060 Favorable P49,140 31. Tulips Company had the following factory overhead variances: Efficiency variance Controllable variance Production volume variance What is the over-all factory overhead variance? 32. The following information is available: P8,000 unfavorable 12,000 unfavorable 20,000 unfavorable Actual overhead Volume variance Total overhead variance Normal Capacity P25,760 P1,200 unfavorable P5,260 unfavorable Standard fixed overhead rate 4,500 hours P3 per hour What is the standard hours allowed for the actual production? Questions 24 to 26 are based on the following flexible budget of factory overhead for Ritz Company: Percentage of Normal Capacity Variable Overhead 90% 216,000 240,000 264,000 120,000 120,000 120,000 336,000 360,000 384,000 100% 110% Fixed Overhead According to the standards established, when operating at normal capacity of 120,000 machine hours, 60,000 units of product should be produced. Last year, the company produced 42,000 units of product in 96,000 machine hours. The total variable overhead for the year was P197,500 and the total fixed overhead amounted to P124,000. 24. The total overhead variance is: 25. The overhead controllable variance is: 26. The overhead volume variance is: 27. Leroy Company uses two-way analysis for overhead variances. Selected data for April 2018 production activity are as follows: Actual variable factory overhead incurred Standard variable factory overhead rate per hour Standard direct labor hours allowed Actual direct labor hours The budgeted fixed overhead is the same as the actual fixed overhead. What was the overhead controllable variance? 28. Normal Capacity for one month is 150,000 direct labor hours with budgeted fixed overhead of P105,000. Actual hours are 125,000 and the standrd hours allowed for the actual production are 122,500. What is the overhead colume variance: 29. The following informatio is available: Standard hours allowed for actual production Standard overhead rate per hour Actual Overhead 23,500 P6 P145,320 Overhead volume variance What is the overhead controllable variance? 30. The following information is available: Standard hours allowed for actual production Normal Capacity (in hours) Standard variable overhead rate Controllable variance Actual overhead What is the overhead volume variance? P2,000 unfavorable 12,400 15,000 P3 P3,060 Favorable P49,140 31. Tulips Company had the following factory overhead variances: Efficiency variance Controllable variance Production volume variance What is the over-all factory overhead variance? 32. The following information is available: P8,000 unfavorable 12,000 unfavorable 20,000 unfavorable Actual overhead Volume variance Total overhead variance Normal Capacity P25,760 P1,200 unfavorable P5,260 unfavorable Standard fixed overhead rate 4,500 hours P3 per hour What is the standard hours allowed for the actual production?

Answer rating: 100% (QA)

Answer 24 The total overhead variance can be calculated by subtracting the actual overhead from the budgeted overhead Total Overhead Variance Budgeted Overhead Actual Overhead For the given data the b... View the full answer