Question: 3M assesses standard costing with a standard variable overhead rate of $10/machine hour, actual rate $9.50/machine hour, standard hours 50,000, actual hours 52,000. Requirements: Calculate

  1. 3M assesses standard costing with a standard variable overhead rate of $10/machine hour, actual rate $9.50/machine hour, standard hours 50,000, actual hours 52,000.
    • Requirements:
      • Calculate the variable overhead spending variance.
      • Calculate the variable overhead efficiency variance.
      • Prepare a variance analysis report.
      • Recommend strategies to manage variable overhead costs.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

3M assesses standard costing with a standard variable overhead rate of $10/machine hour, actual rate $9.50/machine hour, standard hours 50,000, actual hours 52,000. Requirements: Calculate the...

Q:

Required information [The following information applies to the questions displayed below.] Mosaic Company applies overhead using machine hours and shows the following information. Actual hours of...

Q:

o Question Help The White Broad Company bakes baguettes for distribution to upscale grocery stores. The company has two direct cost categories direct materials and direct manufacturing labor Variable...

Q:

Vushon 1) Calendar Mat The standards for direct labor for a product are 25 hours at 8 er hour last month 9.000 units of the product were made and the labor efficiency variance was $8.000 F. The stual...

Q:

ACME manufacturing is a low-cost producer of a single, commodity product: RGL-01. Standard overhead cost information for one unit of this product is presented below: Standard number of machine hours...

Q:

1. The Fischer Corporation uses a standard costing system. The following data have been assembled for December: Actual direct labor-hours worked 5,700 hours Standard direct labor rate $8 per hour...

Q:

Tutorials Question 1 21 Marks-18 Minutes Supp 2013 Nov Design Plastics CC produces and sells one product only, the standard cost for which is Direct material 11 litres @ N$2.00 per kilogram N$ 22.00...

Q:

CH11-Q7) Overhead is applied to production based on standard labour hours. Sage Company Pronghorn Company Number of labour hours budgeted A 5,020 Standard variable overhead rate per labour hour $2 J...

Q:

Summary ProblemFour-Variance Breakdown of the Total Overhead Variance; Journal Entries ACME manufacturing is a low-cost producer of a single, commodity product: RGL-01. Standard overhead cost...

Q:

CH 11-Q7) Overhead is applied to production based on standard labour hours. Sage Company: Pronghorn Company: Number of labour hours budgeted A 5,020 Standard variable overhead rate per labour hour $2...

Q:

1. Was it appropriate for Lieutenant Smith to discuss an anonymous complaint regarding a minor infraction with Detective Smugs supervisor? 2. Why should the Greenfield Police Department be concerned...

Q:

Every year the Loebner prize is awarded to the program that comes closest to passing a version of the Turing test. Research and report on the latest winner of the Loehner prize. What techniques does...

Q:

Information on four investment proposals is given below: Investment Proposal Investment required S (720,000) (160,000) $(130,000) (1,560,000) 1,013,000 221,800 198,900 2,081,400 Present value of cash...

Q:

Alexa Cole owns a business called Alexa's Bakery. She has divided her business into two departments: breads and pastries. The following information is provided for the fiscal year ended June 30,...

Q:

1. Based on concepts discussed in this chapter, describe the factors that have contributed to 3M's new product success. 2. Is 3M's product development process customer centered? Why or why not? 3....

Q:

For each of the following independent situations, indicate the adjusting entry that must be made on the December 31, 2019, worksheet. Omit descriptions. a. On December 31, 2019, the Notes Receivable...

Q:

What amount of money invested now will provide payments of $500 at the end of every month for five years following a four-year period of deferral? The money will earn 7.2% compounded monthly.

Q:

Multiply Choice 1. Which of the following is not a characteristic of the strategic planning process? a. Emphasis on both the short and long run. b. Analysis of external economic factors. c. Review of...

Q:

Create a 200 word summary on the Juvenile Justice System than and today. Describe The Juvenile system and provide a generalizable definition. Highlight the issues in the Juvenile system and why this...

Q:

Do you believe tllat Green's five conditrons provide a useful tramewor1I for determining when 'Everybody's doing it' provides a legitimate justification for engaging in conduct that is undesirable...

Q:

Did New London treat Susette Keio and her neighbors fairly? Assuming tllat the proposed development would help to revitalize New Londoo, is it just for the city to appropriate private property around...

Q:

Are towns such as New London and Salina pursuing wise. beneficial, and progressive social policies, or are their actions socially harmful and biased against ordinary W0111ing people and...