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Required information SB (Algo) The Platter Valley factory of Bybee Industries... [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $10,045 variable factory overhead cost, $88,150 for fixed factory overhead cost and 2,050 direct labor hours (its practical capacity) to manufacture 4,100 pairs of boots in March. The factory used 3,800 direct labor hours in March to manufacture 3,900 pairs of boots and spent $16,900 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $91,250. Exercises 15-29 (Algo) Variable Factory Overhead Variances; Journal Entries [LO 15-2, 15-3] Required: Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variance for ariable factory overhead for March and state whether each variance is favorable (F) or unfavorable (U). 2. Provide the appropriate journal entry to record the variable overhead spending variance and a second entry to record the variable jverhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs Required information SB (Algo) The Platter Valley factory of Bybee Industries... [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $10,045 variable factory overhead cost, $88,150 for fixed factory overhead cost and 2,050 direct labor hours (its practical capacity) to manufacture 4,100 pairs of boots in March. The factory used 3,800 direct labor hours in March to manufacture 3,900 pairs of boots and spent $16,900 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $91,250. Exercises 15-30 (Algo) Fixed Factory Overhead Cost Variances; Journal Entries [LO 15-2, 15-3] Required: 1. Compute the fixed overhead spending (budget) variance and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). 2. Compute the fixed overhead flexible-budget variance for March. Is this variance favorable (F) or unfavorable (U) ? 3. Provide the appropriate journal entry to record the fixed overhead spending variance and the appropriate journal entry to record the production volume variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs. Required information SB (Algo) The Platter Valley factory of Bybee Industries... [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $10,045 variable factory overhead cost, $88,150 for fixed factory overhead cost and 2,050 direct labor hours (its practical capacity) to manufacture 4,100 pairs of boots in March. The factory used 3,800 direct labor hours in March to manufacture 3,900 pairs of boots and spent $16,900 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $91,250. Exercises 15-31 (Algo) Three-Variance vs. Four-Variance Analysis of the Total Factory Overhead Cost Variance [LO 15-2, 15-3] The Platter Valley factory of Bybee Industries currently uses a four-variance analysis of the total factory overhead cost variance but is thinking of changing to a three-variance analysis. Required: 1. Compute the total overhead spending variance, the (variable overhead) efficiency variance, and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries at the end of March to record each of the following: (a) the total overhead spending variance, (b) the (variable overhead) efficiency variance, and (c) the production volume variance. Assume that all overhead costs are recorded in a single account called "Factory Overhead." SB (Algo) The Platter Valley factory of Bybee Industries... [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $10,045 variable factory overhead cost, $88,150 for fixed factory overhead cost and 2,050 direct labor hours (its practical capacity) to manufacture 4,100 pairs of boots in March. The factory used 3,800 direct labor hours in March to manufacture 3,900 pairs of boots and spent $16,900 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $91,250. Exercises 15-32 (Algo) Two-Variance vs. Four-Variance Breakdown of the Total Factory Overhead Cost Variance [LO 15-2] The Platter Valley factory of Bybee Industries uses a two-variance analysis of the total factory overhead variance. Required: 1. Compute the total flexible-budget variance for overhead and the production volume variance for March. What was the total factory overhead cost variance for March? Indicate whether each variance is favorable (F) or unfavorable (U). 2. Determine the three components of the total flexible-budget variance for overhead (i.e., the variable overhead spending variance, the variable overhead efficiency variance, and the fixed overhead spending variance); in addition, show the production volume variance for March. Indicate whether each variance is favorable (F) or unfavorable (U). Required information SB (Algo) The Platter Valley factory of Bybee Industries... [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $10,045 variable factory overhead cost, $88,150 for fixed factory overhead cost and 2,050 direct labor hours (its practical capacity) to manufacture 4,100 pairs of boots in March. The factory used 3,800 direct labor hours in March to manufacture 3,900 pairs of boots and spent $16,900 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $91,250. Exercises 15-29 (Algo) Variable Factory Overhead Variances; Journal Entries [LO 15-2, 15-3] Required: Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variance for ariable factory overhead for March and state whether each variance is favorable (F) or unfavorable (U). 2. Provide the appropriate journal entry to record the variable overhead spending variance and a second entry to record the variable jverhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs Required information SB (Algo) The Platter Valley factory of Bybee Industries... [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $10,045 variable factory overhead cost, $88,150 for fixed factory overhead cost and 2,050 direct labor hours (its practical capacity) to manufacture 4,100 pairs of boots in March. The factory used 3,800 direct labor hours in March to manufacture 3,900 pairs of boots and spent $16,900 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $91,250. Exercises 15-30 (Algo) Fixed Factory Overhead Cost Variances; Journal Entries [LO 15-2, 15-3] Required: 1. Compute the fixed overhead spending (budget) variance and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). 2. Compute the fixed overhead flexible-budget variance for March. Is this variance favorable (F) or unfavorable (U) ? 3. Provide the appropriate journal entry to record the fixed overhead spending variance and the appropriate journal entry to record the production volume variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs. Required information SB (Algo) The Platter Valley factory of Bybee Industries... [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $10,045 variable factory overhead cost, $88,150 for fixed factory overhead cost and 2,050 direct labor hours (its practical capacity) to manufacture 4,100 pairs of boots in March. The factory used 3,800 direct labor hours in March to manufacture 3,900 pairs of boots and spent $16,900 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $91,250. Exercises 15-31 (Algo) Three-Variance vs. Four-Variance Analysis of the Total Factory Overhead Cost Variance [LO 15-2, 15-3] The Platter Valley factory of Bybee Industries currently uses a four-variance analysis of the total factory overhead cost variance but is thinking of changing to a three-variance analysis. Required: 1. Compute the total overhead spending variance, the (variable overhead) efficiency variance, and the production volume variance for March and indicate whether each variance is favorable (F) or unfavorable (U). 2. Prepare the appropriate journal entries at the end of March to record each of the following: (a) the total overhead spending variance, (b) the (variable overhead) efficiency variance, and (c) the production volume variance. Assume that all overhead costs are recorded in a single account called "Factory Overhead." SB (Algo) The Platter Valley factory of Bybee Industries... [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. The company budgeted $10,045 variable factory overhead cost, $88,150 for fixed factory overhead cost and 2,050 direct labor hours (its practical capacity) to manufacture 4,100 pairs of boots in March. The factory used 3,800 direct labor hours in March to manufacture 3,900 pairs of boots and spent $16,900 on variable overhead during the month. The actual fixed overhead cost incurred for the month was $91,250. Exercises 15-32 (Algo) Two-Variance vs. Four-Variance Breakdown of the Total Factory Overhead Cost Variance [LO 15-2] The Platter Valley factory of Bybee Industries uses a two-variance analysis of the total factory overhead variance. Required: 1. Compute the total flexible-budget variance for overhead and the production volume variance for March. What was the total factory overhead cost variance for March? Indicate whether each variance is favorable (F) or unfavorable (U). 2. Determine the three components of the total flexible-budget variance for overhead (i.e., the variable overhead spending variance, the variable overhead efficiency variance, and the fixed overhead spending variance); in addition, show the production volume variance for March. Indicate whether each variance is favorable (F) or unfavorable (U)