Great Ohio Company reported the following data to be used by its management accountant in performing...

 

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Great Ohio Company reported the following data to be used by its management accountant in performing variance analysis. Manufacturing overhead costs of this company is allocated on machine hour's basis. Direct labor hours. Machine hours Units of output Direct material quantity Direct material cost Direct labor cost Variable manufacturing overhead cost Fixed manufacturing overhead cost Budgeted 260 hours 390 hours 1,300 units 3,900 kilos $0.50 per kilo $13 per direct labor hour $3,900 $8,190 Actual Requirements: 1) Determine Direct Material Price Variance of the company 2) Determine Direct Material Quantity Variance of the company 3) Determine Direct Labor Rate Variance of the company 4) Determine Direct Labor Efficiency Variance of the company 5) Determine Variable Overhead Spending Variance of the company 6) Determine Variable Overhead Efficiency Variance of the company 7) Determine Fixed Overhead Budget Variance of the company 8) Determine Fixed Overhead Volume Variance of the company 315 hours 440 hours 1,520 units 4,050 kilos $2,835 $3,150 $4,300 $10,010 Great Ohio Company reported the following data to be used by its management accountant in performing variance analysis. Manufacturing overhead costs of this company is allocated on machine hour's basis. Direct labor hours. Machine hours Units of output Direct material quantity Direct material cost Direct labor cost Variable manufacturing overhead cost Fixed manufacturing overhead cost Budgeted 260 hours 390 hours 1,300 units 3,900 kilos $0.50 per kilo $13 per direct labor hour $3,900 $8,190 Actual Requirements: 1) Determine Direct Material Price Variance of the company 2) Determine Direct Material Quantity Variance of the company 3) Determine Direct Labor Rate Variance of the company 4) Determine Direct Labor Efficiency Variance of the company 5) Determine Variable Overhead Spending Variance of the company 6) Determine Variable Overhead Efficiency Variance of the company 7) Determine Fixed Overhead Budget Variance of the company 8) Determine Fixed Overhead Volume Variance of the company 315 hours 440 hours 1,520 units 4,050 kilos $2,835 $3,150 $4,300 $10,010

Answer rating: 100% (QA)

1 The Direct Material Price Variance is the difference between the actual cost of direct materials and the budgeted cost of direct materials multiplied by the actual quantity of direct materials used ... View the full answer