Reference no: EM133177945
Question - QRS Company produces custom-made furniture. The manufacturing overhead is applied based on the total cost of direct labor. The company estimated the manufacturing overhead to be 4,000,000 and the direct labor cost to be 3,200,000. Actual costs incurred throughout the year are as follow:
Total Manufacturing Cost 9,000,000
Direct Materials 4,500,000
Total Actual Overhead Cost 2,710,000
Inventory balances are as follow:
January 01, 2021 December 31, 2021
Work-in-Process 0 2,000,000
Finished Goods 9,000,000 7,000,000
Required -
1. Compute the Factory Overhead Variance (write in absolute value)?
2. Assume the variance is significant, what is the adjusted CGS?
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