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Can someone please assist me in interpreting and understanding this following?
Q: At the commencement of the financial year a business estimated that their overhead would be $720,000 and their direct labour costs would be $1.44 million.
At the end of the financial year the actual data reveals that the overhead was $770,000. Direct labour cost was calculated to be $1.54 million.
The business uses normal costing and applies overhead on the basis of direct labour cost. The cost of goods sold before making adjustments for any overhead variance is $856,000.
Calculate the overhead variance for the year and dispose of the overhead variance by adjusting the costs of goods sold.
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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