Efficiency variances , Accounting Basics

Assignment Help:

Jackson Corporation uses a standard cost system, concerned manufacturing overhead on the basis of machine hours. The company's overhead standards per unit are given below.

Variable overhead: 4 hours at $9 per hour.

Fixed overhead: 4 hours at $6* per hour.

Based on planned monthly activity of 120,000 machine hours.

Real data for May were:

Number of units produced: 29,000.

Number of machine hours worked: 125,000.

Variable overhead costs incurred: $1,085,000.

Fixed overhead costs incurred: $755,000.

 

Required:

A. Determine the spending and efficiency variances for variable overhead.

B. Determine the budget and volume variances for fixed overhead.

 


Related Discussions:- Efficiency variances

How to deal with this problem?, How to create account for barter transactio...

How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.

Accounting system in india.., procedure followed in government system of ac...

procedure followed in government system of accounting in india

A firm''s __________ account is categorized, A firm's __________ account is...

A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory

What is the gross income from the distribution?, Zack is a farmer who buys ...

Zack is a farmer who buys his feed and fertilizer from a farmer cooperative. In 2012, Zack purchased $300,000 in feed and fertilizer for the farm and $10,000 of household goods. Be

Calculate breakeven analysis, Breakeven Analysis - I really need help calcu...

Breakeven Analysis - I really need help calculating this. Our company's breakeven point occurs after the agency consecutively yields two months of positive net income. This a

Ratio, How does contribution margin work?

How does contribution margin work?

Assets, list me all the asset in the world?

list me all the asset in the world?

Show purchase returns and allowances account, Q. Show Purchase Returns and ...

Q. Show Purchase Returns and Allowances account? Both allowances and returns reduce the buyer's debt to the seller and decrease the cost of the goods purchased. The buyer may d

Creditors, Creditors: this may be short or long-term lenders. Short-term c...

Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term

What is deferred profit, A portion of company profits allocated by an emplo...

A portion of company profits allocated by an employer, in good years, to an employee's trust.Contributions on behalf of every employee are expressed as a percentage of salary with

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd