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

What is merchandise returns, What is Merchandise returns A Return is...

What is Merchandise returns A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reductio

Altona company, The balance sheet account as of July 31, 1995 for altona co...

The balance sheet account as of July 31, 1995 for altona company are as follows: Capital: (fix lib)                  35,630 Office Equipment (ass)         16730 Delivery Truck

Samuel, what is the implication of applying accounting concept wrongly

what is the implication of applying accounting concept wrongly

Preoaration of journal entries for partnership liquadation.., tugade ,masin...

tugade ,masinsin and biore are all famous athletes who have been operating a sports memorabilia store for how many years .The partnership decided to liquadate its operation rather

Cost of capital, Provide an argument for including or not including current...

Provide an argument for including or not including current liabilities in the cost of capital calculation

Course project, how to develop a course project having to do with writing n...

how to develop a course project having to do with writing notes for a fictitious annual report

Explain in brief about the purchases account, Explain in brief about the pu...

Explain in brief about the purchases account  keeps a record of cost of merchandise purchased for resale during an accounting period. Assets are recorded as assets-not pu

Balance sheet, 1.A business man strated business with 100million on the ba...

1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let

Determine about the debit memorandum, Determine about the Debit memorandum ...

Determine about the Debit memorandum A debit memorandum is the buyer's written request to seller for credit. Individual account is debited to reduce the amount which they nee

State about the cash payments journal, State about the Cash payments journa...

State about the Cash payments journal A special journal used to record any payment of cash. There would be a check number given to be recorded in journal as well. Source docume

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