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Records at the Farnsworth Corporation contained the following data for the most recent period of activity: Actual total direct labor cost Actual direct labor-hours worked Standard direct labor-hours allowed for actual output (flexible budget) Direct labor price variance $ 472,360 15,120 14,248 $45,500 F $ 347,500 $ 21 Actual variable overhead Standard variable overhead rate per standard direct labor-hour Variable overhead is applied based on standard direct labor-hours allowed. Required: Compute the labor and variable overhead price and efficiency variances. Note: Do not round Intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select elther option. Direct labor Price variance Efficiency variance Variable overhead: Price variance Efficiency variance

Records at the Farnsworth Corporation contained the following data for the most recent period of activity: Actual total direct labor cost Actual direct labor-hours worked Standard direct labor-hours allowed for actual output (flexible budget) Direct labor price variance $ 472,360 15,120 14,248 $45,500 F $ 347,500 $ 21 Actual variable overhead Standard variable overhead rate per standard direct labor-hour Variable overhead is applied based on standard direct labor-hours allowed. Required: Compute the labor and variable overhead price and efficiency variances. Note: Do not round Intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select elther option. Direct labor Price variance Efficiency variance Variable overhead: Price variance Efficiency variance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dineshbhai

Records at the Farnsworth Corporation contained the following data for the most recent period of activity: Actual total direct labor cost Actual direct labor-hours worked Standard direct labor-hours allowed for actual output (flexible budget) Direct labor price variance $ 472,360 15,120 14,248 $45,500 F $ 347,500 $ 21 Actual variable overhead Standard variable overhead rate per standard direct labor-hour Variable overhead is applied based on standard direct labor-hours allowed. Required: Compute the labor and variable overhead price and efficiency variances. Note: Do not round Intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select elther option. Direct labor Price variance Efficiency variance Variable overhead: Price variance Efficiency variance
Transcribed Image Text:Records at the Farnsworth Corporation contained the following data for the most recent period of activity: Actual total direct labor cost Actual direct labor-hours worked Standard direct labor-hours allowed for actual output (flexible budget) Direct labor price variance $ 472,360 15,120 14,248 $45,500 F $ 347,500 $ 21 Actual variable overhead Standard variable overhead rate per standard direct labor-hour Variable overhead is applied based on standard direct labor-hours allowed. Required: Compute the labor and variable overhead price and efficiency variances. Note: Do not round Intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select elther option. Direct labor Price variance Efficiency variance Variable overhead: Price variance Efficiency variance
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