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Superior Coop uses a standard cost system to account for the costs of its one product. Variable overhead is applied using direct labor hours. Standards allowed for each unit are 2.9 hours of labor at a variable overhead rate of $10. During November, Superior Coop produced 2,250 units. Payroll totaled $97,720 for 7,150 hours worked. Variable overhead incurred totaled $73,570.

a.Calculate the variable overhead rate variance. (Do not round your intermediate calculations. Input the amount as positive value. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)
Rate variance $ (Click to select) UnfavorableFavorableNone

b.Calculate the variable overhead efficiency variance. (Input the amount as positive value. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)

Efficiency variance $ (Click to select) Unfavorable or Favorable or None

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9957062

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