The overhead cost variances , Cost Accounting

The following facts have been extracted from the standard cost card for product X: 
      Variable overhead
          4 machine hours @ Rs.8.00/hour                                               32.00
        2 labour hours @ Rs. 4.00/ hour                                                  8.00
        Fixed overhead                                                                         20.00
 During  October  20X7,  5,450  units  of  the  product  were  made  compared  with  a  budgeted production target of 5,500 units. The actual overhead costs incurred were: 

        Machine-related variable overhead                                                 176,000
        Labour-related variable overhead                                                   42,000
        Fixed overhead                                                                           109,000
The original number of machine hours was 22,000 and the real number of labour hours was
(a)    Measure  the  overhead  cost  variances  in  as much  detail  as  possible  from  the  data given
(b)    Describe  the meaning  of,  and  discuss  the  variable  overhead  variances  that  you have calculated.  .  

Posted Date: 3/18/2013 6:45:31 AM | Location : United States

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