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The Milling Department uses standard machine hours to allocate overhead to products. Budgeted volume for the year was 36,000 machine hours. A flexible budget is used to set the overhead rate. Fixed overhead is budgeted to be $720,000 and variable overhead is estimated to be $10 per machine hour.During the year, two products are milled. The following table summarizes operations.
Product 1
Units milled 10,500Standard machine per unit 2Actual machine hours used 23,000
Product 2
Units milled 12,000Standard machine per unit 1Actual machine hours used 13,000Actual overhead during the year was $1.1 million.
Calculate all the relevant overhead variances for the department, and write a memo that describes what each one means.
Prepare journal entries to record the selected July transactions. Also prepare any footnotes to the July 31 financial statements that result from these transactions
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Refer to the information in Problem 20-5B. Assume that Switch uses the FIFO method to account for its process costing system.
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relationship between revenue and variable costs will not change but fixed cost will increase
Prepare the journal entry to charge overhead costs to the Goods in Process Inventory account and to record any variances.
George Ltd manufactures two types of coils used in electric motors. The two types are: C20 and D40. They both require plastic and metal
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