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

Income from continuing operations before income tax, White Lightning Inc. r...

White Lightning Inc. report income from continuing operation before income taxes of $626,000 for the year ended 12/31/2004. During October of 2004, White Lightning elected to phase

Management accountant, Management accountants may or mayn't be CPAs. If a m...

Management accountants may or mayn't be CPAs. If a management accountant passes an examination prepared and graded by the Institute of Certified Management Accountants (ICMA) and m

Fifo cost flow assumption , 1.   Under the FIFO Cost Flow Assumption durin...

1.   Under the FIFO Cost Flow Assumption during a period of inflation, which of the following is false? WHICH OF THE FOLLOWING IS NOT TRUE a.   Income tax expenses will be hig

One of the companies for which you provide accounting, One of the companies...

One of the companies for which you provide accounting services offers office cleaning services and has 8 customers. Cleaning services are provided in the evenings, Sunday throu

Inventory or incidental cost, While perusing medical practice, is the cost ...

While perusing medical practice, is the cost of supplies, for patients on site, considered as an inventory, or an incidental cost? With 2 million in sales the chemotherapy medicine

Determine statement that indicate manufacturing diversity, Examine each of ...

Examine each of the items listed below to determine which items include statements that 3) would indicate that manufacturing diversity exists. Required: Label the items that inc

Illustrate about corporation, Q. Illustrate about corporation? A corpor...

Q. Illustrate about corporation? A corporation is an incorporated business under the laws of a state and owned by a few stockholders or thousands of stockholders. Approximately

Calculate price earnings ratio and payout ratio, Discuss and give reasons w...

Discuss and give reasons why a business would act in a socially responsible manner. Part A:  'Two of the key accounting reports available to users of accounting informati

Genentech, Genentech, Inc. is a California-based biotech pioneer recently a...

Genentech, Inc. is a California-based biotech pioneer recently acquired by Swiss pharmaceutical giant Roche Holding AG. Roche paid $46.8 billion in cash for the 44 percent of Gen

What is sweep account, A sweep account is actually a grouping of two or mor...

A sweep account is actually a grouping of two or more accounts at a bank. It is useful in managing a steady cash flow among a cash account where scheduled payments are made from an

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