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Category > Accounting Posted 19 Aug 2017 My Price 8.00

Lopez Company

Exercise 11-36 Overhead Variances

At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products:

 

 

 

 

 

Direct materials (4 lbs. @ $2.80)

$11.20

Direct labor (2 hrs. @ $18.00)

36.00

FOH (2 hrs. @ $5.20)

10.40

VOH (2 hrs. @ $0.70)

1.40

Standard cost per unit

$59.00

 
 

(Continued)

 

 

 

 

 

Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours  at

$18.10; (c) FOH: $831,000; and (d) VOH:  $112,400.

Required:

1.       Compute the variable overhead spending and efficiency variances.

2.       Compute the fixed overhead spending and volume variances.

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 03:08 PM My Price 8.00

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