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Category > Accounting Posted 19 Aug 2017 My Price 13.00

Morril’s Small Motor Division

Problem 11-55 Overhead Variance Analysis

The Lubbock plant of Morril’s Small Motor Division produces a major subassembly for a 6.0 horsepower motor for lawn mowers. The plant uses a standard costing system for production costing and control. The standard cost sheet for the subassembly follows:

 

Direct materials (6.0 lbs. @ $5.00)

$30.00

Direct labor (1.6 hrs. @ $12.00)

19.20

VOH (1.6 hrs. @ $10.00)

16.00

FOH (1.6 hrs. @ $6.00)

9.60

Standard unit cost

$74.80

During the year, the Lubbock plant had the following actual production activity: (a) Production of motors totaled 50,000 units; (b) The company used 82,000 direct labor hours at a total cost  of

$1,066,000; (c) Actual fixed overhead totaled $556,000; and (d) Actual variable overhead totaled

$860,000.

The Lubbock plant’s practical activity is 60,000 units per year. Standard overhead rates are computed based on practical activity measured in standard direct labor  hours.

 

 

 

 

 

Chapter 11   Flexible Budgets and Overhead Analysis                                                                     519

 

 

Required:

1.       Compute the variable overhead spending and efficiency variances.

2.       CONCEPTUAL CONNECTION Compute the fixed overhead spending and volume varian- ces. Interpret the volume variance. What can be done to reduce this variance?

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Status NEW Posted 19 Aug 2017 05:08 PM My Price 13.00

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