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Exercise 11-12 Calculating Labor and Overhead Variances

Exercise 11-12 Calculating Labor and Overhead Variances
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Solution Guide / Answer Key:

ACCOUNTING

MT425 / MT 425
Managerial Finance and Accounting
Kaplan University (KU Campus)

James Jiambalvo
Managerial Accounting, 4e
Hoboken, NJ: John Wiley & Sons.

Unit 8: Budgets and Performance Evaluation

Chapter 11 Exercise 11-12 Calculating Labor and Overhead Variances [LO 3, 4] At the start of 2012, Textile Express Company determined its standard labor cost to be 2.5 hours per unit at $14.00 per hour. The budget for variable overhead was $8 per unit, and budgeted fixed overhead was $15,000 for the year. Expected annual production was 5,000 units. During 2012, the actual cost of labor was $14.25 per hour. Textile Express produced 4,800 units requiring 11,700 direct labor hours. Actual overhead for the year was $48,000.

Required
Calculate labor rate and efficiency variances and the controllable overhead variance and the overhead volume variance.

 

FILE: MS WORD

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