Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information.
Required:
Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw material on hand.
2. Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of directlabor hours. Information from LLL’s standard cost card follows:
During August, LLL had the following actual results:
Units produced and sold 24,800
Actual variable overhead $9,470
Actual direct labor hours 15,800
Required:
Compute LLL’s variable overhead rate variance, variable overhead efficiency variance, and over or under applied variable overhead.
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Variable Overhead Rate Variance |
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Variable Overhead Efficiency Variance |
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Variable Overhead Spending Variance |
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3. Olive Company makes silver belt buckles. The company’s master budget appears in the first column of the table.
Required:
Complete the table by preparing Olive’s flexible budget for Rs.5,700, 7,700 and 8,700 units.
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