Patton Corp

question 4

Essay

Patton Corp.uses a standard cost system to account for the costs of its one product.Budgeted fixed overhead is $75,000,budgeted production is 2,500 per month,and practical capacity is 3,000 units.During November,Patton produced 2,400 units.Fixed overhead incurred totaled $70,310.
Assume Patton calculates its fixed overhead rate based on budgeted production.
a.What is the fixed overhead rate?
b.What is the fixed overhead volume variance?
c.By how much was fixed overhead over- or underapplied?
Now assume Patton calculates its fixed overhead rate based on practical capacity.
d.What is the fixed overhead rate?
e.What is the expected (planned)capacity variance?
f.What is the unexpected (unplanned)capacity variance?
g.By how much was fixed overhead over- or underapplied?

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Definitions:

Social Interaction

The process by which individuals act and react in relation to others, involving communication, shared norms, and behaviors within a society.

Put Down Jokes

Humorous remarks intended to mock, insult, or belittle someone, often used as a form of social interaction or criticism.

Group Norms

Shared guidelines or expectations on behavior within a group, dictating how members should act.

Status Hierarchy

A system of social ranking within a society, where individuals or groups are classified based on prestige, honor, and social standing.