Benjamin Inc

question 96

Essay

Benjamin Inc.uses a standard cost system and has the following information regarding the labor and overhead used in the production of widgets.Standard labor input is 2 hours per unit.The variable overhead rate is $8 per hour;fixed overhead is budgeted to be $100,000 on budgeted production of 8,000 widgets.During August,Benjamin Inc.paid its workers $161,670 for 16,800 hours.Actual variable overhead incurred totaled $133,560,and actual fixed overhead totaled $98,956.Benjamin Inc.produced 8,600 widgets during August.Calculate the:
a.variable overhead rate variance.
b.variable overhead efficiency variance.
c.fixed overhead spending variance.

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Definitions:

University Education

The level of education focusing on specialized study provided by universities and other higher education institutions, typically leading to a degree.

University Tuition

The fee charged by educational institutions for instruction and other services related to academic enrollment.

Annual Payments

Recurring payments made once a year, such as dividends on stocks or interest on a loan.

Adjustable Rate Mortgages

Home loans with interest rates that can change over time, typically in relation to an index or a predefined benchmark.