Sade Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.
The company has reported the following actual results for the product for December:
Required:a. Compute the variable overhead rate variance for December.b. Compute the variable overhead efficiency variance for December.
Definitions:
Equilibrium
A state in which market supply and demand balance each other, resulting in stable prices.
Quantity Demanded
The complete quantity of a product or service that consumers are eager and financially able to acquire at a certain price.
Quantity Supplied
The overall quantity of a particular product or service that vendors are willing and prepared to trade at an agreed price during a defined time period.
Supply Increase
A situation in economics where the quantity of goods or services offered by businesses grows, typically leading to lower prices if demand remains constant.
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