The Following Information Relates to Joplin Company for the Period

question 81

Essay

The following information relates to Joplin Company for the period just ended:
A.Calculate the spending and efficiency variances for variable overhead.
A.Spending variance: $37,000 - (40,500 * $1)= $3,500F
Efficiency variance: (40,500 *$1)- (82,000 * 0.5* * $1)= $500F
*Two units per hour = 0.5 hours per unit
B.Budget variance: ($121,000 - $37,000)- (40,000 * $2)= $4,000U
Volume variance: (40,000 * $2)- (82,000 *0.5* *$2)= $2,000F**
* Two units per hour = 0.5 hours per unit
**Some accountants choose to label a negative volume variance as "favorable," while others prefer to omit the unfavorable/favorable label altogether.
B.Calculate the budget and volume variances for fixed overheaD.

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Definitions:

During Meetings

Pertains to events, discussions, or activities that occur in the timeframe when a meeting is taking place.

Social Intelligence

The ability to navigate and negotiate complex social relationships and environments effectively.

Meeting Minutes

The written or recorded documentation of what was discussed and decided during a meeting, including actions taken or agreed upon.

Distributed Within

A term typically used to describe how resources, information, or responsibilities are spread across various parts or members within an organization or system.