Oliver Corporation Uses a Standard Cost System When Accounting for Its

question 66

Essay

Oliver Corporation uses a standard cost system when accounting for its sole product. Planned production is 70,000 process hours per month, which gives rise to the following per-unit standards:
Variable overhead: 15 hours at $15 per hour
Fixed overhead: 15 hours at $8 per hour
During March, 5,100 units were produced and Oliver incurred the following overhead costs: variable, $842,500; fixed, $329,000. Actual process hours totalled 75,000.
Required:
A. Calculate the spending and efficiency variances for variable overhead.
B. Calculate the budget and volume variances for fixed overhead.

Recognize the significance of simplicity and clarity when presenting to an international audience.

Understand the common purposes of business presentations and strategies to achieve them.

Learn the principles for organizing content in short and long presentations.

Acknowledge techniques for initiating and concluding presentations to maximize audience retention of the message.

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Definitions:

British Philosopher

A scholar from the United Kingdom who engages in the study of philosophy, exploring fundamental questions about existence, knowledge, values, reason, mind, and language.

Enlightenment Thinker

Intellectuals of the 18th-century Enlightenment period who advocated for reason, science, and the questioning of traditional doctrines, contributing to significant societal and political changes.

John Locke

A 17th-century English philosopher known for his contributions to liberal political philosophy, empiricism, and social contract theory.

Largest Export

The product or service that represents the highest value of exports from a country to international markets.