Pippin Inc. 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 June:
-The variable overhead rate variance for the month is closest to:
Definitions:
Liability Account
An accounting record that reports the amounts a company owes to creditors and other parties, often categorized as current or long-term.
Owner's Equity Account
Represents the total amount of capital the owner has in a business after liabilities have been subtracted from assets.
Transaction
An agreement or exchange between two parties that involves the sale, purchase, or trade of goods, services, or financial assets.
T-Account
A visual representation of a general ledger account that helps in understanding the effects of transactions on account balances.
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