Gleason Company has developed the following standard cost data based on 60,000 direct labor hours,which is 75% of capacity.Fixed overhead is $360,000 and variable overhead is $180,000 at this level of activity.
During the current period,the company operated at 80% of capacity and produced 128,000 units.Actual costs were:
Calculate the variable overhead spending and efficiency variance and the fixed overhead spending and volume variances.Indicate whether each is favorable or unfavorable.
Definitions:
Average
A statistic specifying the sum of the values that the items in a class have on a quantitative variable P, divided by the number of items.
Distribution
In logic, refers to the way a term is used in a categorical proposition to apply to all members of its category, also relevant in mathematical operations and probability theory.
Relative Frequency
The ratio of the number of times a specific event occurs to the total number of events.
Bridesmaids
Women selected to accompany and assist a bride at her wedding.
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