The Following Information Relates to Regency Manufacturing's Overhead Costs for the Month

question 2

Essay

The following information relates to Regency Manufacturing's overhead costs for the month:
$$\begin{array} { | l | l | } \hline \text { Static budget variable overhead } & \$ 14,200 \\\hline \text { Static budget fixed overhead } & \$ 5,600 \\\hline \text { Static budget direct labor hours } & 1,000 \text { hours } \\\hline \text { Static budget number of units } & 5,000 \text { units } \\\hline\end{array}$$ Regency allocates manufacturing overhead to production based on standard direct labor hours.
Regency reported the following actual results for last month: actual variable overhead,$14,500; actual fixed overhead,$5,400; actual production of 4,700 units at 0.22 direct labor hours per unit.The standard direct labor time is 0.20 direct labor hours per unit.
Compute the variable overhead cost variance.(Round the answer to the nearest dollar. )

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Definitions:

Production Cost-curves

Graphical representations that show the relationship between the cost of production and the quantity of output produced.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on factors like willingness to pay, market conditions, or customer attributes.

Deadweight Loss

Deadweight loss occurs when an economy's total welfare is not maximized, resulting from inefficiencies such as taxes or subsidies that distort market equilibrium.