Sinclair Manufacturing Uses a Standard Cost System

question 102

Essay

Sinclair Manufacturing uses a standard cost system.The T-account for manufacturing overhead is shown below:
In addition to the above,Sinclair calculated the following overhead variances:
Variable overhead cost variance: $5,000 F
Variable overhead efficiency variance: $4,850 U
Fixed overhead cost variance: $1,200 F
Fixed overhead volume variance: $3,350 U
Prepare the journal entry to close the manufacturing overhead account and record the overhead variances.

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Definitions:

Physiology

The branch of biology that deals with the normal functions of living organisms and their parts.

Social Desirability

The tendency to answer questions or behave in a manner that is viewed favorably by others, often leading to distortion in self-report measures.

Triangulation

The use of more than one method or source to validate the findings and enhance the credibility of research or data.

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