The Matten Company Has Developed Standard Overhead Costs Based Upon

question 136

Essay

The Matten Company has developed standard overhead costs based upon a capacity of 180,000 direct labor hours: $$\begin{array} { | l | l | r | } \hline \text { Standard costs per unit: } & & \\\hline \text { Variable portion } & 2 \text { hours } @ \$ 3 = & \$ 6 \\\hline \text { Fixed portion } & 2 \text { hours } @ \$ 5 = & \underline { 10} \\\hline & & \$ 16 \\\hline\end{array}$$
During April,85,000 units were scheduled for production;however,only 80,000 units were actually produced.The following data relate to April:
Actual direct labor cost incurred was $644,000 for 165,000 actual hours of work.Actual overhead incurred totaled $1,378,000;$518,000 variable and $860,000 fixed.All inventories are carried at standard cost.Required:
(Be sure to indicate whether the variances are favorable or unfavorable. )
a.Compute the fixed overhead spending (budget)variance.b.Compute the production volume variance.

Assess the role of religion and ideology in colonial American society.

Identify the factors leading to changes in the North American landscape due to migration.

Evaluate the influence of European goods on Native American life and culture.

Understand the dynamics of slavery, resistance, and laws governing slaves in colonial America.

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Definitions:

Market Price

The ongoing value at which an item or service is available for buy or sale within a market context.

Economic Welfare

The overall well-being and standard of living of people in an economy, often measured in terms of income, health, and education.

Social Planner

A theoretical decision-maker who aims to achieve the best possible outcomes for a society, considering all available information and societal preferences.

Producer Surplus

The difference between what producers are willing to sell a good for and the price they actually receive, signifying the benefit to producers from trade.