Littleton Manufacturing Uses a Standard Cost System in Which Manufacturing

question 6

Essay

Littleton Manufacturing uses a standard cost system in which manufacturing overhead is applied to units of product on the basis of standard machine-hours. At standard, each unit of product requires one machine-hour to complete. The standard variable overhead is $1.80 per machine-hour and $432,000 per year. The denominator level of activity is 120,000 machine-hours, or 120,000 units. Actual data for the year were as follows: Required:
a. What are the predetermined variable and fixed manufacturing overhead rates?
b. Compute the variable overhead rate and efficiency variances.
c. Compute the fixed manufacturing overhead budget and volume variances.

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Definitions:

Repeating

The act of duplicating or stating something again or multiple times, which can be used as a tactic for emphasis or clarification.

Exchange

denotes the act of giving one thing and receiving another between parties, often in the context of goods, services, or information.

Compliance

The act of conforming to or following rules, standards, or laws, or the state of being in accordance with established guidelines or specifications.

Cooperation

The process of working together towards the same end or to accomplish a shared goal.