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slega [8]
3 years ago
13

During the year, Octagon produced 8,000 units, used 24,000 direct labor hours, and incurred variable overhead of $120,000. Budge

ted variable overhead for the year was $90,000. The hours allowed per unit are 2. The standard variable overhead rate is $3.00 per direct labor hour. The variable overhead spending variance is:
Business
1 answer:
Natali5045456 [20]3 years ago
7 0

Answer:

Manufacturing overhead rate(spending) variance= $24,000 favorable

Explanation:

Giving the following information:

Actual direct labor hours= 24,000

Octagon produced 8,000 units and incurred a variable overhead of $120,000.

The hours allowed per unit are 2. The standard variable overhead rate is $3.00 per direct labor hour.

To calculate the variable overhead spending variance, we need to use the following formula:

Manufacturing overhead rate(spending) variance= (standard rate - actual rate)* actual quantity

Actual rate= 120,000/24,000= 5

Manufacturing overhead rate variance=  (6 - 5)*24,000

Manufacturing overhead rate variance= $24,000 favorable

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uysha [10]

Answer:

a). Accounting profits=$6,000

b). Economic profit=-$6,000

Explanation:

a). The accounting profits for Gomez's pottery firm can be expressed in the form;

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where;

Total monetary revenue=$86,000

Total monetary expenses=excludes opportunity cost=wages+rent+materials+equipment=(14,500+7,500+18,000+40,000)=$80,000

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Accounting profits=(86,000-80,000)=$6,000

Accounting profits=$6,000

b). Gomez's economic profit

Economic profit=Total revenue-total costs

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Total revenue=(86,000+5,000+6,000)=97,000

Total costs includes opportunity cost=(80,000+23,000)=103,000

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Economic profit=(97,000-103,000)=-$6,000

Economic profit=-$6,000

6 0
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<u>Answer:</u> Option 1 and Option 5

<u>Explanation:</u>

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Another result of government regulation is to control the externalities created by these business structures. Government ensures there is no externality which affects the market as well as the people. Due to these regulations there is no advantages for producer or government. Also the markets cannot be controlled with these regulations in mixed market economy.

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