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Savatey [412]
2 years ago
11

The Chilton Corporation specializes in manufacturing one type of desk lamp. Chilton allocates variable manufacturing overhead co

sts on the basis of machine hours. Chilton budgeted 0.5 machine hours per lamp and allocates overhead at a rate of $1.70 per machine hour. Last year Chilton manufactured 20,000 lamps, used 160,000 machine hours and incurred actual overhead costs of $192,000. What was Chilton's variable manufacturing overhead rate variance last year?
a. $24,000 favorable
b. $24,000 unfavorable
c. $210,900 unfavorable
d. $210,900 favorable
Business
1 answer:
docker41 [41]2 years ago
6 0

Answer:

Variable manufacturing overhead rate variance = 80,000 favorable

Explanation:

Given:

Overhead rate variance = $1.70 per hour

Total machine hour = 160,000 hour

Actual overhead costs = $192,000

Find:

Variable manufacturing overhead rate variance

Computation:

Variable manufacturing overhead rate variance = [Standard overhead rate - Actual overhead rate]Actual hour

Variable manufacturing overhead rate variance =[1.7 - (192,000 / 160,000)]160,000

Variable manufacturing overhead rate variance = [1.7 - (1.2)]160,000

Variable manufacturing overhead rate variance = [0.5]160,000

Variable manufacturing overhead rate variance = 80,000 favorable

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The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $84,457. The bank statement indicated a balance o
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Answer:

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a. Bank Reconciliation Statement as at June 30, 20Y1

Balance as per adjusted cash balance $111,670

add outstanding checks                           33,310

less uncredited deposits                           17,610

       overdrawn check                                   180

Balance as per bank statement          $127,190

b. Journal Entries:

c. Debit Cash $28,248

Credit Notes Receivable $26,400

Credit Interest Revenue $1,848

To record the receipt on notes receivable, including interest revenue.

d. Debit Accounts Payable $990

Credit Cash $990

To record the check in payment on account ($1,100 - $110)

f. Debit Bank service charges $45

Credit Cash $45

To record bank charges.

c. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, the amount that should be reported as cash is:

= $111,670.

Explanation:

a) Data and Calculations:

Cash account balance at June 30, 20Y1 = $84,457

Bank statement balance on June 30, 20Y1 = $127,190

Analysis of discrepancies:

a. Outstanding checks $33,310

b. Uncredited deposits $17,610

c. Cash $28,248 Note Receivable $26,400  Interest Revenue $1,848

d. Returned check $1,100 Accounts Payable $1,100  $110

e. Overdrawn check $180 $680 had been erroneously charged by the bank as $860.

f. Bank service charges for June amounted to $45

Cash Account Adjustments:

Balance at June 30, 20Y1 = $84,457

Direct credit                           28,248

Dishonored check                     (990)

Bank charges                               (45)

Adjusted cash balance       $111,670

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2 years ago
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