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Riviera Beach Pink Flamingos Has the Following Standards and flExible-Budget

Question 77

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Riviera Beach Pink Flamingos has the following standards and flexible-budget data. Riviera Beach Pink Flamingos has the following standards and flexible-budget data. Actual results for April are as follows: Required: 1.Use the variance formulas to compute the following variances.Indicate whether each vari¬ance is favorable or unfavorable, where appropriate. (a) Variable-overhead spending variance. (b) Variable-overhead efficiency variance. (c) Fixed-overhead budget variance. (d) Fixed-overhead volume variance. 2.Prepare journal entries to (a) Record the incurrence of actual variable overhead and actual fixed overhead. (b) Add variable and fixed overhead to Work-in-Process Inventory. (c) Close underapplied or overapplied overhead into Cost of Goods Sold. Actual results for April are as follows: Riviera Beach Pink Flamingos has the following standards and flexible-budget data. Actual results for April are as follows: Required: 1.Use the variance formulas to compute the following variances.Indicate whether each vari¬ance is favorable or unfavorable, where appropriate. (a) Variable-overhead spending variance. (b) Variable-overhead efficiency variance. (c) Fixed-overhead budget variance. (d) Fixed-overhead volume variance. 2.Prepare journal entries to (a) Record the incurrence of actual variable overhead and actual fixed overhead. (b) Add variable and fixed overhead to Work-in-Process Inventory. (c) Close underapplied or overapplied overhead into Cost of Goods Sold. Required: 1.Use the variance formulas to compute the following variances.Indicate whether each vari¬ance is favorable or unfavorable, where appropriate. (a) Variable-overhead spending variance. (b) Variable-overhead efficiency variance. (c) Fixed-overhead budget variance. (d) Fixed-overhead volume variance. 2.Prepare journal entries to (a) Record the incurrence of actual variable overhead and actual fixed overhead. (b) Add variable and fixed overhead to Work-in-Process Inventory. (c) Close underapplied or overapplied overhead into Cost of Goods Sold.

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