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Can fixed cost and variable cost be considered as Overhead cost?
Overhead is considered a fixed cost, even though it may vary somewhat according to the amount of activity.
Factors in determining over applied variance?
Over-applied variance occurs when the actual overhead costs incurred are less than the overhead costs that were applied based on estimated rates. Key factors in determining this variance include the accuracy of the overhead rate estimates, the actual level of activity or production, and fluctuations in fixed and variable overhead costs. Additionally, changes in operational efficiency and unexpected changes in production volume can also influence the extent of over- or under-applied overhead. Analyzing these factors helps organizations better manage their budgeting and cost control processes.
What is an independent variable dependent variable and controlled variable?
an independent variable is a thing you can change on your own. a depentent variable is a variable you depend on and a responding variable is a variable that reacts to the experiment
What is an example of how a standard cost is established?
in a factory that produces personal computers, standard costs are often used for direct materials, direct labor, and variable overhead, at the unit level. Resource usage that can be traced exactly to what is to be produced is referred to as direct.
The input variable is called the what variable?
The independent variable. The output variable is dependent on this variable's value and so is called the dependent variable.
What are the two types of overhead?
The two types of overhead are fixed overhead and variable overhead. Fixed overhead remains constant regardless of production levels, while variable overhead fluctuates in direct proportion to production activity.
What is difference between fixed overhead and variable overhead?
The difference between fixed overhead and variable overhead is that fixed overheads are the ones that do not change regardless and variable overheads are the ones that vary depending on the number of units that it produces. An example of fixed overhead is a managers salary.
Variable manufacturing overhead cost per direct labor hour?
Variable manufacturing overhead cost per direct labor hour means the variable overhead cost spent for one single labor hour and formula is as follows:Variable overhead cost per labor hour = total variable overhead cost / Total direct labor hours
The difference between variable factory overhead incurred and total standard variable factory overhead based on the actual quantity of the cost driver for applying the overhead is the?
cheatFAIL
Is Manufacturing cost is overhead or variable?
Manufacturing cost is variable cost.
How does the planning of fixed overhead costs differ from the planning of variable overhead costs?
it doens't
What costing method considers variable factory overhead a product cost?
variable costing
Manufacturing overhead - fixed or variable cost?
Compute the actual and budgeted manufacturing overhead rate
What is the difference between variable overheads cost variance andfixed overheads cost variance?
Variable overhead cost variance is that variance which is in variable overheads costs between the standard cost and the actual variable cost WHILE fixed overheads cost variance is variance between standard fixed overhead cost and actual fixed overhead cost.
How do you calculate total variable expenses in a contribution income statement?
Total variable cost is typically the sum of all variable labor, variable materials, and variable overhead expenses.
What is variable overhead spending?
Variable overhead spending refers to the costs incurred by a company that vary with production levels, such as utilities, indirect materials, and supplies. Unlike fixed overhead costs, which remain constant regardless of output, variable overhead costs fluctuate based on the volume of goods produced. Effective management of variable overhead spending is crucial for maintaining profitability and operational efficiency, as it directly impacts overall production costs. Companies often analyze these costs to identify areas for potential savings and to improve budgeting accuracy.
What is combined overhead variance?
Combined overhead variance = fixed overhead variance + variable overhead varianceFixed Overhead :which remains fixed and donot change upto certain level of productionVariable Overhead: which keep changing with the change in production units.
