Please provide answer in text (Without image) Simpson Manufacturing has the following standard cost sheet for one of its products:TotalDirect materials5 pounds at $2 per pound $10Direct labor2 hours at $25 per hour50Variable factory overhead 2 hours at $5 per hour10Fixed factory overhead 2 hours at $20 per hourCost per unit40$ 110The company uses a standard cost system and applies factory overhead cost based on direct labor hours and determines the factory overhead rate based on a practical capacity of 400 units of the product.Simpson has the following actual operating results for the year just completed:Units manufactured390Direct materials purchased and used 1,950 pounds $ 21,450Direct labor incurred900hours24,300Variable factory overhead incurred5,760Fixed factory overhead incurred15,800Before closing the periodic accounts, the (standard cost) entries in selected accounts follow:AccountDebit (total) Credit (total)Work-in-process inventory $ 198,000 $ 149,640Finished goods inventory 149,640126,690Cost of goods sold 126,6903. Compute the following factory overhead cost variances using three-variance analysis:a. Overhead spending variance.b. Overhead efficiency variance.c. Fixed overhead production volume variance.

Name: Please provide answer in text (Without image) Simpson Manufacturing ha
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Please provide answer in text (Without image) Simpson Manufacturing has the following standard cost sheet for one of its products:TotalDirect materials5 pounds at $2 per pound $10Direct labor2 hours at $25 per hour50Variable factory overhead 2 hours