Please do not give solution in image format thanku 3You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president hasasked that you review the company's costing system and "do what you can to help us get better control of our manufacturingoverhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would bean excellent first step in overhead planning and control.After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March:eBookHintReferencesUtilitiesMaintenanceSuppliesIndirect laborDepreciationCost Formula$16,600 + $0.16 per machine-hour$38,100+ $1.70 per machine-hourse.50 per machine-hour$94,100+ $1.50 per machine-hour$67,700During March, the company worked 17,000 machine-hours and produced 11,000 units. The company had originally planned to work19,000 machine-hours during March.Required:1. Calculate the activity variances for March.2. Calculate the spending variances for March.Actual Costin March$ 21,440$ 64,200$ 9,300$ 123,500$ 69,400Complete this question by entering your answers in the tabs below.UtilitiesMaintenanceSuppliesIndirect laborDepreciationTotalRequired 1 Required 2Calculate the activity variances for March. (Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)FAB CorporationActivity VariancesFor the Month Ended March 31 Required 1 Required 2Calculate the spending variances for March. (Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)FAB CorporationSpending VariancesFor the Month Ended March 31UtilitiesMaintenanceSuppliesIndirect laborDepreciationTotal

The variance is the difference between standard costs and actual costs for the production. The…

3 You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: eBook Hint References Utilities Maintenance Supplies Indirect labor Depreciation Cost Formula $16,600 + $0.16 per machine-hour $38,100+ $1.70 per machine-hour se.se per machine-hour $94,100+ $1.50 per machine-hour $67,700 Actual Cost in March $ 21,440 $ 64,200 $ 9,300 Required: 1. Calculate the activity variances for March. 2. Calculate the spending variances for March. $ 123,500 $ 69,400 During March, the company worked 17,000 machine-hours and produced 11,000 units. The company had originally planned to work 19,000 machine-hours during March. Complete this question by entering your answers in the tabs below.

3 You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: eBook Hint References Utilities Maintenance Supplies Indirect labor Depreciation Cost Formula $16,600 + $0.16 per machine-hour $38,100+ $1.70 per machine-hour se.se per machine-hour $94,100+ $1.50 per machine-hour $67,700 Actual Cost in March $ 21,440 $ 64,200 $ 9,300 Required: 1. Calculate the activity variances for March. 2. Calculate the spending variances for March. $ 123,500 $ 69,400 During March, the company worked 17,000 machine-hours and produced 11,000 units. The company had originally planned to work 19,000 machine-hours during March. Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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