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Fill in the missing numbers below.

Fill in the missing numbers below.

FINANCIAL ACCOUNTING
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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You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated information from the remaining data. Fill in the missing numbers below. Note: Round your per machine hour and per unit answers to two decimal places. Indicate the effect of the varlance by selecting "Positive" or "Negative". Select "None" and enter "O" for no effect (l.e., zero varlance). Standard machine hours per unit of output 5 hours Standard variable-overhead rate per machine hour $ 9.00 Actual variable-overhead rate per machine hour Actual machine hours per unit of output Budgeted fixed overhead $ 31,625 Actual fixed overhead Budgeted production in units 11,500 Actual production in units Variable-overhead spending variance $ 34,000 Unfavorable Variable-overhead efficiency variance $ 126,000 Favorable Fixed-overhead budget variance $ 9,500 Unfavorable Fixed-overhead volume variance Total actual overhead $ 381,125 Total budgeted overhead (flexible budget) Total budgeted overhead (static budget) Total applied overhead $ 458,400
Transcribed Image Text:You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated information from the remaining data. Fill in the missing numbers below. Note: Round your per machine hour and per unit answers to two decimal places. Indicate the effect of the varlance by selecting "Positive" or "Negative". Select "None" and enter "O" for no effect (l.e., zero varlance). Standard machine hours per unit of output 5 hours Standard variable-overhead rate per machine hour $ 9.00 Actual variable-overhead rate per machine hour Actual machine hours per unit of output Budgeted fixed overhead $ 31,625 Actual fixed overhead Budgeted production in units 11,500 Actual production in units Variable-overhead spending variance $ 34,000 Unfavorable Variable-overhead efficiency variance $ 126,000 Favorable Fixed-overhead budget variance $ 9,500 Unfavorable Fixed-overhead volume variance Total actual overhead $ 381,125 Total budgeted overhead (flexible budget) Total budgeted overhead (static budget) Total applied overhead $ 458,400
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