Fixed Overhead Spending and Volume Variances, Columnar and Formula Approaches Corey Company provided the following information: Standard fixed overhead rate (SFOR) per direct labor hour   $10.00   Actual fixed overhead   $425,000   Budgeted fixed overhead   $500,000   Actual production in units   8,500   Standard hours allowed for actual units produced (SH)   42,500   Required Enter amounts as positive numbers and select Favorable (F) or Unfavorable(U). If no variance, enter $0 and select 0.   1. Using the columnar approach, calculate the fixed overhead spending and volume variances.   (1)                                             (2)                                                             (3)      fill in the blank 4           fill in the blank 5                        fill in the blank 6                                      fill in the blank 7     fill in the blank 9                                         Spending        Volume 2. Using the formula approach, calculate the fixed overhead spending variance. $fill in the blank 11   3. Using the formula approach, calculate the fixed overhead volume variance. $fill in the blank 13   4. Calculate the total fixed overhead variance. $fill in the blank 15

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Fixed Overhead Spending and Volume Variances, Columnar and Formula Approaches

Corey Company provided the following information:

Standard fixed overhead rate (SFOR) per direct labor hour   $10.00  
Actual fixed overhead   $425,000  
Budgeted fixed overhead   $500,000  
Actual production in units   8,500  
Standard hours allowed for actual units produced (SH)   42,500  

Required

Enter amounts as positive numbers and select Favorable (F) or Unfavorable(U). If no variance, enter $0 and select 0.

 

1. Using the columnar approach, calculate the fixed overhead spending and volume variances.

  (1)                                             (2)                                                             (3)   
  fill in the blank 4           fill in the blank 5                        fill in the blank 6  
                                   fill in the blank 7     fill in the blank 9  
                                      Spending        Volume

2. Using the formula approach, calculate the fixed overhead spending variance.

$fill in the blank 11  

3. Using the formula approach, calculate the fixed overhead volume variance.

$fill in the blank 13  

4. Calculate the total fixed overhead variance.

$fill in the blank 15  

 

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