Gizmo Whiz manufactures premium food processors. The following are some manufacturing overhead (MOH) data for Gizmo Whiz for the year ended December 31, 2020 (Click the icon to view the overhead dats) Read the requirements 1. The budgeted number of machine-hours planned in 2. The budgeted fixed manufacturing overhead costs por machine-hour is 3. The budgeted variable manufacturing overhead costs per machine-hour is 000 4. The budgeted number of machine-hours allowed for actual output produced is 5. The actual number of output units is Round your answer to one decimal place) . Actual number of machine-hours used per outpul unit is
Gizmo Whiz manufactures premium food processors. The following are some manufacturing overhead (MOH) data for Gizmo Whiz for the year ended December 31, 2020 (Click the icon to view the overhead dats) Read the requirements 1. The budgeted number of machine-hours planned in 2. The budgeted fixed manufacturing overhead costs por machine-hour is 3. The budgeted variable manufacturing overhead costs per machine-hour is 000 4. The budgeted number of machine-hours allowed for actual output produced is 5. The actual number of output units is Round your answer to one decimal place) . Actual number of machine-hours used per outpul unit is
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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
Transcribed Image Text:Gizmo Whiz manufactures premium food processors. The following are some manufacturing overhead (MOH) data for Gizmo Whiz for the year ended December 31, 2020
(Click the loon to view the overhead data)
Read the requirements
1. The budgeted number of machine-hours planned in
2. The budgeted fixed manufacturing overhead costs per machine-hour is
3. The budgeted variable manufacturing overhead costs per machine-hour is
4. The budgeted number of machine-hours allowed for actual output produced in
5. The actual number of output units is
(Round your answer to one decimal place.)
6. Actual number of machine-hours used per outpul unit is

Transcribed Image Text:Data table
Manufacturing Overhead
Variable
Fixed
$
Actual
Results
79,170 $
350,205
Budgeted number of output units: 588
Planned allocation rate: 3 machine-hours par unit
Flexible
Budget
78,000 $
347,508
Actual number of machine-hours used: 1,885
Static-budget variable manufacturing overhead costs: $70,560
Allocated
Amount
78,000
376,280
- X
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