solve all please with complete working and answer in text Requirements1. Compute the overhead variances for the year: variable overheadcost variance, variable overhead efficiency variance, fixed overheadcost variance, and fixed overhead volume variance.2. Explain why the variances are favorable or unfavorable.Data tableStatic budget variable overheadStatic budget fixed overheadStatic budget direct labor hoursStatic budget number of unitsStandard direct labor hours$2,300$23,000575 hours23,000 units0.025 hours per fender Bargain Fender uses a standard cost system and provide the following information(Click the icon to view the information)Bargain Fender allocates manufacturing overhead to production based on standard direct labor hours Bargain Fender reported the following actual results for 2024 actual number of fonders produced,20,000, actual variable overhead, $4,730, actual fixed overhood, $32.000, actual direct labor hours, 450Read the requirementsRequirement 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead officiency variance, faxed overhead cost vanance, and fixed overhead volume varianceBegin with the variable overhead cost and efficiency variances. Select the required formulas, compute the vartable overhead cost and efficiency variances, and identify whether each variance is favorable (F)of unfavorable (U) (You may need to simply the formula based on the data provided Abbreviations used AC actual cost; AD actual quantity, FOH fixed overhead, SC standard cost, SQ-standard quantity, VOH-variable overhead)VOH cost varianceVOH efficiency varianceFormulaVariance

Overhead cost is the sum of indirect materials, indirect labor and indirect expenses. Overheads are…

Requirements 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Data table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $2,300 $23,000 575 hours 23,000 units 0.025 hours per fender

Requirements 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Data table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $2,300 $23,000 575 hours 23,000 units 0.025 hours per fender

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter3: Cost Behavior And Cost Forecasting

Section: Chapter Questions

Problem 61P: Method of Least Squares, Predicting Cost for Different Time Periods from the One Used to Develop a...

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Bobcat uses a traditional cost system and estimates next years overhead will be $800.000, as driven by the estimated 25,000 direct labor hours. It manufactures three products and estimates the following costs: If the labor rate is $30 per hour, what is the per-unit cost of each product?
Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured 115,000 units. The standard cost sheet indicates that the standard direct labor cost per unit is $1.50. The performance report for the period includes an unfavorable direct labor rate variance of $3,700 and a favorable direct labor time variance of $10,275. What was the total actual cost of direct labor incurred during the period?
Good Deal, Inc. uses a standard cost system and provides the following information. Good Deal allocates manufacturing overhead to production based on standard direct labor hours. Good Deal reported the following actual results for 2024: actual number of units produced, 1,000; actual variable overhead, $5,000; actual fixed overhead, $3,400; actual direct labor hours, 1,900. Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. Show all computations. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U).(Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) Data table has the following Static budget variable…
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K Dakota Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Dakota allocates manufacturing overhead costs using direct manufacturing labor costs. Dakota provides the following information (Click the icon to view the information.) Read the requirements Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2020 (Enter your answer as a number [not as a percentage] rounded to two decimal places, XXX) Actual manufacturing overhead rate = 1.95 Budgeted manufacturing overhead rate 1.7 = Requirements BES 4 1. Compute the actual and budgeted manufacturing overhead rates for 2020 2. During March, the job-cost record for Job 626 contained the following information Direct materials used $55,000 Direct manufacturing labor costs $45,000 Compute the cost of Job 626 using (a) actual costing and (b) normal costing 3. At the end of 2020, compute the under- or…
Maney Televisions utilizes a traditional overhead allocation method, and has determined that overhead costs are driven by direct labor hours. Relevant cost information is provided below. Total estimated overhead costs $650,000 Total estimated DL hours 130,000 Actual overhead costs $640,300 Actual DL hours 127,500 The unadjusted cost of goods sold balance at the end of the year is $56,000. What is the overhead variance? Please provide your answer as a positive number rounded to the nearest whole dollar.