Please do not give solution in image format thanku The condensed form of Nordstrop Company's flexible budget for manufacturing overhead follows:CostFormula(per machine-hour)$1.50Variable costFixed costTotal overhead costOverhead CostsThe following information is available for a recent period:a. The denominator activity of 9,000 machine-hours was chosen to compute the predetermined overhead rate.b. At the 9,000 standard machine-hours level of activity, the company should produce 4,500 units of product.c. The company's actual operating results were as follows:Number of units producedActual machine-hoursActual variable overhead costsActual fixed overhead costsVariable rateRequired:1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements. (Round your answers to 2decimal places.)Predetermined overhead rateFixed rateAnswer is complete and correct.$4,8009,000$13,940$ 21,000$..er perMHMachine-Hours9,000 10,000 11,000$13,500 $15,000 $16,50020,700 20,700 20,700$34,200 $35,700 $37,200perMHperMH 2. What were the standard hours allowed for the year's actual output? (Do not round intermediate calculations.)Answer is complete and correct.Standard hours for actual production3. Compute the variable overhead spending and efficiency variances and the fixed overhead budget and volume variances. (Do notround intermediate calculations. Round your answers to 2 decimal places. Indicate the effect of each variance by selecting "F" forfavourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).)> Answer is complete but not entirely correct.Variable overhead spending varianceVariable overhead efficiency varianceFixed overhead budget varianceFixed overhead volume varianceMMHs$$$****

Variable overhead spending variation is the difference between what variable production overheads…

The condensed form of Nordstrop Company's flexible budget for manufacturing overhead follows: Cost Formula (per machine- hour) $1.50 Overhead Costs Variable cost Fixed cost Total overhead cost Number of units produced Actual machine-hours Actual variable overhead costs Actual fixed overhead costs The following information is available for a recent period: a. The denominator activity of 9,000 machine-hours was chosen to compute the predetermined overhead rate. b. At the 9,000 standard machine-hours level of activity, the company should produce 4,500 units of product. c. The company's actual operating results were as follows: Variable rate Fixed rate Predetermined overhead rate 4,800 9,000 $13,940 $ 21,000 Required: 1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements. (Round your answers to 2 decimal places.) Answer is complete and correct. S per MH Machine-Hours per MH 9,000 10,000 11,000 $13,500 $15,000 $16,500 20,700 20,700 20,700 $34,200 $35,700 $37,200 per MH

The condensed form of Nordstrop Company's flexible budget for manufacturing overhead follows: Cost Formula (per machine- hour) $1.50 Overhead Costs Variable cost Fixed cost Total overhead cost Number of units produced Actual machine-hours Actual variable overhead costs Actual fixed overhead costs The following information is available for a recent period: a. The denominator activity of 9,000 machine-hours was chosen to compute the predetermined overhead rate. b. At the 9,000 standard machine-hours level of activity, the company should produce 4,500 units of product. c. The company's actual operating results were as follows: Variable rate Fixed rate Predetermined overhead rate 4,800 9,000 $13,940 $ 21,000 Required: 1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements. (Round your answers to 2 decimal places.) Answer is complete and correct. S per MH Machine-Hours per MH 9,000 10,000 11,000 $13,500 $15,000 $16,500 20,700 20,700 20,700 $34,200 $35,700 $37,200 per MH

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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