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The following standard costs were used for one of its products: Standard Cost per Unit Fixed overhead Total 9 hours @ $13 per hour $ 117 Overhead is applied to products on the basis of standard direct labor hours for actual production. The following information is available regarding the company's operations for the period: Actual units produced Total actual direct labor hours Actual fixed manufacturing overhead incurred Budgeted fixed manufacturing overhead for the period Budgeted units for the period Required: Calculate the fixed overhead variances. Use your answer to answer the following questions. 1,200 units 8,500 hours $110,000 $122,850 1,050 units The amount of the fixed overhead spending variance for the period is $ A Indicate if the fixed overhead spending variance is favourable (enter the letter F) or unfavourable (enter the letters UF). The amount of the fixed overhead volume variance for the period is $ Indicate if the fixed overhead volume variance is favourable (enter the letter F) or unfavourable (enter the letters UF). A

The following standard costs were used for one of its products: Standard Cost per Unit Fixed overhead Total 9 hours @ $13 per hour $ 117 Overhead is applied to products on the basis of standard direct labor hours for actual production. The following information is available regarding the company's operations for the period: Actual units produced Total actual direct labor hours Actual fixed manufacturing overhead incurred Budgeted fixed manufacturing overhead for the period Budgeted units for the period Required: Calculate the fixed overhead variances. Use your answer to answer the following questions. 1,200 units 8,500 hours $110,000 $122,850 1,050 units The amount of the fixed overhead spending variance for the period is $ A Indicate if the fixed overhead spending variance is favourable (enter the letter F) or unfavourable (enter the letters UF). The amount of the fixed overhead volume variance for the period is $ Indicate if the fixed overhead volume variance is favourable (enter the letter F) or unfavourable (enter the letters UF). A

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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The following standard costs were used for one of its products: Standard Cost per Unit Fixed overhead Total 9 hours @ $13 per hour $ 117 Overhead is applied to products on the basis of standard direct labor hours for actual production. The following information is available regarding the company's operations for the period: Actual units produced Total actual direct labor hours Actual fixed manufacturing overhead incurred Budgeted fixed manufacturing overhead for the period Budgeted units for the period Required: Calculate the fixed overhead variances. Use your answer to answer the following questions. 1,200 units 8,500 hours $110,000 $122,850 1,050 units
Transcribed Image Text:The following standard costs were used for one of its products: Standard Cost per Unit Fixed overhead Total 9 hours @ $13 per hour $ 117 Overhead is applied to products on the basis of standard direct labor hours for actual production. The following information is available regarding the company's operations for the period: Actual units produced Total actual direct labor hours Actual fixed manufacturing overhead incurred Budgeted fixed manufacturing overhead for the period Budgeted units for the period Required: Calculate the fixed overhead variances. Use your answer to answer the following questions. 1,200 units 8,500 hours $110,000 $122,850 1,050 units
The amount of the fixed overhead spending variance for the period is $ A Indicate if the fixed overhead spending variance is favourable (enter the letter F) or unfavourable (enter the letters UF). The amount of the fixed overhead volume variance for the period is $ Indicate if the fixed overhead volume variance is favourable (enter the letter F) or unfavourable (enter the letters UF). A
Transcribed Image Text:The amount of the fixed overhead spending variance for the period is $ A Indicate if the fixed overhead spending variance is favourable (enter the letter F) or unfavourable (enter the letters UF). The amount of the fixed overhead volume variance for the period is $ Indicate if the fixed overhead volume variance is favourable (enter the letter F) or unfavourable (enter the letters UF). A
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