Using your corrected framework from part (a), determine the variable-MOH price and efficiency variances. Was variable-MOHunder-or overapplied this year? By how much?Variable-MOH price variance$Variable-MOH efficiency variance $Variable-MOHtA Matthew was working away at his first attempt at variance analysis for his manufacturing company. He filled in variable-and fiMOH costs where he saw fit, before actually calculating the related price, efficiency, and volume variances. Since he was focusthe overhead costs specifically, he made note of the allocation base being used, machine hours. Here is his work so far:Variable-MOHFixed-MOHActual Variable-MOH Cost$16,700Fixed-MOHMaster Budget$27,250Variable-MOHFlexible Budget$15,500Applied Fixed-MOH Cost$26,650Applied Variable-MOH CostActual Fixed-MOH Cost$24,300$15,500Matthew isn't sure if he put the right costs in the right places. There were also a couple of costs that he didn't include, becausewasn't sure if they belonged, as follows.Actual machine hours @ budgeted variable-MOH rate: $15,950Flexible budget fixed-MOH cost: $27,250

Analyzing variances can help businesses identify areas where organization managers are doing well…

Using your corrected framework from part (a), determine the variable-MOH price and efficiency variances. Was variable-MOH under-or overapplied this year? By how much? Variable-MOH price variance $ Variable-MOH efficiency variance $ Variable-MOH $

Using your corrected framework from part (a), determine the variable-MOH price and efficiency variances. Was variable-MOH under-or overapplied this year? By how much? Variable-MOH price variance $ Variable-MOH efficiency variance $ Variable-MOH $

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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