Waterway Company applies overhead based on direct labour hours. Two direct labour hours are required for each unit of product. Planned production for the period was set at 8,600 units. Manufacturing overhead is budgeted at $120,400 for the period (20% of this cost is fixed). The 16,500 hours worked during the period resulted in the production of 8,170 units. The variable manufacturing overhead cost incurred was $97,400 and the fixed manufacturing overhead cost was $28,900. A) What is the variable overhead efficiency variance? B) What is the fixed overhead spending variance? C) What is the fixed overhead volume variance?

Waterway Company applies overhead based on direct labour hours. Two direct labour hours are required for each unit of product. Planned production for the period was set at 8,600 units. Manufacturing overhead is budgeted at $120,400 for the period (20% of this cost is fixed). The 16,500 hours worked during the period resulted in the production of 8,170 units. The variable manufacturing overhead cost incurred was $97,400 and the fixed manufacturing overhead cost was $28,900. A) What is the variable overhead efficiency variance? B) What is the fixed overhead spending variance? C) What is the fixed overhead volume variance?

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Description: Please do not give solution in image format thanku Waterway Company applies overheadbased on direct labour hours. Two directlabour hours are required for each unit ofproduct. Planned production for the periodwas set at 8,600 units. Manufacturingoverh

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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