CoursHeroTranscribedText: EXERCISE 12A-6 Using Fixed Overhead varian The standard cost card for the single product...
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CoursHeroTranscribedText: EXERCISE 12A-6 Using Fixed Overhead varian The standard cost card for the single product manufactured by Cutter, Inc.. is given below Standard Cost Card-per Unit Direct materials, 3 yards at $6.00 per yard . . . . . $ 18 Direct labor, 4 hours at $15.50 per hour . . . .. . . . 62 Variable overhead, 4 hours at $1.50 per hour. . 6 Fixed overhead, 4 hours at $5.00 per hour. . 20 Total standard cost per unit. . . . $106 Manufacturing overhead is applied to production on the basis of standard direct labor-hours During the year, the company worked 37,000 hours and manufactured 9.500 units of product Selected data relating to the company's fixed manufacturing overhead cost for the year are shown below: Fixed Overhead Actual Fixed Flexible Budget Applied to Overhead Fixed Overhead Work in Process $198,700 ? hours x $ ? per hour = $ ? Budget variance, $ ? Volume variance, $10,000 U Required: 1. What were the standard hours allowed for the year's production? 2. What was the amount of fixed overhead cost contained in the flexible budget for the year? 3. What was the fixed overhead budget variance for the year? 4. What denominator activity level did the company use in setting the predetermined overhead rate for the year
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