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CoursHeroTranscribedText: FHUDLEMJ Mediamet Company produces one product and uses a standard costing system. The direct...

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Accounting

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CoursHeroTranscribedText: FHUDLEMJ Mediamet Company produces one product and uses a standard costing system. The direct labor standard indicates that three direct labor hours should be used for every uni produced. The normal production volume is 120,000 units of this product. The budgeted overhead for the coming year follows: Fixed Overhead P864,000* Variable overhead 1,440,000 *At normal value Mediamet applies overhead on the basis of direct labor hours. During the year, Mediamet produced 120,600 units, worked 361,800 direct labor hours and incurred actual fixed overhead costs of P940320 and actual variable overhead costs of P1,443,500. REQUIRED: 1 Compute the applied variable overhead 2. Compute the variable overhead spending and efficiency variances. 3. Compute the applied fixed overhead 4 Compute the fixed overhead spending and volume variances

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