E8 26 ComplexChemComplexChem, Inc , produces chemicals for large biote...

E8-26 ComplexChemComplexChemâ€‹, â€‹Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs...

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Question

Accounting

E8-26
ComplexChemComplexChemâ€‹,
â€‹Inc., produces chemicals for large biotech companies. It hasthe following data for manufacturing overhead costs duringAugust
20172017â€‹:
Variable
Fixed
Actual costs incurred
$30,500
$15,500
Costs allocated to products
$32,000
$14,200
Flexible budget
â€”
$13,200
Actual input x budgeted rate
$32,200
â€”
Requirement
Fill in the blanks. Use F for favorable and U forâ€‹unfavorable:

â€‹(If no variance exists leave the dollar value blank. Label thevariance as favorableâ€‹ (F), unfavorableâ€‹ (U) or never a varianceâ€‹(N).)
Variable
(1)
Spending variance
(2)
Efficiency variance
(3)
Production-volume variance
(4)
Flexible-budget variance
(5)
Underallocated(overallocated) manufacturing overhead
VARIABLE
FIXED
-1
Spending variance
$
$
-2
Efficiency variance
-3
Production-volume variance
-4
Flexible-budget variance
-5
Underallocated (overallocated)
manufacturing overhead

Answer & Explanation Solved by verified expert

3.8 Ratings (444 Votes)

Answer Particulars Variable Fixed 1 Spending Variance 1500 F 200 U 2 Efficiency Variance 3800 U 3 Production Volume Variance 1000 F 4 Flexible Budget Variance 1900 See Answer

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