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Meals For You (MFY) operates a meal home-delivery service. It has agreements with 20 restaurants to pick up and deliver meals to customers who place orders on MFY's website. MFY allocates variable and fixed overhead costs on the basis of delivery time. MFYs owner, Dan Evans, obtains the following information for May 2017 Overhead costs: (Click the icon to view the information.) Read the requirements Requirement 1. Compute spending and efficiency variances for MFY's variable overhead in May 2017 Begin by calculating the following amounts for the variable overhead. (Round your answer to the nearest dollar.) Actual Input FO Actual costs incurred X budgeted rate Flexible budget Variable OH Actual Static Meals For You (May 2017) Results Budget Output units (number of deliveries) Hours per delivery Hours of delivery time Variable overhead cost per hour of delivery time Variable overhead costs Fixed overhead costs 8,300 12,000 0.70 5,620 $ 1.50 11,240 38,700 $ 33,600 $ $ 1. Compute spending and efficiency variances for MFY's variable overhead in May 2017 2. Compute the spending variance and production-volume variance for MFY's fixed overhead in May 2017. 3. Comment on MFY's overhead variances and suggest how Dan Evans might manage MFY's variable overhead differently from its fixed overhead costs

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