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The standard cost card for the single product manufactured by Cutter, Incorporated, is given below:...

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Accounting

The standard cost card for the single product manufactured by Cutter, Incorporated, is given below:
Manufacturing overhead is applied to production based on standard direct labor-hours. During the year, the company worked 8,460
hours and manufactured 11,800 units. Selected data relating to the company's fixed manufacturing overhead cost for the year are
shown below:
Actual Fixed Overhead =$40,000
Budgeted Fixed Overhead =?
Fixed Overhead Applied to Work in Process =? hours $ ? per hour =$ ?
Budget variance =$ ?
Volume variance =$3,300F
Required:
What were the standard hours allowed for the year's production?
What was the amount of budgeted fixed overhead cost?
What was the fixed overhead budget variance?
Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero
variance). Input all amounts as positive values.
What denominator activity level did the company use in setting the predetermined overhead rate?
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