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turkey corporation uses a standard cost system, applying manufacturing overhead based on machine hours. listed...

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Accounting

Turkey Corporation uses a standard cost system, applying manufacturing overhead based on machine hours. Listed below is the standard information for Turkey: Variable overhead: 5 hours at $10 per hour Budgeted fixed overhead: $300,000 Budgeted output: 15,000 units Actual data for November were: Actual output produced: 17,500 units Number of machine hours worked: 125,000 Variable overhead costs incurred: $1,300,000 Fixed overhead costs incurred: $315,000 Required: 1. Calculate the spending and efficiency variances for variable overhead. Indicate if favorable or unfavorable. 2. Calculate the budget and volume variance for fixed overhead. Indicate if favorable or unfavorable. 3. Write a memo to your manager with the results of your findings. a. What do each of t

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