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********USE THE FOLLOWING INFORMATION FOR PROBLEMS 16-23************ WizzleCo produces bicycles. The following standard...

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Accounting

********USE THE FOLLOWING INFORMATION FOR PROBLEMS 16-23************

WizzleCo produces bicycles. The following standard cost sheet has been developed from historical data:

Direct Materials 12 pounds @ $ 3.00 per pound

Direct Labor 2 DLH @ $12.00 per DLH

Variable MOH 1 MHR @ $ 5.00 per MHR

Fixed MOH 1 MHR @ $20.00 per MHR

Production was forecast to be 2,000 units, but only 1,950 were actually produced. 26,000 pounds of materials were purchased for $76,700. A total of 23,000 pounds of materials were used in production. Actual direct labor totaled 4,000 DLH, costing $46,000. Forecast variable overhead was $10,000, and forecast fixed overhead was $40,000. Actual variable overhead was $9,000. Actual fixed overhead was $38,000. Actual machine hours totaled 1,800 MHR.

20THE ANSWER IS e11. (5 POINTS) Calculate the variable overhead efficiency variance.

ANSWER: ___________________

21THE ANSWER IS e11. (5 POINTS) Calculate the variable overhead spending (or budget) variance.

ANSWER: __

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