You brought your work home one evening, and your nephew spilled his chocolate milk shake...
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Accounting
You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based on machine hours, you were able to reconstruct the obliterated information from the remaining data. Fill in the missing numbers below. (Round your answer to two decimal places.Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).)
Standard machine hours per unit of output
5
hours
Standard variable-overhead rate per machine hour
$10.00
Actual variable-overhead rate per machine hour
x
Actual machine hours per unit of output
x
Budgeted fixed overhead
$50,625
Actual fixed overhead
x
Budgeted production in units
13,500
Actual production in units
x
Variable-overhead spending variance
$38,000
Unfavorable
Variable-overhead efficiency variance
$140,000
Favorable
Fixed-overhead budget variance
$11,500
Unfavorable
Fixed-overhead volume variance
x
x
Total actual overhead
$480,125
Total budgeted overhead (flexible budget)
x
Total budgeted overhead (static budget)
x
Total applied overhead
$559,000
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