Overhead Variances
P 10. Meantime Corporation’s accountant left for vacation before completing the monthly cost variance report. Gillian Thornton, the corporation’s president, has asked you to complete the report. The following data are available to you:
|
Actual machine hours |
20,100 |
|
Standard machine hours allowed |
20,500 |
|
Actual variable overhead |
a |
|
Standard variable overhead rate |
$2.00 |
|
Variable overhead spending variance |
$200 (F) |
|
Variable overhead efficiency variance |
b |
|
Actual fixed overhead |
c |
|
Budgeted fixed overhead |
$153,000 |
|
Fixed overhead budget variance |
$500 (U) |
|
Fixed overhead volume variance |
$750 (F) |
|
Normal capacity in machine hours |
d |
|
Standard fixed overhead rate |
e |
|
Fixed overhead applied |
f |
Required
Analyze the data and fill in the missing amounts.