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Exercise 1
Straightforward Computation of Overhead Variances (LO 5)
The following data are the actual results for Marvelous Marshmallow Company for October.• Actual output 9,000 cases• Actual variable overhead $405,000• Actual fixed overhead $122,000• Actual machine time 40,500 machine hours
Standard cost and budget information for Marvelous Marshmallow Company follows:• Standard variable-overhead rate $9.00 per machine hour• Standard quantity of machine hours 4 hours per case of marshmallows• Budgeted fixed overhead $120,000 per month• Budgeted output 10,000 cases per month
Required:
1. Use any of the methods to compute the following variances. Indicate whether each variance is favorable or unfavorable, where appropriate. a. Variable-overhead spending variance.b. Variable-overhead efficiency variance.c. Fixed-overhead budget variance.d. Fixed-overhead volume variance.
2. Build a spreadsheet: Construct an Excel spreadsheet to solve the preceding requirement.
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