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Cost Accounting flexible variables AssignmentOne of your clients, Moore Manufacturing has asked you to assist them in evaluating their performance against their budgets. The management of Moore Manufacturing has provided the following standard cost sheet for one of its products:
Direct Materials
6 lb @ $2 per pound
$12
Direct Labor
3 hrs @ $25 per hr
$75
Variable factor overhead
2 hrs @ $4 per hour
$8
Fixed factory overhead
2 hr @ $15 per hour
$30
Cost per unit
$125
Moore Manufacturing applies factory overhead based on direct labor hours and factory overhead is allocated based on a practical capacity of 500 units of product.
The actual operating results for the year are as follows:
Units manufactured
400
Direct materials purchased and used
1,800 pounds
$19,800
Direct labor incurred
750 hours
20,250
Variable factory overhead incurred
5,000
Fixed factory overhead incurred
15,800
Determine the following for the period:Flexible budget for variable overhead based on output for the periodTotal variable overhead applied to production during the periodTotal budgeted fixed factory overheadTotal fixed factory overhead applied to production during the periodCalculate the following variances using four-variance analysis:Total variable overhead varianceVariable overhead spending varianceVariable overhead efficiency varianceTotal under applied or over applied variable overheadFixed overhead spending varianceProduction volume varianceTotal fixed overhead varianceTotal under applied or over applied fixed overheadCalculate the following variances using three-variance analysis:Factory overhead spending varianceFactory overhead efficiency varianceProduction volume variance.
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