ALY Variable Overhoed Fixed Overhead $2 per s 1.5 s per unit at S6 per ho The following additional The company ma ured 20,000 units during the year. b. A total of 78,000 y 544 mation is available for the year just completed dds of material was rchased during the year at a cost of $3.75 per yard. All of this material was used to manufacture the 20,000 units. There was no beginning or ending inventories for the year. The company worked 32,500 direct labor hours during the year at a cost of $11.80 per hour. d. Overhead is applied to products on the basis of direct labor hours. Data relating to manufacturing overhead cost follow: Denominator activity level (direct labor hours) Actual fixed overhead costs incurred during the year Actual variable overhead costs incurred during the year Required: 1. For the manufacturing overhead, compute the following: 25,000 $148,000 $ 68,000 a. The variable overhead spending and efficiency variances for the year. The fixed overhead budget and volume variances for the year. b. 2. Compute the underapplied or overapplied manufacturing overhead for the year. 3. End of year balances are as follows: Raw Materials Inventory Work-in Process Inventory Finished Goods Inventory Cost of Goods Sold (including $100,000 Cost of Merchandise Inventory Sold) $ 100,000 150,000 300,000 450.000 $1,000,000 Prepare the necessary calculations to close the control account (assuming the difference is material). 4. State the amount of Raw Materials Inventory, Work-in Process Inventory and Finished Goods Inventory to be reported on the Statement of Financial Position, and the amount of Cost of Goods Sold to be reported on the Income Statement.