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The Gustafs Corporation is a manufacturer of centrifuges. Fixed and variable manufacturing overheads are allocated to each centrifuge using budgeted assembly-hours. Budgeted assembly time is 2 hours per unit. The following table shows the budgeted amounts and actual results related to overhead for June 2014. (Click the icon to view the table.) Requirements 1. Prepare an analysis of all variable manufacturing overhead and fixed manufacturing overhead variances. 2. Prepare journal entries for Gustafs' June 2014 variable and fixed manufacturing overhead costs and variances; write off these variances to cost of goods sold for the quarter ending June 30, 2014. 3. How does the planning and control of variable manufacturing overhead costs differ from the planning and control of fixed manufacturing overhead costs? Requirement 1. Prepare an analysis of all variable manufacturing overhead and fixed manufacturing Begin by calculating the following amounts for the variable overhead. i Data Table Actual Input Actual Costs X Flexible Allocated Incurred Budgeted Rate Budget Overhead Actual Static Variable OH 12,924 $ 12,512 $ 14,720 $ 14, The Gustafs Corporation (June 2014) Results Budget Number of centrifuges assembled and sold 230 120 Now complete the table below for the fixed manufacturing overhead. Hours of assembly time 391 Same Budgeted Variable manufacturing overhead cost per hour of assembly time S 32.00 Lump Sum Variable manufacturing overhead costs ien 12,924 Actual Costs Regardless of Flexible Allocated Fixed manufacturing overhead costs 13,440 S 12,000 Incurred Output Level Budget Overhead Fixed OH Print Done Enter any number in the edit fields and then click Check Answer. 12 parts remaining Clear All Check Answer Pearson