Best Fender uses a standard cost system and provide the following information: (Click the icon to view the information) Best Fender allocatos manufacturing overhead to production based on standard direct labor hours. Best Fender reported the following actual results for 2024 actual number of fenders produced, 20,000, actual variable overhead, $5,900, actual fixed overhead, $30,000, actual direct labor hours, 400 Read the requirements Requirement 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and foxed overhead volume variance Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identity whether each variance is tavorable (F) or unavorable (U) (You may need to simply the formula based on the data provided. Abbreviationis used: AC = zetual cost, AQ actual quantity: FOH-foxed Overhead: SC standard cost: S - standard quantity. VOH variables overhead) Formula Variance VOH cost variance (AC-SC) AO $ 4,300U VOH efficiency variance (AD - SO) - SC $ 400 F Now compute the fixed overhead cost and volume variances Select the required formulas, compute the fixed overhead cost and volume variances, and identity whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC - actual cost: AQ - actual quantity: FOH - fixed overhead, SC standard cont; SQ - standard quantity) Formula Variance Inco 20/6 FOH cost variance FOH volume variance Best Fender uses a standard cost system and provide the following information: (Click the icon to view the information) Best Fender allocatos manufacturing overhead to production based on standard direct labor hours. Best Fender reported the following actual results for 2024 actual number of fenders produced, 20,000, actual variable overhead, $5,900, actual fixed overhead, $30,000, actual direct labor hours, 400 Read the requirements Requirement 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and foxed overhead volume variance Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identity whether each variance is tavorable (F) or unavorable (U) (You may need to simply the formula based on the data provided. Abbreviationis used: AC = zetual cost, AQ actual quantity: FOH-foxed Overhead: SC standard cost: S - standard quantity. VOH variables overhead) Formula Variance VOH cost variance (AC-SC) AO $ 4,300U VOH efficiency variance (AD - SO) - SC $ 400 F Now compute the fixed overhead cost and volume variances Select the required formulas, compute the fixed overhead cost and volume variances, and identity whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC - actual cost: AQ - actual quantity: FOH - fixed overhead, SC standard cont; SQ - standard quantity) Formula Variance Inco 20/6 FOH cost variance FOH volume variance
