Company budget production level in units is $60,000 units of output with a budgeted fixed cost of $480,000 and budgeted variable cost of $348,000. Each unit requires 2 hours of direct labor. (Use T accounts to help yourself) (Please show work and calculations)

STANDARD COST SYSTEM - MOH VARIANCES (must show calculations) Company budgeted production level in units is 60,000 units of output with a budgeted fixed cost of $480,000 and budgeted variable cost of $348,000. Each unit requires 2 hours of direct labor. (Use Taccounts to help yourself) Actual results: Production: 58,500 units Direct labor hours used: 128,700 Total actual MOH costs incurred: $819,228 Total actual FIXED MOH costs incurred: $480,643 1. Calculate the standard (budgeted) VMOH cost per unit and per hour: VMOH per unit: $ VMOH per hour: $ 2. Calculate the standard (budgeted) FMOH cost per unit and per hour: FMOH per unit: $ FMOH per hour: $ 3. Calculate the standard VMOH allocated to production during the year and prepare journal entry: VMOH Allocated: $ DR CR 4. Calculate the standard FMOH allocated to production during the year and prepare journal entry: FMOH Allocated $ DR CR CONTINUED ON NEXT PAGE: CONTINUED - MOH VARIANCES (indicate whether favorable (F) or unfavorable (U): 5A. Calculate the total VMOH variance: Total VMOH VAR. $ 5B. Calculate the VMOH spending (price) variance: VMOH Spending Var.: $ U F 5C. Calculate the VMOH efficiency (quantity) variance: VMOH Efficiency Var.: $ U F 6A Calculate the total FMOH variance: Total FMOH VAR. $ 6B Calculate FMOH Spending variance: FMOH Spending Var.: $ UF 6C Calculate FMOH Volume variance: FMOH Volume Var.: $ U F