E Homework: Chapter 8 Homework Question 2, E8-21 (similar to) Part 1 of 5 HW Score: 2.94%, 0.59 of 20 points O Points: 0 of 4 O Save Luxury Clothing is a manufacturer of designer suits. The cost of each suit is the sum of three variable costs (direct material costs, direct manufacturing labor costs, and manufacturing overhead costs) and one fixed-cost category (manufacturing overhead costs) (Click the icon to view additional information.) Read the requirements Requirement 1. Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead. Begin by computing the following amounts for the variable manufacturing overhead. Actual Input Qty. - X More info Actual Costs Incurred Allocated Overhead Budgeted Rate Flexible Budget - X Variable manufacturing overhead cost is allocated to each suit on the basis of budgeted direct manufacturing labor-hours per suit. For June 2017, each suit is budgeted to take 3 labor-hours. Budgeted variable manufacturing overhead cost per labor-hour is $13. The budgeted number of suits to be manufactured in June 2017 is 1,060 Requirements 1. Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead. 2. Comment on the results, Actual variable manufacturing overhead costs in June 2017 were $61,236 for 1,080 suits started and completed. There were no beginning or ending inventories of suits. Actual direct manufacturing labor-hours for June were 4,536, Print Done Print Done