Freeman Industries produces high-end flutes for professional musicians across the globe. Actual manufacturing overhead for the year was $1,270,000. The flexible budget indicated that fixed overhead should have been $830,000 and variable overhead should have been $380,000 for the number of flutes actually produced. Using a standard costing system, the company allocated $1,340,000 of overhead to production. 1. Calculate the total overhead variance. What does this tell managers? 2. Determine the overhead flexible budget variance. What does this tell managers? 3. Determine the production volume variance. What does this tell managers? Identify the formula labels and calculate the overhead flexible budget variance. (Enter all values as positive numbers. Label the variance as favourable (F) or unfavourable (U).) Overhead flexible budget variance: Overhead flexible budget variance What does the overhead flexible budget variance tell managers? The variance tells managers that Freeman actually incurred for manufacturing overhead than they would have expected for the actual volume produced during the year. 3. Determine the production volume variance. What does this tell managers? Identify the formula labels and calculate the production volume variance. (Enter all values as positive numbers. Label the variance as favourable (F) or unfavourable (U).) Production volume variance: Production volume variance What does the production volume variance tell managers? Managers can tell from the variance amount that the total overhead variance arose because Freeman produced originally anticipated. flutes than originally expected. It is because Freeman used its plant capacity efficiently than Choose from any list or enter any number in the input fields and then continue to the next question. Freeman Industries produces high-end flutes for professional musicians across the globe. Actual manufacturing overhead for the year was $1,270,000. The flexible budget indicated that fixed overhead should have been $830,000 and varia overhead should have been $380,000 for the number of flutes actually produced. Using a standard costing system, the company allocated $1,340,000 of overhead to production. 1. Calculate the total overhead variance. What does this tell managers? 2. Determine the overhead flexible budget variance. What does this tell managers? 3. Determine the production volume variance. What does this tell managers? 1. Calculate the total overhead variance. What does this tell managers? Identify the formula labels and calculate the total overhead variance. (Enter all values as positive numbers. Label the variance as favourable (F) or unfavourable (U).) Total overhead variance: Total overhead variance What does the total overhead variance tell managers? The variance tells managers that Freeman V manufacturing overhead by this amount. 2. Determine the overhead flexible budget variance. What does this tell managers? Identify the formula labels and calculate the overhead flexible budget variance. (Enter all values as positive numbers. Label the variance as favourable (F) or unfavourable (U).) Overhead flexible budget variance: Overhead flexible budget variance What does the overhead flexible budget variance tell managers? Choose from any list or enter any number in the input fields and then continue to the next