Johnson Foods processes bags of organic frozen vegetables sold at specialty grocery The company actually processed 156,000 cases of frozen organic vegetables during the year The company allocates manufacturing overhead based on direct labor hours and incurred S688,040 manufacturing overhead of this amount, $652,000 was fixed The Johnson has budgeted fixed manufacturing overhead for year to be $633,000. The company also incurred a total of 42,400 drect labor hours. predetermined fixed manufacturing overhead rate is $16.40 per direct labor hour, while the standard variable manufacturing overhead rate is $0.65 per direct labor hour The direct labor Read the requirements standard for each case is one-quarter (0.25) of an hour Begin by determing the formula for the variable MoHrate variance, then calculate the variable overthead rate variance (Enter the result as a positive number Enter rates to two decimal places. Label the variance as favorable unfavorable (U)) Variable overhead rate This variance tels managers that Johnson Foods actually incurred on variable manufacturing overhead than they would have pected given the actual hours used Now determine the formula for the variable MoH efficiency variance, then calculate the efficiency vaiance. (Enter the result as a positive number Enter any rates to two decimal places Label the variance as favorable (F) or unfavorable Variable overhead efficiency variance This variance tells managers that Johnson Foods used less direct labor hours than anticipated for the actual volume of output. Requirement 3. Compute the fixed MOH budget varia Wss d overhead volume variance, What do these variances tell managers? Begin by determing the formula for the fixed MOH budge en calculate the fixed budget variance (Enter the result as a positive number Label the variance as favorable (F) unfavorable (U)) budget variance This variance tells us that Johnson Foods spent than anticipated on fixed overhead costs. Now determine the formula for the fixed overhead volume variance, then calculate the volume variance (Enter the result as a positive number Label the variance as favorable (F) unfavorable (U)) Fixed MOH Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search