K Chic Design is a manufacturer of large flower pots for urban settings. The company has these standards (Click the icon to view the standards) (Click the icon to view the actual results) Requirements 1. Compute the variable manufacturing overhead variances. What do each of these variances tell management? 2. Compute the foxed manufacturing overhead variances What do each of these variances tell management? Requirement 1. Compute the variable manufacturing overhead variances. What do each of these variances tell management? (Enter the variances as positive numbers Enter the currency amounts in the nearest cent, then round the final variance amounts to the nearest whole dollar Label the variance as favorable (F) or unfavorable (U)) Begin by computing the variabile manufacturing overhead rate variance First determine the formula for the rate variance, then compute the rate variance for variable manufacturing overhead Variable overhead rate Variance nt Standard Price and Volume Direct materials (resin). Direct labor... 9 pounds per pot at a cost of $5.00 per pound 3.0 hours at a cost of $21.00 per hour Standard variable manufacturing overhead rate.....$3.00 per direct labor hour r the varia )-) te the rat ance Budgeted fixed manufacturing overhead Standard fixed MOH rate. $35,000 $12.00 per direct labor hour (DLH) Print Done Actual Results - Chic Design allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of 1,000 flower pots: Direct materials. Direct labor. as positiv D. Purchased 9,900 pounds at a cost of $5.10 per pound; used 9,400 pounds to produce 1,000 pots Worked 3.4 hours per flower pot (3,400 total DLH) at a cost of $20.00 per hour ance for w Actual variable manufacturing overhead. $3.50 per direct labor hour for total actual variable manufacturing overhead of $11,900 Actual fixed manufacturing overhead $34.500 Standard fixed manufacturing overhead allocated based on actual production $36.000 Print Done Chic Design is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) (Click the icon to view the actual results.) Requirements 1. Compute the variable manufacturing overhead variances. What do each of these variances tell management? 2. Compute the fixed manufacturing overhead variances. What do each of these variances tell management? Requirement 1. Compute the variable manufacturing overhead variances. What do each of these variances tell management? (Enter nearest cent, then round the final variance amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Begin by computing the variable manufacturing overhead rate variance. First determine the formula for the rate variance, then compute Variable overhead rate variance. Actual hours Actual quantity purchased Actual rate Standard hours allowed Standard rate Chic Design is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) (Click the icon to view the actual results.) Requirements 1. Compute the variable manufacturing overhead variances. What do each of these variances tell management? 2. Compute the fixed manufacturing overhead variances. What do each of these variances tell management? Requirement 1. Compute the variable manufacturing overhead variances. What do each of these variances tell management? (Enter nearest cent, then round the final variance amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Begin by computing the variable manufacturing overhead rate variance. First determine the formula for the rate variance, then compute Variable overhead rate variance. Actual hours Actual quantity purchased Actual rate Standard hours allowed Standard rate