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Albert Foods processes bags of organic frozen fruits sold at specialty grocery stores. (Click the icon to view additional information.) Read the requirements. . Requirement 1. How much variable overhead would have been allocated to production? How much fixed overhead would have been allocated to production? The variable overhead allocated to production is Now determine the fixed overhead allocated to production. The fixed overhead allocated to production is Requirement 2. Compute the variable MOH rate variance and the variable MOH efficiency variance. What do these variances tell managers? Begin by determing the formula for the variable MOH rate variance, then calculate the variable overhead rate variance. (Enter the result as a positive number. Enter rates to two decimal places. Label the variance as favorable (F) or unfavorable (U).) Variable overhead rate variance This variance tells managers that Albert Foods actually incurred on variable manufacturing overhead than they would have expected given the actual hours used. Now determine the formula for the variable MOH efficiency variance, then calculate the efficiency variance. (Enter the result as a positive number. Enter any rates to two decimal places. Label the variance as favorable (F) or unfavorable (U).) Variable overhead x efficiency variance X - X This variance tells managers that Albert Foods used direct labor hours than anticipated for the actual volume of output. More Info Requirement 3. Compute the fixed MOH budget variance and the fixed overhead volume variance. What do these variances tell managers? Begin by determing the formula for the fixed MOH budget variance, then calculate the fixed budget variance. (Enter the result as a positive number. Label the variance as favorable (F) or unfavorable (U).) Fixed MOH The company allocates manufacturing overhead based on direct labor hours. Albert has budgeted fixed manufacturing overhead for the year to be $629,000. The predetermined fixed manufacturing overhead rate is $16.80 per direct labor hour, while the standard variable manufacturing overhead rate is $0.55 per direct labor hour. The direct labor standard for each case is one - quarter (0.25) of an hour. = budget variance This variance tells us that Albert Foods spent than anticipated on fixed overhead costs. The company actually processed 152,000 cases of frozen organic fruits during the year and incurred $687,820 of manufacturing overhead. Of this amount, $634,000 was fixed. The company also incurred a total of 41,400 direct labor hours. 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) or unfavorable (U).) Fixed MOH volume variance Print Done This variance tells managers that Albert Foods produced V cases of frozen organic fruits than originally expected
