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ACC212 13852 Lesson Home X Message Center - View Mes X & ACC212 - Lesson 7 X Assignments X P Take a Test - Khyathi Yalama X *Course Hero X C mathxl.com/Student/PlayerTest.aspx?testld=217200271¢erwin=yes NP K Apps M Gmail Courses New Tab NAU University Registrar 5 Selling and Admini... ACC212 - Lesson 1 RioLearn MySite Pearson Sign In P Course Home M Inbox (7) - khy213... acc212_13852 Khyathi Yalamanchili & | 07/25/20 4:22 PM Test: Lesson 8 Homework Submit Test This Question: 5 pts 3 of 5 (0 complete) This Test: 50 pts possible Question Help Deluxe Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) Deluxe Fender allocates manufacturing overhead to production based on standard direct labor hours. Deluxe Fender reported the following actual results for 2018: actual number of fenders produced, 20,000; actual variable overhead, $4,850; actual fixed overhead, $30,000; actual direct labor hours, 450. Read the requirements. Requirement 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U). (You may need to simply the formula based on the data provided. Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) Formula Variance VOH cost variance VOH efficiency variance Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume variances, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance FOH cost variance FOH volume variance Requirement 2. Explain why the variances are favorable or unfavorable. The variable overhead cost variance is because management spent than budgeted for the actual production. The variable overhead efficiency variance is because management used direct labor hours than standard and variable overhead is applied (incurred) based on direct labor. Choose from any list or enter any number in the input fields and then continue to the next question. ?Data Table X i Requirements X Static budget variable overhead $ 3,500 1. Compute the overhead variances for the year: variable overhead cost Static budget fixed overhead $ 28,000 variance, variable overhead efficiency variance, fixed overhead cost variance, ble (U). (You may need to and fixed overhead volume variance. Static budget direct labor hours 700 hours 2. Explain why the variances are favorable or unfavorable. Static budget number of units 28,000 units Standard direct labor hours 0.025 hours per fender Print Done Print Done and volume variances, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC =