Problem 11-41 Overhead Calculations; Variance Interpretation (LO 11-5) 1 Maxwell Company uses a standard cost accounting system and applies production overhead to products on the basis of machine hours. The following information is available for the year just ended: Standard variable-overhead rate per hour $7.60 Standard fixed-overhead rate per hour: $12.80 Planned activity during the period: 23,000 machine hours Actual production: 14,200 finished units Machine-hour standard: Two completed units per machine hour Actual variable overhead: $173,010 Actual total overhead: $481,110 Actual machine hours worked: 23,700 Required: 1. Calculate the budgeted fixed overhead for the year 2. Compute the variable-overhead spending variance. 3. Calculate the company's fixed-overhead volume variance. 4-a. Did Maxwell spend more or less than anticipated for fixed overhead? 4-b. What was the difference in actual and anticipated overhead? 5. Was variable overhead underapplied or overapplied during the year? By how much? Complete this question by entering your answers in the tabs below. Rea 1 Reg 2 Reg 3 Req 4A Reg 45 Reas Calculate the budgeted fixed overhead for the year. Budgeted foed overhead Problem 11-41 Overhead Calculations; Variance Interpretation (LO 11-5) Maxwell Company uses a standard cost accounting system and applies production overhead to products on the basis of machine hours. The following information is available for the year just ended: Standard variable-overhead rate per hour $7.60 Standard fixed-overhead rate per hour $12.80 Planned activity during the period: 23,000 machine hours Actual production: 14,200 finished units Machine-hour standard: Two completed units per machine hour Actual variable overhead: $173,010 Actual total overhead: $481,110 Actual machine hours worked: 23,700 Required: 1. Calculate the budgeted fixed overhead for the year. 2. Compute the variable-overhead spending variance 3. Calculate the company's fixed-overhead volume variance. 4-a. Did Maxwell spend more or less than anticipated for fixed overhead? 4-b. What was the difference in actual and anticipated overhead? 5. Was variable overhead underapplied or overapplied during the year? By how much? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req3 Reg 4 Reg 4 Reg 5 Compute the variable-overhead spending variance. (Indicate the effect of each variance by selecting "Favorable or *Unfavorable". Select "None and enter "ofor no effect (ezero variance). Do not round intermediate calculation) Vanable-overhend spending variance Maxwell Company uses a standard cost accounting system and applies production overhead to products on the basis of machine hours. The following information is available for the year just ended: Standard variable-overhead rate per hour: $7.60 Standard fixed-overhead rate per hour $12.80 Planned activity during the period: 23,000 machine hours Actual production: 14,200 finished units Machine-hour standard: Two completed units per machine hour Actual variable overhead: $173,010 Actual total overhead: $481,110 Actual machine hours worked: 23,700 Required: 1. Calculate the budgeted fixed overhead for the year. 2. Compute the variable-overhead spending variance. 3. Calculate the company's fixed-overhead volume variance. 4-a. Did Maxwell spend more or less than anticipated for fixed overhead? 4-5. What was the difference in actual and anticipated overhead? 5. Was variable overhead underapplied or overapplied during the year? By how much? Complete this question by entering your answers in the tabs below. Reg 4B Reg 1 Reg 2 Req3 Req 4A Reg 5 Calculate the company's fixed-overhead volume variance. (Indicate the effect of each variance by selecting "Favorable or Unfavorable". Select "None" and enter "O" for no effect (1.e., zero variance). Do not round intermediate calculation.) Food-overhead Volume variance Maxwell Company uses a standard cost accounting system and applies production overhead to products on the basis of machine hours. The following information is available for the year just ended: Standard variable-overhead rate per hour: $7.60 Standard fixed-overhead rate per hour: $12.80 Planned activity during the period: 23,000 machine hours Actual production: 14,200 finished units Machine-hour standard: Two completed units per machine hour Actual variable overhead: $173,010 Actual total overhead: $481,110 Actual machine hours worked: 23,700 ok int Required: 1. Calculate the budgeted fixed overhead for the year. 2. Compute the variable-overhead spending variance. 3. Calculate the company's fixed-overhead volume variance. 4-a. Did Maxwell spend more or less than anticipated for fixed overhead? 4-b. What was the difference in actual and anticipated overhead? 5. Was variable overhead underapplied or overapplied during the year? By how much? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Req 4A Req 48 Reg 5 Did Maxwell spend more or less than anticipated for fixed overhead? Maxwell spent than anticipated Maxwell Company uses a standard cost accounting system and applies production overhead to products on the basis of machine hours. The following information is available for the year just ended: Standard variable-overhead rate per hour: $7.60 Standard fixed-overhead rate per hour $12.80 Planned activity during the period: 23,000 machine hours Actual production: 14,200 finished units Machine-hour standard: Two completed units per machine hour Actual variable overhead: $173,010 Actual total overhead: $481,110 Actual machine hours worked: 23,700 Required: 1. Calculate the budgeted fixed overhead for the year 2. Compute the variable-overhead spending variance. 3. Calculate the company's fixed-overhead volume variance. 4-a. Did Maxwell spend more or less than anticipated for fixed overhead? 4-b. What was the difference in actual and anticipated overhead? 5. Was variable overhead underapplied or overapplied during the year? By how much? Complete this question by entering your answers in the tabs below. Rea 1 Reg 2 Reg 3 Req 4A Req 40 Reg 5 What was the difference in actual and anticipated overhead? Fixed-overhead budget variance Maxwell Company uses a standard cost accounting system and applies production overhead to products on the basis of machine hours. The following information is available for the year just ended: Standard variable-overhead rate per hour. $7.60 Standard fixed-overhead rate per hour. $12.80 Planned activity during the period: 23,000 machine hours Actual production: 14,200 finished units Machine-hour standard: Two completed units per machine hour Actual variable overhead: $173,010 Actual total overhead: $481,110 Actual machine hours worked: 23,700 Required: 1. Calculate the budgeted fixed overhead for the year, 2. Compute the variable-overhead spending variance, 3. Calculate the company's fixed-overhead volume variance. 4-a. Did Maxwell spend more or less than anticipated for fixed overhead? 4-6. What was the difference in actual and anticipated overhead? 5. Was variable overhead underapplied or overapplied during the year? By how much? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req3 Req 4A Req 4B Reg 5 Was variable overhead underapplied or overapplied during the year? By how much? (Do not round intermediate calculations.) Vanable overhead is