Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

req. 1-6 please ! Walkenhorst Company's machining department prepared its 2022 budget based on the following data: 2 bok Practical capacity 40,00 units Standard machine

req. 1-6 please ! image text in transcribed
image text in transcribed
Walkenhorst Company's machining department prepared its 2022 budget based on the following data: 2 bok Practical capacity 40,00 units Standard machine hours per unit Standard variable factory overhead 5 3.60 per machine hour Budgeted fixed factory overhead $ 304,000 The department uses machine hours to apply factory overhead to production. In 2022, the department used 86,400 machine hours and incurred $575,000 in total manufacturing overhead cost to manufacture 42130 units. Actual fixed overhead cost for the year was $318,000 int ences Required: Determine for the year: 1. The fixed variable, and total factory overhead application rates (per machine hour) (Round your answers to 2 decimal places.) 2. The total flexible budget for factory overhead cost based on output achieved in 2022 3. The production volume variance. State whether this variance was favorable (F) or unfavorable (U). 4. The total overhead spending variance State whether this variance was favorable (F) or unfavorable (U). 5. The overhead efficiency variance State whether this variance was favorable (F) or unfavorable (U). 6. The variable overhead spending variance and the fixed overhead spending variance State whether each variance is favorable (F) or unfavorable (U) + 1. Fixed overhead application rate Variable overhead application rate Total factory overhead application rate 2. Total flexible budget for overhead cost 3. Production volume variance 4. Total overhead spending variance 5. Overhead efficiency variance 6. Variable overhead spending variance Fixed overhead spending variance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial & Managerial Accounting, 1, 2 Terms (12 Months)

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

14th Edition

133727075X, 9781337270755

More Books

Students also viewed these Accounting questions

Question

How do you talk about your complaining customers?

Answered: 1 week ago