Required: Compute all 4 overhead variances. Prepare absorption and variable income statements. [Hint: First compute your overhead rates per hour, standard quantity allowed, and the per unit cost for variable and absorption costing] Given: Selling price per unit: $40.00 Umts sold: "9,500 Variable manufacturing costs g unit: Direct materials $100 Direct labour 9.00 Variable overhead 4.00 Standard: Normally make 8 units per hour. Normal annual volume: 10,000 hours Expected annual volume: 9,000 hours. Budgeted Fixed manufacturing overhead of $400,000 was based on Normal annual volume the same as last year. Actual variable manufacturing overhead of $3 15,000 and actual xed manufacturing overhead of $402,000 was incurred over 9,400 hours in the production of "5,000 units. Beginning inventory: 10,000 units Ending inventory: 5,500 units. Selling and admin: Fixed $350,000 Variable ($2 per unit sold) Documentl FILL IN THE ANSWERS BELOW. ALSO SHOW YOUR WORK! Do not just hand in the filled-in answers. Each of the two cases below is independent. You may assume that each company uses a standard cost system, and that each company's flexible budget is based on standard direct labour hours Fill in the blanks and show your work. Case X Case Y 1. Denominator activity in hours 5,000 hrs. 2. Standard hours allowed for units produced 12.200 hrs. 3. Actual hours worked 12,000 hrs. 4. Total budgeted fixed overhead. 5. Actual variable overhead $50.600 $149,750 6. Actual fixed overhead $99.350 $82,400 7. *Total variable overhead applied to production ......... $144,000 8. *Total fixed overhead applied to production $97,600 9. Variable overhead spending variance 10. Variable overhead efficiency variance $800 F $9.000 U 11. Fixed overhead budget and spending variance $2, 400 U 12. Fixed overhead production volume (denominator) $2,400 U variance 13. Variable overhead rate (standard or budgeted). $30.00 14. Fixed overhead rate (standard or budgeted) 15. (Underapplied) or Overapplied overhead (Difference between Total Allocated and Actual Total Overhead) * Based on standard hours allowed for units produced