Sweet Memories, Inc., produces several different styles and sizes of picture frames. The following activity describes Sweet Memories' overhead costs during March: (Click on the icon to view the overhead costs.) Read the requirements. Requirement 1. Calculate the variable overhead rate and efficiency variances for the month of March. (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cent, then round the final variance amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) Begin by computing the variable manufacturing overhead rate variance. First determine the formula for the rate variance, then compute the rate variance for variable manufacturing overhead. Variable overhead rate variance Actual hours x Standard rate - Actual rate ) = Now compute the variable manufacturing overhead efficiency variance. First determine the formula for the efficiency variance, then compute the efficiency variance for variable manufacturing overhead. Variable overhead efficiency variance = Requirement 2. Calculate the fixed overhead budget and volume variances for the month of March. (Enter the variances as positive numbers. Label the variance as favorable (F) or unfavorable (U).) Begin by computing the fixed manufacturing overhead budget variance. First determine the formula for the budget variance, then compute the budget variance for fixed manufacturing overhead. Fixed MOH budget variance = Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volume variance for fixed manufacturing overhead. Fixed MOH Requirement 2. Calculate the fixed overhead budget and volume variances for the month of March. (Enter the variances as positive numbers. Label the variance as favorable (F) or unfavorable (U).) Begin by computing the fixed manufacturing overhead budget variance. First determine the formula for the budget variance, then compute the budget variance for fixed manufacturing overhead. Fixed MOH budget variance = Now compute the fixed manufacturing overhead volume variance. First determine the formula for the volume variance, then compute the volume variance for fixed manufacturing overhead. Fixed MOH = volume variance Requirement 3. Calculate the total fixed overhead variance for the month of March. (Enter the variances as positive numbers. Label the variance as favorable (F) or unfavorable (U).) First determine the formula for the budget variance, then compute the total fixed overhead variance. Total overhead variance Choose from anvliet or enter any number in the innuit fields and then continue to the neyt question i Data Table Number of frames produced ................ Predetermined variable MOH rate .......... $ Predetermined fixed MOH rate .............. $ Budgeted fixed manufacturing overhead ...... $ Actual direct labor hours Actual variable manufacturing overhead. ... ... $ 20,000 frames 6.20 per DL hour 15.00 per DL hour 72,000 5,200 hours 33,020 resulting in an actual rate of $6.35* per DL hour 70,800 0.25 hours per frame Actual fixed manufacturing overhead .........$ Standard direct labor allowed per unit ....... *$33,020/5,200 hours Print Done