The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below Standard Hours 2.10 Standard Rate $6.50 Standard Cost $13.65 Motor tune-up The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 140 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: $1,045 F Labor rate variance Labor spending variance 619 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.) 1. Actual labor hours 2. Actual hourly rate hours per hour Primara Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours (denominator level of activity) Actual direct labor-hours Standard direct labor-hours allowed for the actual output $ 439,900 $ 431,000 53,000 54,000 51,000 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round Fixed portion of the predetermined overhead rate to 2 decimal places.) 2. Compute the fixed overhead budget variance and volume variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) 1. Fixed portion of the predetermined overhead rate 2. Budget variance per DLH Volume variance Norwall Company's budgeted variable manufacturing overhead cost is $1.10 per machine- hour and its budgeted fixed manufacturing overhead is $24,633 per month The following information is available for a recent month a. The denominator activity of 7,140 machine-hours is used to compute the predetermined overhead rate. b. At a denominator activity of 7,140 machine-hours, the company should produce 3,400 units of product. c. The company's actual operating results were: 4,680 8,040 10,050 $ 26,900 Number of units produced Actual machine-hours Actual variable manufacturing overhead cost Actual fixed manufacturing overhead cost Required: 1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements. (Round your answers to 2 decimal places.) 2. Compute the standard hours allowed for the actual production. 3. Compute the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). input all amounts as positive values. Round your intermediate calculations and final answers to 2 decimal places.) per MH per MH per MH MHs 1. Predetermined overhead rate Variable element Fixed element 2. |Standard hours allowed for the actual production 3. Variable overhead rate variance Variable overhead efficiency variance Fixed overhead budget variance Fixed overhead volume variance