The Electric Widget Company produces 2 types of widgets, small and large. Overhead is based on machine time, and the standard machine time to make one widget is: Small widget 20 minutes Large widget 30 minutes Budgeted Overhead is $1,800,000 and planned production for the coming year is: Small widgets 30,000 . Large widgets 20,000 a) What would be the standard overhead amount be for a: Small widget Large widget During the year, they used 21,600 machine hours to make 27,000 small widgets and 24,000 large widgets. Actual overhead incurred was $1,900,000. by $ b) Overhead was over or under applied Fill in T account below Manufacturing Overhead c) If Overhead was determined to be FIXED, how would you explain the above via Overhead Variances? Budget Variance Volume Variance_ d) If Overhead was determined to be all VARIABLE, how would you explain the above variance? Rate Variance Efficiency Variance