Thompson Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on the basis of standard direct manufacturing labor-hours (DLH). The actual costs, compared with the annual budget and 1/12 of the annual budget, are as follows: EEB (Click the icon to view the data.) (Click the icon to view additional information.) Read the requirement. 1. Calculate total manufacturing overhead costs allocated. Begin by computing the budgeted hours per unit. Determine the formula, then compute the amount More Info Data Table Thompson Products develops its manufacturing overhead rate from the current annual budget. The manufacturing overhead budget for 2017 is based on budgeted output of 708,000 units, requiring 3,540,000 DLH. The company is able to schedule production uniformly thorughout the year. A total of 70,000 output units requiring 322,000 DLH was produced during May 2017, Manufacturing overhead (MOH) costs incurred for May amounted to S333,050. Annual Manufacturing Overhead Budget 2017 Per Per DLH Monthly Actual MOH Total Output Input MOH Budget Costs for Amount Unit Unit May 2017 May 2017 Print Done Variable MOH Indirect manufacturing labor 354,000 0.50 $ 0.10 $ Supplies 29,500 S 29,500 708,000 1.00 0.20 59,000 112,000 Requirement Fixed MOH 0.17 0.16 0.29 S 3,256,800 4.60 0.92 601,800 0.85 566.400 0.80 1,026,600 145 50,150 47,200 85,550 271,400 S 48,000 58,000 85,550 333,050 Utilities Calculate the folowing amounts for Thompson Products for May 2017: 1. Total manufacturing overhead costs allocated 2. Variable manufacturing overhead spending variance 3. Fixed manufacturing overhead spending variance 4. Variable manufacturing overhead efficiency variance 5. Production-volume variance Be sure to identify each variance as favorable (F) or unfavorable (U). Total PrintDone Choose from any list or enter any number in the input fields and then continue to the next question. PrintDone