Use the following terms to complete the sentences that follow, terms may be used once, more than once, or not at all: Static Flexible Volume Spending Production manager Variable overhead rate Variable overhead efficiency Fixed overhead spending Purchasing manager Favorable Unfavorable Debit Credit Fixed overhead budget Fixed overhead volume 1. A budget is based on a food estimate of sales volume. 2. variance represents the difference between actual and expected levels of activity 3. The Is typically responsible for the direct materials quantity varianco. 4. The variable overhead rate variance is when the actual variable overhead rate is less than the standard variable overhead rate 5. Unfavorable variances appear as ontros favorable variances appear as entries 6. The variance is the difference between the number of actual direct labor hours used and the number of standard direct labor hours multiplied by the standard variable overhead rate. 7. Using less direct materials than expected results in a variance 8. The is typically responsible for the direct labor efficiency variance 9. The variance is sometimes also called the denominator variance 10. When recording journal entries, the actual cost is a and the standard cost is a Prey 1 of 7 !!! Next > mework Saved Olive Company makes silver belt buckles. The company's master budget appears in the first column of the table. Required: Complete the table by preparing Olive's flexible budget for 4,000, 6,000, and 7,000 units. Master Budget (5,000 Units) Flexible Budget (4,000 Units) Flexible Budget (6,000 Units) Flexible Budget (7,000 Units) $ Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing cost 15,000 30,000 8,000 18,000 71,000 $ Required: 1. Calculate the direct materials price, quantity, and total spending varlances for Barley Hopp. 2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp (Do not round your Intermediate calculations. Indicate the effect of each variance by selecting "F* for favorable, "U" for unfavorable, and "None for no effect (1... zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance s $ 5 29,000 IU 103.600 74.600 U MacBook Air 80 DOO FT F? F3 80 74 44 .." 11 > 97 59 2 * # 3 2 $ 4 % 5 & 7 6 8 9 W E 70 T Y U O
