Haines Manufacturing Company (HMC) bases its fixed overhead rate on practical capacity of 38,000 units per...
Haines Manufacturing Company (HMC) bases its fixed overhead rate on practical capacity of 38,000 units per year. Budgeted and actual results for the most recent year follow:
| Budgeted | Actual | |
| Fixed Manufacturing Overhead | $912,000 | $864,000 |
| Number of Units Produced | 28,000 | 30,000 |
Calculate the total over-or underapplied fixed manufacturing overhead. (Indicate the effect of each variance by selecting "F" for favorable/overapplied and "U" for unfavorable/underapplied.)
| Fixed Overhead | $ | U |
Homework Answers
| Budgeted fixed manufacturing overhead | $912,000 |
| Less: Actual fixed manufacturing overhead | ($864,000) |
| Spending Variance (Favorable) | $48,000 |
| Budgeted Units Produced | 28,000 |
| Less: Actual Units Produced | 30,000 |
| Favorable (a) | 2,000 |
| Estimated Fixed Manufacturing Overhead rate per unit ($912,000/38,000 units) (b) | $24 |
| Fixed overhead volume variance (a*b) (Favorable) | $48,000 |
| When the fixed overhead spending variance and fixed overhead volume variance is same then the fixed overheads are said to be applied equally with no overapplied or underapplied. | |
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Overhead is allocated to products using a predetermined standard
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