Answer:
Predetermined overhead rate |
4.6 |
|
Variable element |
1.05 |
|
Fixed element (4.6-1.05) |
3.55 |
|
Standard Hours allowed for actual Production |
11336 |
|
Variable Overhead rate variance |
1495.5 |
U |
Variable Overhead efficiency variance |
1434.3 |
F |
Fixed Overhead Budget Variance |
1382 |
F |
Fixed Overhead Volume Variance |
8860.8 |
F |
Working notes for the above answer is as under
1
Predetermined overhead rate
={(1.05*8840)+31382} /8840
=40664/8840
=4.6
2
Standard Hours allowed for actual Production
=Actual Units product x standard Hour Required for One unit
=4360 x (8840/3400)
=4360 x 2.6
=11,336 hour
3
Variable Overhead rate variance
=(AH x AR)- (AH x SR)
=(11964)- (9970*1.05)
=11964-10468.5
=1495.5 U
4
Variable Overhead efficiency variance
=Standard rate x (actual hour- standard Hour)
=1.05 x (9970-11336)
=1434.3 Favorable
5
Fixed Overhead Budget Variance
=Actual Fixed overhead cost-Budgeted Fixed overhead cost
=30,000-31382
=1382 favorable
6
Fixed Overhead Volume Variance
=Fixed Portion of Predetermined Overhead x (Denominator Hour - Standered Hour)
=3.55 x (8840-11336)
=3.55x 2496
=8860.8 Favorable
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