4 Actual Fixed Overhead budgeteg Fixed Overhead Applied to Work in Process 33 ants ? hours x $? per hour $35,800 = $? Budget variance, Volume variance, $1,280 F Required: 1. What were the standard hours allowed for the year's production? 2. What was the amount of budgeted fixed overhead cost for the year? 3. What was the fixed overhead budget variance for the year? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) 4. What denominator activity level did the company use in setting the predetermined overhead rate for the year? Answer is complete but not entirely correct. 1 2 3. 4 Standard hours allowed for the year's production Budgeted fixed overhead cost Budget variance Denominator activity 8,720 DLHS $ 33.600 $ 1,900 U 8,400 DLHS Return to question 4 (1) (2) Standard Standard Quantity Price or Hours or Rate 4.4 yards $ 2.00 per yard 0.8 hours $14.00 per hour 0.8 hours $ 1.50 per hour 0.8 hours $ 4.00 per hour 3 Inputs Direct materials Direct labor Variable overhead Fixed overhead Total standard cost per unit Standard Cost (1) * (2) $ 8.80 11.20 1.20 3.20 $24.40 s Manufacturing overhead is applied to production on the basis of standard direct labor-hours. During the year, the company worked 8,920 hours and manufactured 10,900 units of product Selected data relating to the company's fixed manufacturing overhead cost for the year are shown below: Fixed Overhead Actual Fixed Budgeted Fixed Applied to Overhead Overhead Work in Process ? $35,800 Budget variance, $? ? hours x $? per hour = $? Volume variance, $1,280 F Next > 4 of 6 :