Question: Need help with variable overhead spending variance Problem 11-49 Complete Analysis of Cost Variances; Review of Chapters 10 and 11 (LO 11-5) Chillco Corporation produces

Need help with variable overhead spending variance  Need help with variable overhead spending variance Problem 11-49 Complete Analysis
of Cost Variances; Review of Chapters 10 and 11 (LO 11-5) Chillco

Problem 11-49 Complete Analysis of Cost Variances; Review of Chapters 10 and 11 (LO 11-5) Chillco Corporation produces containers of frozen food. During April, Chillco produced 730 cases of food and incurred the follow actual costs. Overhead is budgeted and applied using direct-labor hours in a standard costing system. Standard cost and annual budget information are as follows: Required: Compute the following cost variances from the available data. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Do not round intermediate calculations.) \begin{tabular}{|l|c|l|} \hline & & \\ \hline Direct-material price variance & $3,450 & Unfavorable \\ \hline Direct-material purchase price variance & $3,450 & Unfavorable \\ \hline Direct-material quantity variance & $1,265 & Unfavorable \\ \hline Direct-labor rate variance & $4,400 & Unfavorable \\ \hline Direct-labor efficiency variance & $19,040 & Unfavorable \\ \hline Variable-overhead spending variance & & Favorable \\ \hline Variable-overhead efficiency variance & $1,568.00 & Unfavorable \\ \hline Fixed-overhead budget variance & $500 & Unfavorable \\ \hline \end{tabular}

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