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Martin Foods processes bags of organic frozen fruits sold at specialty grocery stores. X i More Info The company allocates manufacturing overhead based on direct labor hours Martin has budgeted fixed manufacturing overhead for the year to be $629,000 The predetermined fixed manufacturing overhead rate is $17.00 per direct labor hour, while the standard variable manufacturing overhead rate is $0.60 per direct labor hour. The direct labor standard for each case is one- quarter (0.25) of an hour The company actually processed 154,000 cases of frozen organic fruits during the year and incurred $694,500 of manufacturing overhead. Of this amount, $642,000 was fixed. The company also incurred a total of 42,000 direct labor hours Print Done Requirement 1. How much variable overhead would have been allocated to production? How much fixed overhead would have been allocated to production? 40,500 The variable overhead allocated to production is $ Now determine the fixed overhead allocated to production. 688,500 The fixed overhead allocated to production is $ Requirement 2. Compute the variable MOH rate variance and the variable MOH efficiency variance. What do these variances tell managers? Begin by determing the formula for the variable MOH rate variance, then calculate the variable overhead rate variance. (Enter the result as a positive number. Enter rates to two decimal places. Label the variance as favorable (F) or unfavorable (U).) Variable overhead Actual hours Actual rate Standard rate x ( rate variance $ 4,240 U x $ 42,400 1.10 $ 1.00 This variance tells managers that Armstrong Foods actually incurred more than they would have expected given the actual hours used on variable manufacturing overhead Now determine the formula for the variable MOH efficiency variance, then calculate the efficiency variance (Enter the result as a positive number. Enter any rates to two decimal places. Label the variance as favorable (F) or unfavorable (U).) Variable overhead Standard hours allowed Standard rate Actual hours = efficiency variance x( 1,900 U ) = $ 42,400 1.00 40,500 x ( This variance tells managers that Armstrong Foods used more direct labor hours than anticipated for the actual volume of output Requirement 3. Compute the fixed MOH budget variance and the fixed overhead volume variance. What do these variances tell managers? A Begin by determing the formula for the fixed MOH budget variance, then calculate the fixed budget variance (Enter the result as a positive number. Label the variance as favorable (F) or unfavorable (U).) Fixed MOH Actual fixed overhead Budgeted fixed overhead budget variance = $ 10,000 U $ 624,000 634,000 This variance tells us that Armstrong Foods spent more than anticipated on fixed overhead costs. Now determine the formula for the fixed overhead volume variance, then calculate the volume variance. (Enter the result as a positive number. Label the variance as favorable (F) or unfavorable (U).) Fixed MOH Std. fixed overhead cost allocated to Budgeted fixed overhead =volume variance $ 64,500 F production 624,000 688,500 This variance tells managers that Armstrong Foods produced more cases of frozen organic fruits than originally expected