Question: please help Question # 2(18 Marks) 1. Prepare fully labeled variance diagrams(used in Class) for manufacturing overhead splitting them between variance and fixed (10 Marks)
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Question # 2(18 Marks) 1. Prepare fully labeled variance diagrams(used in Class) for manufacturing overhead splitting them between variance and fixed (10 Marks) Denominator level in hours 40,000 Actual output in units 21,000 Std. Variable overhead rate per machine hour $2.80 Actual variable overhead incurred $117,000 Actual fixed overhead incurred $302,100 Variable overhead applied $117,600 Variable overhead Efficiency Variance $8,400 U Fixed overhead budget variance $2,100 U What is the Over/under Allocated MO for Variable MO? What is the Over/under Allocated MO for Fixed MO? 2. Prepare journal entries that would be made at the end of each month relating to the above variances.(8 Marks)
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