Problem 11-41 Overhead Calculations; Variance Interpretation (LO 11-5) 1 12 points Maxwell Company uses a standard cost accounting system and applies production overhead to products on the basis of machine hours. The following Information is available for the year just ended: Standard variable-overhead rate per hour. $8.60 Standard fixed-overhead rate per hour: $14.00 Planned activity during the period: 34,000 machine hours Actual production: 19,700 finished units Machine-hour standard: Two completed units per machine hour Actual variable overhead: $309,120 Actual total overhead: $828,000 Actual machine hours worked: 36,800 eBook References Required: 1. Calculate the budgeted fixed overhead for the year. 2. Compute the variable-overhead spending varlance. 3. Calculate the company's fixed-overhead volume varlance. 4-a. Did Maxwell spend more or less than anticipated for fixed overhead? 4-5. What was the difference in actual and anticipated overhead? 5. Was variable overhead underapplied or overapplied during the year? By how much? Reg 1 Reg 2 Reg 3 Reg 4A Reg 4B Reg 5 Calculate the budgeted fixed overhead for the year. Budgeted fixed overhead Reg 1 Reg 2 Reg 3 Reg 4A Reg 4B Reg 5 Compute the variable-overhead spending variance. (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 calculation.) Variable-overhead spending variance Reg 1 Reg 2 Reg 3 Req 4A Reg 4B Reg 5 Calculate the company's fixed-overhead volume variance. (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 calculation.) Fixed-overhead volume variance Req 1 Reg 2 Reg 3 Reg 4A Reg 4B Reg 5 Did Maxwell spend more or less than anticipated for fixed overhead? Maxwell spent than anticipated Reg 1 Reg 2 Reg 3 Req 4A Reg 4B Reg 5 What was the difference in actual and anticipated overhead? Fixed-overhead budget variance Reg 1 Reg 2 Reg 3 Reg 4A Req 4B Reg 5 Was variable overhead underapplied or overapplied during the year? By how much? (Do not round intermediate calculations.) Variable overhead is by