solve all please with complete working and answer in text Requirements1. Compute the overhead variances for the year: variable overheadcost variance, variable overhead efficiency variance, fixed overheadcost variance, and fixed overhead volume variance.2. Explain why the variances are favorable or unfavorable.Data tableStatic budget variable overheadStatic budget fixed overheadStatic budget direct labor hoursStatic budget number of unitsStandard direct labor hours$2,300$23,000575 hours23,000 units0.025 hours per fender Bargain Fender uses a standard cost system and provide the following information(Click the icon to view the information)Bargain Fender allocates manufacturing overhead to production based on standard direct labor hours Bargain Fender reported the following actual results for 2024 actual number of fonders produced,20,000, actual variable overhead, $4,730, actual fixed overhood, $32.000, actual direct labor hours, 450Read the requirementsRequirement 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead officiency variance, faxed overhead cost vanance, and fixed overhead volume varianceBegin with the variable overhead cost and efficiency variances. Select the required formulas, compute the vartable overhead cost and efficiency variances, and identify whether each variance is favorable (F)of unfavorable (U) (You may need to simply the formula based on the data provided Abbreviations used AC actual cost; AD actual quantity, FOH fixed overhead, SC standard cost, SQ-standard quantity, VOH-variable overhead)VOH cost varianceVOH efficiency varianceFormulaVariance

Overhead cost is the sum of indirect materials, indirect labor and indirect expenses. Overheads are…

Requirements 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Data table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $2,300 $23,000 575 hours 23,000 units 0.025 hours per fender

Requirements 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Data table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $2,300 $23,000 575 hours 23,000 units 0.025 hours per fender

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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