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E8-26 ComplexChemComplexChem​, ​Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs...

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Question

Accounting

E8-26

ComplexChemComplexChem​,

​Inc., produces chemicals for large biotech companies. It hasthe following data for manufacturing overhead costs duringAugust

20172017​:

Variable

Fixed

Actual costs incurred

$30,500

$15,500

Costs allocated to products

$32,000

$14,200

Flexible budget

—

$13,200

Actual input x budgeted rate

$32,200

—

Requirement

Fill in the blanks. Use F for favorable and U for​unfavorable:


​(If no variance exists leave the dollar value blank. Label thevariance as favorable​ (F), unfavorable​ (U) or never a variance​(N).)

Variable

(1)

Spending variance

(2)

Efficiency variance

(3)

Production-volume variance

(4)

Flexible-budget variance

(5)

Underallocated(overallocated) manufacturing overhead

VARIABLE

FIXED

-1

Spending variance

$

$

-2

Efficiency variance

-3

Production-volume variance

-4

Flexible-budget variance

-5

Underallocated (overallocated)

manufacturing overhead

Answer & Explanation Solved by verified expert
3.8 Ratings (444 Votes)
Answer Particulars Variable Fixed 1 Spending Variance 1500 F 200 U 2 Efficiency Variance 3800 U 3 Production Volume Variance 1000 F 4 Flexible Budget Variance 1900    See Answer
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