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Given the followinginformation: Budget Actual Unitsproduced 20,000 22,000 Materials(kg) 80,000 96,000 Direct Labour(Hours) 290,000 343,000 MaterialCosts $800,000 ? Direct LabourCosts $3,850,000 $4,557,800 Variable OverheadCosts $3,500,000 $4,400,000Fixed OverheadCosts $1,600,000 $1,610,000Other InformationOverhead is Allocated on Direct Labour HoursDuring the year 99,000 kg of materials were purchased for$800,000Beginning Inventory: noneEnding Inventory: 3,000 kgRequired:Prepare a flexible budgetCalculate the following variancesMaterial RateMaterial EfficiencyLabourPrice Labour EfficiencyVariable Overhead RateVariable Overhead EfficiencyFixed Overhead RateFixed Overhead Production Volume