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I need help with computing flexible-budget variance, spending variance, and efficiency variance.
Homework: Acct 367 Chapter 8 Homework Question 7, E8-21 (similar to) Part 2 of 5 > HW Score: 63.38%, 6.34 of 10 points ♡ Points: 0.07 of 1 Save a Modern Mode Clothing is a manufacturer of designer suits. The cost of each suit is the sum of three variable costs (direct material costs, direct manufacturing labor costs, and manufacturing overhead costs) and one fixed-cost category (manufacturing overhead costs). (Click the icon to view additional information.) Read the requirements. Requirements 1. Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead. 2. Comment on the results. Requirement 1. Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead. Begin by computing the following amounts for the variable manufacturing overhead. Actual Input Qty. Print Done Actual Costs Incurred Budgeted Rate Flexible Budget $ 65,540$ 63,280 $ 50,400 $ Allocated Overhead 50,400 Now compute the variances: flexible-budget variance, then spending variance, and finally the efficiency variance. Label each variance as favorable (F) or unfavorable (U). Flexible-budget vanance More info Variable manufacturing overhead cost is allocated to each suit on the basis of budgeted direct manufacturing labor-hours per suit. For June 2017, each suit is budgeted to take 3 labor-hours. Budgeted variable manufacturing overhead cost per labor-hour is $14. The budgeted number of suits to be manufactured in June 2017 is 1:160 Actual variable manufacturing overhead costs in June 2017 were $65,540 for 1,200 suits started and completed. There were no beginning or ending inventories of suits. Actual direct manufacturing labor-hours for June were 4,520. Help me solve this Etext pages Clear all Check answer Print Done