Please Show All Calculation and Do not Give image format Required:1. What were the standard hours allowed for the year's production?2. What was the amount of budgeted fixed overhead cost for the year?3. What was the fixed overhead budget variance for the year? (Indicate the effect of each variance by selecting "F" for favorable, "U"for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)4. What denominator activity level did the company use in setting the predetermined overhead rate for the year?1. Standard hours allowed for the year's production2. Budgeted fixed overhead cost3. Budget variance4. Denominator activityDLHSDLHS Exercise 10A-5 (Algo) Using Fixed Overhead Variances [LO10-4]The standard cost card for the single product manufactured by Cutter, Incorporated, is given below:InputsDirect materialsDirect laborVariable overheadFixed overheadTotal standard cost per unitActual FixedOverhead$57,000(1)StandardQuantity orHours5.2 yards0.8 hours0.8 hoursRate$5.00 per yard$ 17.00 per hour$ 3.50 per hour0.8 hours $ 6.00 per hourManufacturing overhead is applied to production on the basis of standard direct labor-hours. During the year, the company worked9,640 hours and manufactured 11,800 units of product. Selected data relating to the company's fixed manufacturing overhead cost forthe year are shown below:Budgeted FixedOverhead7Budget variance,$7(2)Standard Price orFixed OverheadApplied toWork in Process7 hours $7 per hour.- $7StandardCostVolumevariance,$1,440 P(1) (2)$26.0013.602.804.80$ 47.20

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Description: Please Show All Calculation and Do not Give image format Required:1. What were the standard hours allowed for the year's production?2. What was the amount of budgeted fixed overhead cost for the year?3. What was the fixed overhead budget variance for

Standard costs are estimates of the actual costs in a company’s production process Then, the actual…

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Business

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1. What were the standard hours allowed for the year's product 2. What was the amount of budgeted fixed overhead cost for t 3. What was the fixed overhead budget variance for the year?

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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