Plantier Incorporated makes a single product--a cooling coil used in commercial refrigerators.The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period.The budgeted fixed manufacturing overhead for the year was $136,950 and the budgeted hours were 27,500 machine-hours.Data concerning the actual results for the most recent year appear below:
Required:
a.Determine the fixed overhead budget variance for the year.
b.Determine the fixed overhead volume variance for the year.
Definitions:
Breadwinner
A person who earns money to support their family, typically the sole or primary earner in a household.
Discretionary Income
Money remaining after the costs of basic necessities have been paid.
Basic Necessities
Essential items required for survival, including food, clothing, shelter, and clean water.
Lack of Education
A state or condition where an individual has not received sufficient formal learning or instruction.
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