Flick Company Uses a Standard Cost System in Which Manufacturing

question 9

Essay

Flick Company uses a standard cost system in which manufacturing overhead is applied to units of product on the basis of standard direct labor-hours.The company's total budgeted variable and fixed manufacturing overhead costs at the denominator level of activity are $20,000 for variable overhead and $30,000 for fixed manufacturing overhead.The predetermined overhead rate, including both fixed and variable components, is $2.50 per direct labor-hour.The standards call for two direct labor-hours per unit of output produced.Last year, the company produced 11,500 units of product and worked 22,000 direct labor-hours.Actual costs were $22,500 for variable overhead and $31,000 for fixed manufacturing overhead.
Required:
a.What is the denominator level of activity?
b.What were the standard hours allowed for the output last year?
c.What was the variable overhead rate variance?
d.What was the variable overhead efficiency variance?
e.What was the fixed manufacturing overhead budget variance?
f.What was the fixed manufacturing overhead volume variance?

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Definitions:

A$

The symbol for the Australian Dollar, the official currency of Australia.

Price of Chalk

The cost associated with purchasing chalk, which can vary based on quantity, quality, and place of purchase.

$6 Per Box

A set price of six dollars for each box of a certain item or product.

Ten Years

This term refers to a period or duration of ten consecutive years.