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Question - Waterway Company manufactures deep-sea fishing rods, which it distributes internationally through a chain of wholesalers. The following data are taken from the budget prepared at the beginning of the year by Waterway's controller. The company applies overhead on the basis of machine hours.
Annual Budget
May Budget
Variable manufacturing overhead
$2,637,800
$235,400
Fixed manufacturing overhead
$1,203,960
$100,330
Direct labor hours
53,520
4,460
Machine hours
239,800
21,400
During the month of May, Waterway used 4,200 direct labor hours and 21,630 machine hours. The flexible budget for the month allowed 4,360 direct labor hours and 21,150 machine hours. Actual fixed manufacturing overhead incurred was $104,100; variable manufacturing overhead incurred was $235,230.
(a) Calculate the variable overhead spending and efficiency variances for May.
(b) Calculate the fixed overhead spending variance for May.
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