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Problem - The condensed form of Nordstrop Company's flexible budget for manufacturing overhead follows:
Overhead Costs
Cost Formula (per machine-hour)
Machine-Hours
7,000
8,000
9,000
Variable cost
$1.90
$13,300
$15,200
$17,100
Fixed cost
21,700
Total Overhead cost
$35,000
$36,900
$38,800
The following information is available for a recent period:
a. The denominator activity of 7,000 machine-hours was chosen to compute the predetermined overhead rate.
b. At the 7,000 standard machine-hours level of activity, the company should produce 1,750 units of product.
c. The company's actual operating results were as follows:
Required:
1. Compute the predetermined overhead rate and break it down into variable and fixed cost elements.
2. What were the standard hours allowed for the year's actual output?
3. Compute the variable overhead spending and efficiency variances and the fixed overhead budget and volume valiances.
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