The Following Selected Information Was Extracted from the Accounting Records

Essay

The following selected information was extracted from the accounting records of Austin, Inc.:
Planned manufacturing activity: 40,000 machine hours
Standard variable-overhead rate per machine hour: $16
Budgeted fixed overhead: $100,000
Variable-overhead spending variance: $92,000U
Variable-overhead efficiency variance: $102,000F
Fixed-overhead budget variance: $25,000U
Total actual overhead: $675,000
Required:
Determine the following: actual fixed overhead, actual variable overhead, actual machine hours worked, standard machine hours allowed for actual production, and the fixed-overhead volume variance.