Rhine Incorporated Makes a Single Product--A Critical Part Used in Commercial

Essay

Rhine Incorporated makes a single product--a critical part used in commercial airline seats.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.Data concerning 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.