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The Milling Department uses standard machine hours to allocate overhead to products. Budgeted volume for the year was 36,000 machine hours. A flexible budget is used to set the overhead rate. Fixed overhead is budgeted to be $720,000 and variable overhead is estimated to be $10 per machine hour.

During the year, two products are milled. The following table summarizes operations.

Product 1

Units milled 10,500
Standard machine per unit 2
Actual machine hours used 23,000

Product 2

Units milled 12,000
Standard machine per unit 1
Actual machine hours used 13,000

Actual overhead during the year was $1.1 million.

find out all the relevant overhead variances for the department, and prepare a memo that describes what each one means.

Accounting Basics, Accounting

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  • Reference No.:- M947574

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