(Answered) Question - widgets express assembles widgets and uses

Accounting

Question - Widgets Express assembles widgets and uses flexible budgeting and a standard cost system. Overhead is allocated based on the number of direct materials parts. The performance report for Widgets Express includes the following information:

	Master Budget	Actual Results
Sales
Budget: 10,000 widgets x $200	$2,000,000
Actual: 12,000 widgets x $220		$2,640,000
Variable manufacturing expenses:
Direct materials
Budget: 100,000 parts x $5.00	500,000
Actual: 120,000 parts x $4.50		540,000
Direct labor
Budget: 20,000 hrs x $12.00	240,000
Actual: 22,500 hrs x $12.50		281,250
Variable overhead
Budget: 100,000 parts x $2.00	200,000
Actual: 120,000 parts x $2.20		264,000
Fixed manufacturing expenses:
Fixed overhead	85,000	100,000
Total cost of goods sold	1,025,000	1,185,250
Gross profit	$975,000	$1,454,750

Calculate the total variance, the flexible budget variance and the production volume variance for total manufacturing overhead.

Total overhead variance =

Overhead flexible budget variance =

Production volume variance =

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