(Answered) Question overhead variances at the beginning of the year

Accounting

Question: Overhead Variances At the beginning of the year, Gaillard Company had the following standard cost sheet for one of its chemical products:

Gaillard computes its overhead rates using practical volume, which is 144,000 units. The actual results for the year are as follows:

(a) Units produced: 143,400;

(b) Direct labor: 286,400 hours at $18.10;

(d) VOH: $259,300.

Required: 1. Compute the variable overhead spending and efficiency variances.

2. Compute the fixed overhead spending and volume variances.

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