Please help me correct the box marked with an X. Thanks! You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president hasasked that you review the company's costing system and “do what you can to help us get better control of our manufacturingoverhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would bean excellent first step in overhead planning and control.After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March:ActualCost inCost FormulaMarch$16,100 + $0.12 per machine-hour$38,100 + $2.10 per machine-hour$0.80 per machine-hour$94,300 + $1.60 per machine-hour$68, 200$ 20,540$ 78,100$ 17,400$130,400$ 69,900UtilitiesMaintenanceSuppliesIndirect laborDepreciationDuring March, the company worked 20,000 machine-hours and produced 14,000 units. The company had originally planned to work22,000 machine-hours during March.Required:1. Calculate the activity variances for March.2. Calculate the spending variances for March. X Answer is complete but not entirely correct.Complete this question by entering your answers in the tabs below.Required 1Required 2Calculate the spending variances for March. (Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)FAB CorporationSpending VariancesFor the Month Ended March 31Utilities242,040UMaintenance2,000FSupplies1,400UIndirect labor4,100UDepreciation1,700Total11,240

Spending variance is the difference between the actual and budgeted expense.

Calculate the spending variances for March. (Indicate the effect o unfavorable, and "None" for no effect (i.e., zero variance). Input FAB Corporation Spending Variances For the Month Ended March 31 Utilities 2$ 2,040 OU Maintenance 2,000 Supplies 1,400 OU Indirect labor 4,100 OU Depreciation 1,700 OU Total 2$ 11,240 X U %24

Calculate the spending variances for March. (Indicate the effect o unfavorable, and "None" for no effect (i.e., zero variance). Input FAB Corporation Spending Variances For the Month Ended March 31 Utilities 2$ 2,040 OU Maintenance 2,000 Supplies 1,400 OU Indirect labor 4,100 OU Depreciation 1,700 OU Total 2$ 11,240 X U %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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