Longman company Please include explanations for each formula listed as well, tha

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Longman company

Please include explanations for each formula listed as well, thank you.

This Question: 20 pts 2 of 5 (5 complete) Longman Company manufactures shirts. During June, Longman made 1,600 shirts but had budgeted production at 1,750 shirts. Longman gathered the following additional data (Click on the icon to view the data.) Read the requirements Requirements Data Table Calculate the following variances 13. Variable overhead cost variance 14. Variable overhead efficiency variance 15. Total variable overhead variance Variable overhead cost standard Direct labor efficiency standard Actual amount of direct labor hours Actual cost of variable overhead Fixed overhead cost standard Budgeted fixed overhead Actual cost of fixed overhead $0.20 per DLHr 3.00 DLHr per shirt 4,950 DLHr $3,465 $0.10 per DLHr $525 $585 16. Fixed overhead cost variance 17. Fixed overhead volume variance 18. Total fixed overhead variance PrintDone Choose from any list or enter any number in the input fields and then continue to the next que PrintDone .h Mangenal Accou docx . Mangerial Accou docx ^ Type here to search

Explanation / Answer

Fixed overhead:

Particulars Ref Amount Standard hours per unit a 3 Actual output b 1600 Standard labor hours for actual output c=a*b 4800 Standard Hours Standard rate Standard cost Actual Hours Actual rate Actual cost a b c=a*b d e=f/d f SH SR SC AH AR AC                                          4,800 0.2                              960                           4,950 0.70                           3,465 Total variable OH variacne SC-AC 960-3465 -2505 2505 U VOH cost variance AH*(SR-AR) 4950*(0.2-0.7) -2475 2475 U VOH efficiency variance SR*(SH-AH) 0.2*(4800-4950) -30 30 U

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