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    Prepare an analysis of all variances

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    The Princeton Company uses flexible budgets and a standard cost system.

    â?¢ Direct-labor costs incurred, 12,000 hours, $150,000
    â?¢ Variable-overhead costs incurred, $37,000
    â?¢ Fixed-overhead flexible-budget variance, $1,600, favorable
    â?¢ Finished units produced, 1,800
    â?¢ Fixed-overhead costs incurred, $38,000
    â?¢ Variable overhead applied at $3 per hour
    â?¢ Standard direct-labor cost, $13 per hour
    â?¢ Denominator production per month, 2,000 units
    â?¢ Standard direct-labor hours per finished unit, 6 hours

    Prepare an analysis of all variances (similar to Exhibit 13-11, p. 614).

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    Solution Summary

    I presume that Exhibit 13-11 is overhead variances! Solution is in Excel and formulas are in cells. I added some notes. This was a puzzle!