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Information on Carney Company's fixed overhead costs follows: Overhead applied $ 362,200 Actual overhead 388,800 Budgeted overhead 374,500 Required: What are the fixed overhead price and production volume variances? (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)

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Answer:

fixed overhead price variance - 14300 (F)

fixed overhead PRODUCTION VOLUME variance -12,300 (U)

Explanation:

Given data:

overhead applied =$362,200

actual overhead =$388,800

budgeted overhead = $374,500

fixed overhead price variance = actual overhead - budgeted overhead

fixed overhead price variance =388,800 - 374,500  = 14300 (F)

fixed overhead PRODUCTION VOLUME variance = overhead applied - budgeted overhead

fixed overhead PRODUCTION VOLUME variance =362,200-374,500 = -12,300 (U)

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