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.)

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)

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; sales of books;