Ollivander needs your help interpreting these variances! Can you help Ollivander?

Case Study 1: Ollivander’s (19 marks)
Ollivander needs your help interpreting these variances! Can you help Ollivander?
1. For the year ended March 2020, compute the variance, indicating whether each is favourable (F) or unfavourable (U). (9marks)
a. Variable manufacturing overhead efficiencyvariance
b. Total manufacturing overhead ratevariance
c. Production volumevariance
2. Select any two of the variances calculated and prepare an explanation (or possible explanation) that you would present to the management team. (4marks)
Suggestion: select two of the more significant variances OR select two that are related to each other,
3. Prepare the journal entry(ies) to record your variances and write them off at the end of the year. Assume the variance accounts are written off to Cost of Goods Sold. Show your work. (5marks)
4. Before making any adjustments for variances, (ie. The journal entry you wrote in part 3) will net income for the year be over-stated, or under-stated? (1mark)

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