Happy Valley Pet Products uses a standard costing system that applies overhead to products based on standard direct labour-hours allowed for actual output of the period. During the recent year, the following Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted standard direct labour-hours Actual direct labour-hours. Standard direct labour-hours allowed for the actual output S 174,600 S 170,600 29,100 30,600 27,100 Required. 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round your answer to 2 decimal places.) 2. Compute the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance). Fixed overhead budget variance Fixed overhead volume variance

Happy Valley Pet Products uses a standard costing system that applies overhead to products based on standard direct labour-hours allowed for actual output of the period. During the recent year, the following Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted standard direct labour-hours Actual direct labour-hours. Standard direct labour-hours allowed for the actual output S 174,600 S 170,600 29,100 30,600 27,100 Required. 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round your answer to 2 decimal places.) 2. Compute the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance). Fixed overhead budget variance Fixed overhead volume variance

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Description: answer in text form please (without image) Happy Valley Pet Products uses a standard costing system that applies overhead to products based on standard direct labour-hours allowed for actual output of the period. During the recent year, the following

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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