Patrick Inc. makes industrial solvents. Budgeted direct labor hours for the first 3 months of the coming year are: January 13,140 February 12,300 March 15,075 The variable overhead rate is $0.70 per direct labor hour. Fixed overhead is budgeted at $2,910 per month. Required: Prepare an overhead budget for the months of January, February, and March, as well as the total for the first quarter. Do not include a multiplication symbol as part of your answer. Round total variable overhead and total overhead to the nearest dollar. Patrick Inc. Overhead Budget For the Coming First Quarter Overhead: January February March Total Total direct labor hrs fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Variable overhead rate $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 $fill in the blank 8 Total variable overhead $fill in the blank 9 $fill in the blank 10 $fill in the blank 11 $fill in the blank 12 Add: Fixed overhead fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Total overhead $fill in the blank 17 $fill in the blank 18 $fill in the blank 19 $fill in the blank 20
Patrick Inc. makes industrial solvents. Budgeted direct labor hours for the first 3 months of the coming year are: January 13,140 February 12,300 March 15,075 The variable overhead rate is $0.70 per direct labor hour. Fixed overhead is budgeted at $2,910 per month. Required: Prepare an overhead budget for the months of January, February, and March, as well as the total for the first quarter. Do not include a multiplication symbol as part of your answer. Round total variable overhead and total overhead to the nearest dollar. Patrick Inc. Overhead Budget For the Coming First Quarter Overhead: January February March Total Total direct labor hrs fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Variable overhead rate $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 $fill in the blank 8 Total variable overhead $fill in the blank 9 $fill in the blank 10 $fill in the blank 11 $fill in the blank 12 Add: Fixed overhead fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Total overhead $fill in the blank 17 $fill in the blank 18 $fill in the blank 19 $fill in the blank 20
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Patrick Inc. makes industrial solvents. Budgeted direct labor hours for the first 3 months of the coming year are:
| January | 13,140 |
| February | 12,300 |
| March | 15,075 |
The variable
Required:
Prepare an overhead budget for the months of January, February, and March, as well as the total for the first quarter. Do not include a multiplication symbol as part of your answer. Round total variable overhead and total overhead to the nearest dollar.
| Patrick Inc. | ||||
| Overhead Budget | ||||
| For the Coming First Quarter | ||||
| Overhead: | January | February | March | Total |
| Total direct labor hrs | fill in the blank 1 | fill in the blank 2 | fill in the blank 3 | fill in the blank 4 |
| Variable overhead rate | $fill in the blank 5 | $fill in the blank 6 | $fill in the blank 7 | $fill in the blank 8 |
| Total variable overhead | $fill in the blank 9 | $fill in the blank 10 | $fill in the blank 11 | $fill in the blank 12 |
| Add: Fixed overhead | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 | fill in the blank 16 |
| Total overhead | $fill in the blank 17 | $fill in the blank 18 | $fill in the blank 19 | $fill in the blank 20 |
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