Preparing an Overhead Budget 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 $0.60 per direct labor hour. Fixed overhead is budgeted at $2,580 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 our answer. Round total variable overhead and total overhead to the nearest dollar. Patrick Inc. Overhead Budget

Preparing an Overhead Budget 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 $0.60 per direct labor hour. Fixed overhead is budgeted at $2,580 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 our answer. Round total variable overhead and total overhead to the nearest dollar. Patrick Inc. Overhead Budget

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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How do I prepare the selling and administrative expense budget for the quarter ended March 31, 20X1?
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…
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