QUESTION: Katherine Ltd. has the following budgeted and actual information at year end: Budgeted Actual 64,000 65,600 $185,600 $185,200 $288,000 $279,000 85,280 hrs Production (units) Total variable overhead Total fixed overhead Direct labour hours (total) Direct labour hours per unit 0.50 hrs Predetermined plantwide overhead rates are calculated using direct labour hours based on budgeted production. The company uses actual direct labour hours to assign overhead. Use the above information to answer the following questions. What is the fixed overhead application rate per direct labour hour? What is the applied fixed overhead for the year? A Compute the fixed overhead spending variance. HINT: remember the entry rules!

QUESTION: Katherine Ltd. has the following budgeted and actual information at year end: Budgeted Actual 64,000 65,600 $185,600 $185,200 $288,000 $279,000 85,280 hrs Production (units) Total variable overhead Total fixed overhead Direct labour hours (total) Direct labour hours per unit 0.50 hrs Predetermined plantwide overhead rates are calculated using direct labour hours based on budgeted production. The company uses actual direct labour hours to assign overhead. Use the above information to answer the following questions. What is the fixed overhead application rate per direct labour hour? What is the applied fixed overhead for the year? A Compute the fixed overhead spending variance. HINT: remember the entry rules!

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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