Chapter 7, Problem 1CCTC

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The standard cost of Product ZT includes 3.5 hours of direct labor at $16 per hour. The predetermined overhead rate is $28 per direct labor hour. During August, the company incurred 5,100 hours of direct labor at an average rate of $15.75 per hour and $148,400 of manufacturing overhead costs. It produced 1,400 units. Compute the total overhead variance. Correct answer

Sparrow Company had a $220,000 beginning balance in Accounts Receivable. During the year, credit sales were $750,000 and customers' accounts collected were $640,000.  What was the net amount of receivables included in the current assets at the end of the year, before any provision was made for doubtful accounts?

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Calculate the predetermined overhead rate