Question
Can someone help me solve this, thanks! Preparing an Overhead Budget Patrick Inc. makes industrial solvents. Budgeted direct labor hours for the first 3 months
Can someone help me solve this, thanks!
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 $0.70 per direct labor hour. Fixed overhead is budgeted at $2,800 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 | ||||
Variable overhead rate | $ | $ | $ | $ |
Total variable overhead | $ | $ | $ | $ |
Add: Fixed overhead | ||||
Total overhead | $ | $ | $ | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started