Concord Company produces one product, a putter called GO$-$Putter. Concord uses a standard cost system and determines that it

should take one hour of direct labor to produce one GO$-$Putter. The normal production capacity for this putter is $128,000$ units per

year. The total budgeted overhead at normal capacity is $$1,049,600$ comprised of $$294,400$ of variable costs and $$755,200$ of fixed

costs. Concord applies overhead on the basis of direct labor hours.

During the current year, Concord produced $121,600$ putters, worked $120,800$ direct labor hours, and incurred variable overhead

costs of $$327,200$ and fixed overhead costs of $$768,000.$

Compute the predetermined variable overhead rate and the predetermined fixed overhead rate. $($Round answers to $2$ decimal

places, e$.$g$.2\mathrm{.}75.)$

Variable

Fixed

Predetermined Overhead Rate

$ Compute the applied overhead for Concord for the year.

Overhead Applied

$ Compute the total overhead variance.

Total Overhead Variance

$