I need help with q.2

2) Fixed manufacturing overhead was budgeted at $85,000 and applied per standard hour of labor. a) Calculate the predetermined Fixed overhead rate per direct labor hour. (Predetermined OH rate = Budgeted Overhead divided by Budgeted labor hours). b) Determined the amount of Fixed overhead that would have been applied during May. (Applied OH = actual labor hours x predetermined rate). c) Assume actual fixed overhead was only $88,000, was fixed overhead over- or under-applied? If Koontz clears its Overhead to COGS, what would the JE be to clear the Fixed Overhead "clearing" account for this amount? 1 d) How much fixed overhead would be included in COGS during May? (After the journal entry) e) Complete the "Planning budget","flexible budget" and "actual" amounts in the Budget Report for Fixed overhead. Budget Report Month Ending May 31, 20xx Flexible Budget Variance F/U Planning Actual Budget Variance F/U Results (1) (2)=(1)-(3) (3) (4)=(3)-(5) (5) units Sales Revenue Cost of Goods Sold: DM DL VOH FOH Total COGS 111 S&A Expense NOI 7 17 View as Text Download Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Actual Cost per Unit $ 2.45 Standard Cost per Unit Direct materials: Standard: 1.80 feet at $1.00 per $ 1.80 foot Actual: 1.75 feet at $1.40 per foot Direct labor: Standard: 0.90 hours at $15.00 per 13.50 hour Actual: 0.95 hours at $14.60 per hour Variable overhead: Standard: 0.90 hours at $6.00 per 5.40 hour Actual: 0.95 hours at $5.60 per hour Total cost per unit $20.70 Excess of actual cost over standard $0.94 cost per unit 13.87 5.32 $21.64 The production superintendent was pleased when he saw this report and commented: "This $0.94 excess cost is well within the 5 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 10,000 units. Variable overhead cost is assigned to products on the basis of direct labor-hours. There were no beginning or ending inventories of materials.