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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
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 $2,950 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 | fill in the blank 1 | fill in the blank 2 | fill in the blank 3 | fill in the blank 4 |
Variable overhead rate | $fill in the blank 5 | $fill in the blank 6 | $fill in the blank 7 | $fill in the blank 8 |
Total variable overhead | $fill in the blank 9 | $fill in the blank 10 | $fill in the blank 11 | $fill in the blank 12 |
Add: Fixed overhead | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 | fill in the blank 16 |
Total overhead | $fill in the blank 17 | $fill in the blank 18 | $fill in the blank 19 | $fill in the blank 20 |
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