Question 4 You have been given the following information about the production of Gamma Co., and are asked to provide the plant manager with information for a meeting with the vice-president of operations: Standard Cost Card $17.68 2.05 Direct materials (5.20 kg at $3.40 per kilogram) Direct labour (0.50 hours at $4.10) Variable overhead (0.50 hours at $3.40 per hour) Fixed overhead (0.50 hours at $6 per hour) 1.70 3.00 $24.43 The following is a production report for the most recent period of operations: Costs Volume Total Standard Cost $332,384 38,540 31,960 56,400 Price/ Rate $5,029 F 2,685 U Direct materials Direct labour Variable overhead Fixed overhead Variances Spending/ Quantity/ Budget Efficiency $9,588 V 5,494 U $1,300 F ? 400 F $11,820 U What was the actual variable overhead cost incurred during the period? Actual variable overhead What is the total fixed overhead cost in the company's master budget? Budgeted fixed cost What were the master budget hours for fixed overhead? Master budget hours hours