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Entry Rules: Round your answer to two (2) decimal places. Examples: If your answer is $24,500.4718, enter 24500.47 If your answer is $24,500.4753, enter 24500.48 If your answer is $24.500.00, enter 24500.00 If your answer is $0.4718, enter 0.47 If your answer is ZERO, enter 0.00 Never enter $ or, when inputting numerical answers QUESTION: Katherine Ltd. has the following budgeted and actual information at year end: Budgeted 64,000 Production (units) Total variable overhead Total fixed overhead Direct labour hours (total) Direct labour hours per unit $185,600 $288,000 Actual 65,600 $185,200 $279,000 85,280 hrs 0.50 hrs Predetermined plantwide overhead rates are calculated using direct labour hours based on budgeted production. The company uses actual direct labour hours to assign overhead. Use the above information to answer the following questions. Compute the variable overhead application rate per direct labour hour. HINT: remember the entry rules! A/ What is the applied variable overhead for the year? Compute the variable overhead spending variance. HINT: remember the entry rules! Indicate if the variable overhead spending variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the variable overhead efficiency variance. HINT: Remember the entry rules! A/ Indicate if the variable overhead efficiency variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces