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Compute the fixed overhead budget and volume variances

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Question - Happy Valley Pet Products uses a standard costing system that applies overhead to products based on standard direct labour-hours allowed for actual output of the period. During the recent year, the following data were collected:

Total budgeted fixed overhead cost for the year - $69,460

Actual fixed overhead cost for the year - $66,860

Budgeted standard direct labour-hours - 15,100

Actual direct labour-hours - 16,300

Standard direct labour-hours allowed for the actual output - 13,600

Required:

1. Compute the fixed portion of the predetermined overhead rate for the year.

2. Compute the fixed overhead budget and volume variances.

Reference no: EM131922171

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