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HypoVereins Ltd budgets for 2,000 units for Z12 per month. Fixed overheads are allocated using standard labour hours. Each unit of Z12 requires three hours of direct labour at the budgeted rate of $5.50 per hour. The fixed overhead absorption rate is $6 per standard labour hour.
2,200 units were produced during November, and the actual fixed overhead costs incurred were $37,200. The workers took 6,900 hours to produce all the products and are paid $5 per hour.
Question 1: Calculate fixed overhead spending and volume variances for November.
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