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Calculate the fixed overhead volume variance

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Question - Lewis Company calculates its predetermined rates using practical volume, which is 288,000 units. The standard cost system allows 2 direct labor hours per unit produced. Overhead is applied using direct labor hours. The total budgeted overhead is P 3,168,000 of which P 864,000 is fixed overhead. The actual results for the year are as follows:

Units produced 296,000

Direct labor 570,000 hours @ P 9

Variable overhead P 2,230,000

Fixed overhead P 872,000

Required - Calculate the fixed overhead volume variance?

Reference no: EM133020019

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