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Question - Sedona Company set the following standard costs for one unit of its product for 2015.
Direct material (20 lbs. @ $2.10 per lb.)
$42.00
Direct labor (10 hrs. @ $8.80 per hr.)
88.00
Factory variable overhead (10 hrs. @ $4.00 per hr.)
40.00
Factory fixed overhead (10 hrs. @ $1.80 per hr.)
18.00
Standard cost
$188.00
The $5.80 ($4.00 + $1.80) total overhead rate per direct labor hour is based on an expected operating level equal to 70% of the factory's capacity of 70.000 units per month The following monthly flexible budget information is also available.
Flexible Budget
Operating Levels (% of capacity)
65%
70%
75%
Budgeted output (units)
45,500
49,000
52,500
Budgeted labor (standard hours)
455,000
490,000
525,000
Budgeted overhead (dollars)
Variable overhead
$ 1,820,000
$1,960,000
$2,100,000
Fixed overhead
882,000
Total overhead
$ 2,702,000
$2,842,000
$2,982,000
During the current month, the company operated at 65% of capacity, employees worked 435,000 hours, and the following actual overhead costs were incurred.
Variable overhead costs
$1,765,000
Fixed overhead costs
943,000
Total overhead costs
$2,708,000
Required -
(1) Compute the predetermined overhead application rate per hour for variable overhead, fixed overhead, and total overhead at 70% of capacity.
(2) Compute the total variable and total fixed overhead variances.
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