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Discuss the fixed portion of the predetermined overhead rate

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Reference no: EM131785262

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

$95,500

Actual fixed overhead cost for the year

$92,500

Budgeted standard direct labour-hours

19,100

Actual direct labour-hours

20,500

Standard direct labour-hours allowed for the actual output

17,600

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: EM131785262

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