Reference no: EM132738962
Problem 1: Fidelity Company uses a flexible budget system and prepared the following information for the year: Fidelity operated at 80 percent of capacity during the year, but applied factory overhead based on the 90 percent capacity level. Assuming that actual factory overhead was equal to the budgeted amount of overhead, how much was the overhead volume variance for the year?
Percent of Capacity 80 Percent 90 Percent
Direct labor hours 24,000 27,000
Variable factory overhead P54,000 P60,750
Fixed factory overhead P81,000 P81,000
Total factory overhead rate pre DLH P5.625 P5.25
A. P9,000 U C. P9,000 F
B. P15,750 U D. P15,750 F
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