Smithson allocates manufacturing overhead to production

Reference no: EM13602119

Smithson, Inc., manufactures lead crystal glasses.
Static budget variable overhead: $7,500
Static budget fixed overhead: $3,000
Static budget direct labor hours: 1,500 hours
Static budget # of glasses: 4,800

Smithson allocates manufacturing overhead to production based on standard direct labor hours. Last month, Smithson reported the following actual results for the production of 7,500 glasses: actual variable overhead, $10,500; actual fixed overhead: $2,760. Compute the standard variable overhead rate, the standard fixed overhead rate, and overhead variances.

Reference no: EM13602119

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