Patrick Inc. makes industrial solvents. Budgeted direct labor hours for the first 3 months of...
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Accounting
Patrick Inc. makes industrial solvents. Budgeted direct labor hours for the first 3 months of the coming year are:
January
13,140
February
12,300
March
15,075
The variable overhead rate is $0.70 per direct labor hour. Fixed overhead is budgeted at $2,500 per month.
Required:
Prepare an overhead budget for the months of January, February, and March, as well as the total for the first quarter. Do not include a multiplication symbol as part of your answer. Round total variable overhead and total overhead to the nearest dollar.
Patrick Inc.
Overhead Budget
For the Coming First Quarter
Overhead:
January
February
March
Total
Total direct labor hrs
Variable overhead rate
$
$
$
$
Total variable overhead
$
$
$
$
Add: Fixed overhead
Total overhead
$
$
$
$
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