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Preparing an Overhead Budget Patrick Inc. makes industrial solvents. Budgeted direct labor hours for the...

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Accounting

Preparing an Overhead Budget

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 $0.60 per direct labor hour. Fixed overhead is budgeted at $2,640 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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