Lamp Light Limited (LLL) manufactures lampshades. It applies
variable overhead on the basis of direct labor hours. Information
from LLL’s standard cost card follows:
Lamp Light Limited Lll Manufactures Lampshades It Applies Variable Overhead On The Basis Of Direct Labor Hours Infor 1 (26.84 KiB) Viewed 39 times
Lamp Light Limited Lll Manufactures Lampshades It Applies Variable Overhead On The Basis Of Direct Labor Hours Infor 2 (23.09 KiB) Viewed 39 times
Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Standard Quantity 0.6 Standard Rate $0.80 Standard Unit Cost $0.48 Variable manufacturing overhead During August, LLL had the following actual results: Units produced and sold Actual variable overhead Actual direct labor hours 23,900 $ 9,490 16,000 Lamp Light Limited (LLL) calculates a fixed overhead rate based on budgeted fixed overhead of $36,575 and budgeted production of 20,900 units. Actual results were as follows: Number of units produced and sold Actual fixed overhead 23,900 $ 33,575
Required: 1. Calculate the fixed overhead rate based on budgeted production for LLL. 2. Calculate the fixed overhead spending variance for LLL. 3. Calculate the fixed overhead volume variance for LLL. 4. Calculate the over- or underapplied fixed overhead for LLL. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Calculate the fixed overhead rate based on budgeted production for LLL. (Round your answer to 2 decimal places.) Fixed Overhead Rate per unit < Req 1 Req 2 and 3 >
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