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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