Lamp Light Limited (LLL) in E9-11 calculates a fixed overhead rate based on budgeted fixed overhead of $32,400 and budgeted production of 24,000 units. Actual results were as follows:
Number of units produced and sold .... 25,000
Actual fixed overhead ........... $32,000
Calculate the following for LLL:
1. Fixed overhead rate based on budgeted production.
2. Fixed overhead spending variance.
3. Fixed overhead volume variance.
4. Over or under-applied fixed overhead.