Question: Engineering Associates billed clients for 10,000 hours of engineering work for the month. Actual fixed overhead costs for the month were $1,450,000. At the beginning

Engineering Associates billed clients for 10,000 hours of engineering work for the month. Actual fixed overhead costs for the month were $1,450,000. At the beginning of the year, a fixed overhead standard of $140 per engineering hour had been developed based on a budget of 10,500 engineering hours each month. Calculate the company’s fixed overhead budget and volume variances for the month.

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