Logical Solutions reports the following overhead variances for 2016:
Spending variance ........................... $100,000 F
Efficiency variance ......................... $100,000 F
Volume variance ............................ $300,000 F
In addition, actual overhead incurred in 2016 was $1 million. Overhead is absorbed to products using standard direct labor hours. 2016 volume was budgeted to be 40,000 direct labor hours and fixed overhead was budgeted to be $600,000.
Required:
What were actual volume, standard volume, and budgeted variable overhead for 2016?