ASSIGNMENT: This assignment is a continuation of the wiki assignment for Ch 7 to add variable and fixed overhead variances and journal entries from Ch 8. $ 7.00 18.00 Holt Company has the following standards per finished unit for its product: Direct materials 2 lbs. @ $3.50 per Ib. Direct labor 1.5 hrs. @ $12.00 per hr. Manufacturing overhead: Variable 1.5 Direct labor Hrs. @ $4.00 Fixed 1.5 DLH @ $6.00 per DLH Total standard cost per unit 6.00 9.00 $40.00 Results for October were: Budgeted units of production Actual units produced Direct materials purchases Direct materials used in production Direct labor Actual variable overhead Budgeted fixed overhead Actual fixed overhead 5,000 5,200 12,000 lbs. @ $3.75 per Ib. 9,800 lbs. 8,000 hrs. @ $11.80 per hr. = $94,400 $27,300 $ ? $47,300 a. Compute the total budgeted fixed overhead. b. What is the standard labor hours allowed for actual production (that is, how many labor hours should it have taken to make the actual units produced based on the standard for direct labor hours)? C. Compute the following variances for October: 1. variable overhead spending variance 2. variable overhead efficiency variance 3. fixed overhead spending variance 4. fixed overhead production volume variance