Entry Rules: Round your answer to two (2) decimal places. Examples: If your answer is $24,500.4718, enter 24500.47 If your answer is $24,500.4753, enter 24500.48 If your answer is $24,500.00, enter 24500.00 If your answer is $0.4718, enter 0.47 If your answer is ZERO, enter 0.00 Never enter $ or, when inputting numerical answers QUESTION: Katherine Ltd. has the following budgeted and actual information at year end: Production (units) Budgeted 64,000 Actual 65,600 Total variable overhead $185,600 $185,200 Total fixed overhead $288,000 $279,000 Direct labour hours (total) 85,280 hrs Direct labour hours per unit 0.50 hrs Predetermined plantwide overhead rates are calculated using direct labour hours based on budgeted production. The company uses actual direct labour hours to assign overhead. Use the above information to answer the following questions. What is the fixed overhead application rate per direct labour hour? What is the applied fixed overhead for the year? Compute the fixed overhead spending variance. HINT: remember the entry rules! Indicate if the fixed overhead spending variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the amount of the fixed overhead volume variance. HINT: remember the entry rules! Indicate if the fixed overhead volume variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the variable overhead application rate per direct labour hour. HINT: remember the entry rules! What is the applied variable overhead for the year? Compute the variable overhead spending variance. HINT: remember the entry rules! Indicate if the variable overhead spending variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the variable overhead efficiency variance. HINT: Remember the entry rules! Indicate if the variable overhead efficiency variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces