Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor...

 

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Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead Units produced and sold Actual variable overhead Actual direct labor hours Standard Quantity 8.6 During August, LLL had the following actual results: Number of units produced and sold Actual fixed overhead Standard Rate $8.89 Lamp Light Limited (LLL) calculates a fixed overhead rate based on budgeted fixed overhead of $33,000 and budgeted production of 22.000 units. Actual results were as follows: Reg 1 24,000 $ 9,498 16,000 Req 2 and 3 Standard Unit Cost $0.48 24,000 $ 31,000 Required: 1. Calculate the fixed overhead rate based on budgeted production for LLL. 2. Calculate the fixed overhead spending variance for LLL. 3. Calculate the fixed overhead volume variance for LLL. 4. Calculate the over- or underapplied fixed overhead for LLL. Complete this question by entering your answers in the tabs below. Req 4 Calculate the fixed overhead rate based on budgeted production for LLL. (Round your answer to 2 decimal places.) Fixed Overhead Rate per unit Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead Units produced and sold Actual variable overhead Actual direct labor hours Standard Quantity 8.6 During August, LLL had the following actual results: Number of units produced and sold Actual fixed overhead Standard Rate $8.89 Lamp Light Limited (LLL) calculates a fixed overhead rate based on budgeted fixed overhead of $33,000 and budgeted production of 22.000 units. Actual results were as follows: Reg 1 24,000 $ 9,498 16,000 Req 2 and 3 Standard Unit Cost $0.48 24,000 $ 31,000 Required: 1. Calculate the fixed overhead rate based on budgeted production for LLL. 2. Calculate the fixed overhead spending variance for LLL. 3. Calculate the fixed overhead volume variance for LLL. 4. Calculate the over- or underapplied fixed overhead for LLL. Complete this question by entering your answers in the tabs below. Req 4 Calculate the fixed overhead rate based on budgeted production for LLL. (Round your answer to 2 decimal places.) Fixed Overhead Rate per unit

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