Prepare the overhead budget for the first quarter of 2021 using the following data: The machine...

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Prepare the overhead budget for the first quarter of 2021 using the following data: The machine hours for January, February and March are 7000, 8000 and 6000 units respectively. The variable overhead rate per machine hour is $5. The monthly fixed overhead cost is estimated at $40,000 (including $10,000 depreciation expense). Prepare the overhead budget for the first quarter of 2021 using the following data: The machine hours for January, February and March are 7000, 8000 and 6000 units respectively. The variable overhead rate per machine hour is $5. The monthly fixed overhead cost is estimated at $40,000 (including $10,000 depreciation expense).

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