finance question variance analysis

20000x 120% = 24000 direct labor nursing hours

 

Budgeted Overhead @ 24000 hrs= $42000 fixed plus $6000 variable = $48000

 

Actual Overhead @ 24000 hrs = $42000 fixed plus $7000 variable =$49000

 

Applied Overhead for 24000 hours @ $2.35 = $56, 400

 

1. set up a worksheet for applied overhead costs and volume variance

2. set up a worksheet for actual overhead costs and budget variance

3. set up a worksheet for volume variance and budget variance totaling net variance