Problem VII ? Overhead Budgeting see attach file! Jones Corporation uses a budgeted factory overhead rate to apply overhead to production. Direct labor costs are the cost driver for overhead costs. The following data are available for the year ending, December 31, 2010: Budgeted factory overhead $675,000 Actual factory overhead $726,000 Budgeted direct labor costs $450,000 Actual direct labor costs $482,000 Cost of goods sold $150,000 Direct materials inventory, December 31, 2010 $120,000 Work-in-process inventory, December 31, 2010 $100,000 Finished goods inventory, December 31, 2010 250,000 Required: A) Compute the budgeted factory overhead rate B) Compute the applied overhead costs C) What is the overhead variance Please show your work step by step!
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