I cant figure this one out can someone help me? Factory Overhead Cost Variance ReportTannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use 10,000 hours for production:Variable overhead cost:Indirect factory labor$33,000Power and light7,400Indirect materials13,000Total variable overhead cost$ 53,400Fixed overhead cost:Supervisory salaries$46,280Depreciation of plant and equipment12,180Insurance and property taxes22,740Total fixed overhead cost81,200Total factory overhead cost$134,600Tannin has available 14,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 9,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows:Actual variable factory overhead cost:Indirect factory labor$28,960Power and light6,540Indirect materials12,300Total variable cost$47,800Construct a factory overhead cost variance report for the Trim Department for July. Enter a favorable variance as a negative number using a minus siqn and an unfavorable variance as a positive number. If an amount box does not require an entry, leave it blank. Round your interim computations to the nearest cent, if required.Tannin Products Inc.Factory Overhead Cost Variance Report-Trim DepartmentFor the Month Ended July 31Productive capacity for the month 14,000 hrs.Actual productive capacity used for the month 9,000 hrs.ActualBudget (at actual production) Unfavorable VariancesFavorable VariancesVariable factory overhead costs:Indirect factory laborPower and lightIndirect materialsTotal variable factory overhead costFixed factory overhead costs:Supervisory salariesDepreciation of plant and equipmentInsurance and property taxesTotal fixed factory overhead costTotal factory overhead costTotal controllable variancesIdle hours at the standard rate for fixed factory overhead:

Variance Analysis is one of the important tool for the cost control and for the achievement of the set targets. A Budget/Standards are Created and those are compared with the Actual So that if any Variance which are unfavorable a Corrective Action can be Initiated. Variable Factory overhead Costs Actual Budget Favorable Unfavorable Indirect Factory Labor (33,000/10,000 x 9,000) 28,960 29,700 740 Power and Light (7,400/10,000 x 9,000) 6,540 6,660 120 Indirect Materials (13,000/10,000 x 9,000) 12,300 11,700 600 Total Variable Factory overhead cost 47,800 48,060 Fixed Factory ovehead costs Supervisory Salaries 46,280 46,280 Depreciation of Plant and Equipment 12,180 12,180 Insurance and Property taxes 22,740 22,740 Total Fixed Factory overhead cost 81,200 81,200 Total Controllable Variances 860 600 Net Controllable variance -Favorable 260 Volume variance- Unfavorable Idle Hours at the Standard Rate for Fixed Factory Overhead ((14,000 - 9,000)81200/14000) 29,000 Total Factory Overhead cost Variance-Unfavorable 28,740

Business

Accounting

Construct a factory overhead cost variance report for the Trim Department for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive nu Tannin Products Inc. Factory Overhead Cost Variance Report-Trim Department For the Month Ended July 31 Productive capacity for the month 14,000 hrs. Actual productive capacity used for the month 9,000 hrs. Actual Budget (at actual production) Unfavorable Variances Favorable Variances Variable factory overhead costs: Indirect factory labor Power and light Indirect materials Total variable factory overhead cost Fixed factory overhead costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed factory overhead cost Total factory overhead cost Total controllable variances Idle hours at the standard rate for fixed factory overhead:

Construct a factory overhead cost variance report for the Trim Department for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive nu Tannin Products Inc. Factory Overhead Cost Variance Report-Trim Department For the Month Ended July 31 Productive capacity for the month 14,000 hrs. Actual productive capacity used for the month 9,000 hrs. Actual Budget (at actual production) Unfavorable Variances Favorable Variances Variable factory overhead costs: Indirect factory labor Power and light Indirect materials Total variable factory overhead cost Fixed factory overhead costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed factory overhead cost Total factory overhead cost Total controllable variances Idle hours at the standard rate for fixed factory overhead:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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