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Factory Overhead Cost Variance Report Tannin 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 15,000 hours for production: Variable overhead costs: Indirect factory labor Power and light Indirect materials Total variable overhead cost Fixed overhead costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed overhead cost Indirect factory labor Power and light Indirect materials Total variable cost $42,000 11,400 21,000 $38,220 10,450 20,600 $69,270 $64,980 17,100 31,920 Total factory overhead cost Tannin has available 19,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 14,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead costs: $74,400 114,000 $188,400

Factory Overhead Cost Variance Report Tannin 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 15,000 hours for production: Variable overhead costs: Indirect factory labor Power and light Indirect materials Total variable overhead cost Fixed overhead costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed overhead cost Indirect factory labor Power and light Indirect materials Total variable cost $42,000 11,400 21,000 $38,220 10,450 20,600 $69,270 $64,980 17,100 31,920 Total factory overhead cost Tannin has available 19,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 14,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead costs: $74,400 114,000 $188,400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Factory Overhead Cost Variance Report Tannin 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 15,000 hours for production: Variable overhead costs: Indirect factory labor Power and light Indirect materials Total variable overhead cost Fixed overhead costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed overhead cost Indirect factory labor Power and light Indirect materials Total variable cost $42,000 11,400 21,000 $38,220 10,450 20,600 $69,270 $64,980 17,100 31,920 Total factory overhead cost Tannin has available 19,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 14,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead costs: $74,400 114,000 $188,400
Transcribed Image Text:Factory Overhead Cost Variance Report Tannin 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 15,000 hours for production: Variable overhead costs: Indirect factory labor Power and light Indirect materials Total variable overhead cost Fixed overhead costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed overhead cost Indirect factory labor Power and light Indirect materials Total variable cost $42,000 11,400 21,000 $38,220 10,450 20,600 $69,270 $64,980 17,100 31,920 Total factory overhead cost Tannin has available 19,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 14,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead costs: $74,400 114,000 $188,400
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 Department For the Month Ended July 31 Productive capacity for the month 19,000 hrs. Actual productive capacity used for the month 14,000 hrs. 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 Net controllable variance-favorable Volume variance-unfavorable: Idle hours at the standard rate for fixed factory overhead Total factory overhead cost variance-favorable X Actual Cost 100000 10000 Budget Unfavorable (Favorable) Variances (at Actual Production) Variances QOOQ QOOQQI 88 00 00
Transcribed Image Text: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 Department For the Month Ended July 31 Productive capacity for the month 19,000 hrs. Actual productive capacity used for the month 14,000 hrs. 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 Net controllable variance-favorable Volume variance-unfavorable: Idle hours at the standard rate for fixed factory overhead Total factory overhead cost variance-favorable X Actual Cost 100000 10000 Budget Unfavorable (Favorable) Variances (at Actual Production) Variances QOOQ QOOQQI 88 00 00
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