Factory Overhead Cost Variances Thomas Textiles Corporation began November with a budget for 24,000 hours of production in the Weaving Department. The department has a full capacity of 32,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of November was as follows: Variable overhead $74,400 Fixed overhead 51,200 Total $125,600 The actual factory overhead was $127,100 for November. The actual fixed factory overhead was as budgeted. During November, the Weaving Department had standard hours at actual production volume of 25,000 hours. Determine the variable factory overhead controllable variance and the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required. а. Variable factory overhead controllable variance: $ b. Fixed factory overhead volume variance: $

Factory Overhead Cost Variances Thomas Textiles Corporation began November with a budget for 24,000 hours of production in the Weaving Department. The department has a full capacity of 32,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of November was as follows: Variable overhead $74,400 Fixed overhead 51,200 Total $125,600 The actual factory overhead was $127,100 for November. The actual fixed factory overhead was as budgeted. During November, the Weaving Department had standard hours at actual production volume of 25,000 hours. Determine the variable factory overhead controllable variance and the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required. а. Variable factory overhead controllable variance: $ b. Fixed factory overhead volume variance: $

Name: Factory Overhead Cost VariancesThomas Textiles Corporation began Nove
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Description: Factory Overhead Cost VariancesThomas Textiles Corporation began November with a budget for 24,000 hours of production in the Weaving Department. The department has a full capacity of 32,000hours under normal business conditions. The budgeted overhe

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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A report for a company's Assembly Department for the month of March follows: Assembly Department Cost Report For the Month Ended March 31 Machine-hours Variable costs: Supplies Scrap Indirect materials Fixed costs: Actual Master Budget Results 15,000 Variances 20,000 $ 10,800 39,200 111,800 $ 11,400 42,000 133,500 $ 600 F 2,800 F 21,700 F 83,500 108,000 78,000 108,000 5,500 U e $ 353,300 $ 372,900 $ 19,600 F Wages and salaries Equipment depreciation Total cost Required: Prepare a flexible budget performance report for the month of March.
Calculating the Fixed Overhead Spending and Volume Variances Standish Company manufactures consumer products and provided the following information for the month of February:
Factory Overhead Cost Variances Thomas Textiles Corporation began November with a budget for 35,000 hours of production in the Weaving Department. The department has a full capacity of 47,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of November was as follows: Variable overhead. Fixed overhead Total $119,000 84,600 $203,600 The actual factory overhead was $206,000 for November. The actual fixed factory overhead was as budgeted. During November, the Weaving Department had standard hours at actual production volume of 36,000 hours. Determine the variable factory overhead controllable variance and the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required. a. Variable factory overhead controllable variance: $ b. Fixed factory overhead volume variance: $
Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 21,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $29,400 15,750 Direct labor Total $45,150 The standard materials price is $0.70 per pound. The standard direct labor rate is $15.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $26,400 Actual direct labor 14,100 Total $40,500 There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Kimber Toy Company actually produced 18,300 units during June. Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a…
Direct Materials and Direct Labor Variances
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Marv Company's direct labor costs for manufacturing its only product were as follows for October: Standard direct labor hours per unit of product 2.0 Budgeted finished units for the period 6,800 Actual number of finished units produced 5,200 Standard wage rate per direct labor hour (SP) $ 28.00 Direct labor costs incurred $ 299,000 Actual wage rate per direct labor hour (AP) $ 26.00 The direct labor rate variance for October, rounded to the nearest dollar, was: Multiple Choice $23,000 favorable. $51,200 unfavorable. $2,200 unfavorable. $20,400 favorable. $30,800 unfavorable.
The following information refers to the Finishing Department of Tom Company for the fourth quarter: Total actual Overhead 178,500 Budgeted Allowance Formula 110,000 plus 0.50 per direct labor hour Predetermined factory overhead rate 1.50 per direct labor hour Spending variance 8,000 unfavorable Efficiency variance 9,000 unfavorable The total factory overhead is divided into three variances – spending, idle capacity and efficiency. Compute for the actual direct labor hours worked in the finishing department during the fourth quarter. Indicate if favorable or unfavorable.
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FIXED FACTORY OVERHEAD VARIANCES AND JOURNAL ENTRIES (YOU MUST SHOW YOUR CALCULATIONS – NO CALCULATIONS, NO CREDIT). Company’s fixed factory overhead is budgeted at $300,000 for the year on an expected annual production level of 5,000 units. Each unit of finished product requires three (3) standard direct labor hours. Actual production in units: 4,950 units Actual direct labor hours worked 15,100 hours Actual fixed factory overhead costs incurred: $298,000 PREPARE JOURNAL ENTRY TO RECOGNIZE THE VARIANCES:
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 14,000 hours for production: Variable overhead costs: Indirect factory labor $44,800 Power and light 10,780 Indirect materials 21,000 Total variable overhead cost $76,580 Fixed overhead costs: Supervisory salaries $61,560 Depreciation of plant and equipment 16,200 Insurance and property taxes 30,240 Total fixed overhead cost 108,000 Total factory overhead cost $184,580 Tannin has available 18,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 13,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead costs: Indirect factory labor $40,560…