Tiger Equipment Inc. Factory Overhead Cost Variance Report—Welding Department For the Month Ended May 31 1 Normal capacity for the month   8,400 hours     2 Actual production for the month   8,860 hours     3           4   Budget Actual Variances: Favorable Variances: Unfavorable 5 Variable costs:         6 indirect factory wages 31,896 32,400   504 7 power and light 21,264 21,000 -264   8 indirect materials 17,720 18,250   530 9 total variable cost 70,880 71,650     10 Fixed costs:         11 supervisor salaries 20,000 20,000     12 depr. of plant and equipment 36,200 36,200     13 insurance and property taxes 15,200 15,200     14 total fixed costs 71,400 71,400     15 total factory overhead cost 142,280 143,050     16 total controllable variances     -264 1034 17           18 Net controllable variances-unfavorable       770 19 Volume variance-favorable       ? 20 Total factory overhead cost variance-favorable       ?

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Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 3,000 computers: Actual: Variable factory overhead $142,600 Fixed factory overhead 35,000 Standard: 3,000 hrs. at $56 168,000 If productive capacity of 100% was 5,000 hours and the total factory overhead cost budgeted at the level of 3,000 standard hours was $182,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate was $7 per hour. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variance Amount Favorable/Unfavorable Variable factory overhead controllable variance $ Fixed factory overhead volume variance Total factory overhead cost variance $

Factory Overhead Variance Corrections The data related to Shunda Enterprises Inc.’s factory overhead cost for the production of 50,000 units of product are as follows: Actual: Variable factory overhead $173,100   Fixed factory overhead 125,900 Standard: 76,000 hrs. at $4 ($2.30 for variable factory overhead) 304,000   Productive capacity at 100% of normal was 74,900 hours, and the factory overhead cost budgeted at the level of 76,000 standard hours was $302,200. Based on these data, the chief cost accountant prepared the following variance analysis: Variable factory overhead controllable variance:       Actual variable factory overhead cost incurred $173,100     Budgeted variable factory overhead for 76,000 hours 174,800      Variance—favorable     $(1,700) Fixed factory overhead volume variance:     Normal productive capacity at 100% 74,900 hrs.   Standard for amount produced 76,000     Productive capacity not used 1,100 hrs.   Standard variable factory…

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Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May of the current year. The company expected to operate the department at 100% of normal capacity of 5,500 hours. Variable costs: Indirect factory wages Power and light Indirect materials Total variable cost Fixed costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed cost $18,700 10,340 8,690 $9,610 24,660 7,530 $37,730 41,800 $79,530 Total factory overhead cost During May, the department operated at 5,800 standard hours. The factory overhead costs incurred were indirect factory wages, $19,920; power and light, $10,710; indirect materials, $9,300; supervisory salaries, $9,610; depreciation of plant and equipment, $24,660; and insurance and property taxes, $7,530. Required: Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be…

Factory Overhead Variance Corrections The data related to Shunda Enterprises Inc.’s factory overhead cost for the production of 30,000 units of product are as follows: Actual: Variable factory overhead $104,700   Fixed factory overhead 76,200 Standard: 46,000 hrs. at $4 ($2.30 for variable factory overhead) 184,000   Productive capacity at 100% of normal was 45,100 hours, and the factory overhead cost budgeted at the level of 46,000 standard hours was $182,900. Based on these data, the chief cost accountant prepared the following variance analysis: Variable factory overhead controllable variance:       Actual variable factory overhead cost incurred $104,700      Budgeted variable factory overhead for 46,000 hours (105,800)      Variance—favorable     $(1,100) Fixed factory overhead volume variance:     Normal productive capacity at 100% 45,100  hrs.   Standard for amount produced (46,000)     Productive capacity not used 900  hrs.   Standard variable…

Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 7,000 computers: Actual: Variable factory overhead $249,500   Fixed factory overhead 57,750 Standard: 7,000 hrs. at $42 294,000 If productive capacity of 100% was 11,000 hours and the total factory overhead cost budgeted at the level of 7,000 standard hours was $315,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate was $5.25 per hour. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variance Amount Favorable/Unfavorable Variable factory overhead controllable variance $fill in the blank 1   Fixed factory overhead volume variance fill in the blank 3   Total factory overhead cost variance