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 24,000 hours for production:
1 |
Variable overhead cost: |
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2 |
Indirect factory labor |
$57,600.00 |
|
3 |
Power and light |
14,400.00 |
|
4 |
Indirect materials |
24,000.00 |
|
5 |
Total variable overhead cost |
$96,000.00 |
|
6 |
Fixed overhead cost: |
||
7 |
Supervisory salaries |
$55,000.00 |
|
8 |
Depreciation of plant and equipment |
39,200.00 |
|
9 |
Insurance and property taxes |
152,300.00 |
|
10 |
Total fixed overhead cost |
246,500.00 |
|
11 |
Total factory overhead cost |
$342,500.00 |
Tannin has available 29,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 26,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows:
1 |
Actual variable factory overhead cost: |
|
2 |
Indirect factory labor |
$61,580.00 |
3 |
Power and light |
15,300.00 |
4 |
Indirect materials |
28,300.00 |
5 |
Total variable cost |
$105,180.00 |
Required:
Construct a factory overhead cost variance report for the Trim Department for July. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. |
Amount Descriptions | |
Volume variance-favorable | |
Volume variance-unfavorable | |
Depreciation of plant and equipment | |
Indirect factory labor | |
Indirect materials | |
Insurance and property taxes | |
Net controllable variance-favorable | |
Net controllable variance-unfavorable | |
Power and light | |
Supervisory salaries | |
Total controllable variances | |
Total factory overhead cost | |
Total factory overhead cost variance-favorable | |
Total factory overhead cost variance-unfavorable | |
Total fixed factory overhead cost | |
Total variable factory overhead cost |
Construct a factory overhead cost variance report for the Trim Department for July. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
Tannin Products Inc. |
Factory Overhead Cost Variance Report—Trim Department |
For the Month Ended July 31 |
1 |
Productive capacity for the month |
29,000 hours |
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2 |
Actual productive capacity used for the month |
26,000 hours |
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3 |
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4 |
Budget (at actual production) |
Actual |
Variances: Favorable |
Variances: Unfavorable |
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5 |
Variable factory overhead costs: |
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10 |
Fixed factory overhead costs: |
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