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4. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate effect of each variance by selecting favorable, unfavorable, or no variance.) Expected production volume Production level achieved Volume variance Variable overhead costs Fixed overhead costs Total overhead costs Volume Variance Volume variance Total overhead ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Flexible Actual Budget Results Variances Favorable/Unfavorable $ 0

4. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate effect of each variance by selecting favorable, unfavorable, or no variance.) Expected production volume Production level achieved Volume variance Variable overhead costs Fixed overhead costs Total overhead costs Volume Variance Volume variance Total overhead ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Flexible Actual Budget Results Variances Favorable/Unfavorable $ 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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4. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Expected production volume Production level achieved Volume variance Variable overhead costs Fixed overhead costs Total overhead costs Volume Variance Volume variance Total overhead ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Flexible Actual Budget Results Variances Favorable/Unfavorable $ 0
Transcribed Image Text:4. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Expected production volume Production level achieved Volume variance Variable overhead costs Fixed overhead costs Total overhead costs Volume Variance Volume variance Total overhead ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Flexible Actual Budget Results Variances Favorable/Unfavorable $ 0
Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (6 pounds @ $5 per pound) Direct labor (2 hours @ $17 per hour) Overhead (2 hours @ $18.50 per hour) Standard cost per unit The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials. Indirect labor Power Maintenance Total variable overhead costs Fixed overhead costs Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries. Total fixed overhead costs Total overhead costs Indirect materials Indirect labor Power Maintenance $ 30 34 37 $ 101 Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries Total costs $ 45,000 180,000 45,000 90,000 360,000 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (91,000 pounds @ $5.10 per pound) Direct labor (30,500 hours @ $17.25 per hour) Overhead costs 24,000 80,000 12,000 79,000 195,000 $ 555,000 $ 44, 250 177,750 43,000 96,000 24,000 75,000 $ 464,100 526, 125 11,500 89,000 560, 500 $ 1,550, 725
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (6 pounds @ $5 per pound) Direct labor (2 hours @ $17 per hour) Overhead (2 hours @ $18.50 per hour) Standard cost per unit The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials. Indirect labor Power Maintenance Total variable overhead costs Fixed overhead costs Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries. Total fixed overhead costs Total overhead costs Indirect materials Indirect labor Power Maintenance $ 30 34 37 $ 101 Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries Total costs $ 45,000 180,000 45,000 90,000 360,000 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (91,000 pounds @ $5.10 per pound) Direct labor (30,500 hours @ $17.25 per hour) Overhead costs 24,000 80,000 12,000 79,000 195,000 $ 555,000 $ 44, 250 177,750 43,000 96,000 24,000 75,000 $ 464,100 526, 125 11,500 89,000 560, 500 $ 1,550, 725
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