**Tannin Products Inc.****Factory Overhead Cost Variance Report - Trim Department****For the Month Ended July 31**- **Productive capacity for the month:** 21,000 hours- **Actual productive capacity used for the month:** 16,000 hours**Variable Factory Overhead Costs:**1. **Indirect Factory Labor** - Actual: $_____ - Budget (at actual production): $_____ - Unfavorable Variance: $_____ - Favorable Variance: $_____2. **Power and Light** - Actual: $_____ - Budget (at actual production): $_____ - Unfavorable Variance: $_____ - Favorable Variance: $_____3. **Indirect Materials** - Actual: $_____ - Budget (at actual production): $_____ - Unfavorable Variance: $_____ - Favorable Variance: $_____- **Total Variable Factory Overhead Cost** - Actual: $_____ - Budget (at actual production): $_____ - Unfavorable Variance: $_____ - Favorable Variance: $_____**Fixed Factory Overhead Costs:**1. **Supervisory Salaries** - Actual: $_____ - Budget (at actual production): $_____ - Unfavorable Variance: $_____ - Favorable Variance: $_____2. **Depreciation of Plant and Equipment** - Actual: $_____ - Budget (at actual production): $_____ - Unfavorable Variance: $_____ - Favorable Variance: $_____3. **Insurance and Property Taxes** - Actual: $_____ - Budget (at actual production): $_____ - Unfavorable Variance: $_____ - Favorable Variance: $_____- **Total Fixed Factory Overhead Cost** - Actual: $_____ - Budget (at actual production): $_____ - Unfavorable Variance: $_____ - Favorable Variance: $_____- **Total Factory Overhead Cost** - Actual: $_____ - Budget (at actual production): $_____ - Unfavorable Variance: $_____ - Favorable Variance: $____ The image contains a Factory Overhead Cost Variance Report for Tannin Products Inc., focusing on the Trim Department for July of the current year. The company anticipated using 17,000 hours for production. **Variable Overhead Cost:**- **Indirect Factory Labor:** $44,200- **Power and Light:** $12,410- **Indirect Materials:** $20,400**Total Variable Overhead Cost:** $77,010**Fixed Overhead Cost:**- **Supervisory Salaries:** $73,020- **Depreciation of Plant and Equipment:** $19,220- **Insurance and Property Taxes:** $35,860**Total Fixed Overhead Cost:** $128,100**Total Factory Overhead Cost:** $205,110Tannin has a monthly productive capacity of 21,000 hours under normal conditions. In July, the department actually used 16,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows:**Actual Variable Factory Overhead Cost:**- **Indirect Factory Labor:** $40,560- **Power and Light:** $11,470- **Indirect Materials:** $20,200**Total Variable Cost:** $72,230The task is to construct a factory overhead cost variance report for the Trim Department for July, where favorable variance is shown as a negative number using a minus sign, and an unfavorable variance is marked as a positive number.

Variance arises when the actual costs differ from the standard costs. The results are favorable…

annin 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 17,000 hours for production: Wariable overhead cost: Indirect factory labor Power and light Indirect materials Total variable overhead cost Fixed overhead cost: 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 $44,200 12,410 20,400 $40,560 11,470 20,200 $72,230 $73,020 19,220 35,860 Total factory overhead cost Tannin has available 21,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 16,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead cost: $77,010 128,100 $205,110 Construct a factory overhead cost variance report for the Trim Department for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If an

annin 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 17,000 hours for production: Wariable overhead cost: Indirect factory labor Power and light Indirect materials Total variable overhead cost Fixed overhead cost: 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 $44,200 12,410 20,400 $40,560 11,470 20,200 $72,230 $73,020 19,220 35,860 Total factory overhead cost Tannin has available 21,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 16,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead cost: $77,010 128,100 $205,110 Construct a factory overhead cost variance report for the Trim Department for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If an

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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