Performance Eval - Variances: 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 anamount box does not require an entry, leave it blank. Round your interim computations to the nearest cent, if required.Tannin Products Inc.Factory Overhead Cost Variance Report-Trim DepartmentFor the Month Ended July 31Productive capacity for the month 19,000 hrs.Actual productive capacity used for the month 14,000 hrs.Budget(at Actual Production)Unfavorable(Favorable)Actual CostVariancesVariancesVariable factory overhead costs:Indirect factory labor35,000$34,130XPower and lightIndirect materialsTotal variable factory overhead costFixed factory overhead costs:Supervisory salaries$4Depreciation of plant and equipmentInsurance and property taxesTotal fixed factory overhead costTotal factory overhead cost167,020166,770 XTotal controllable variancesNet controllable variance-favorable vVolume variance-unfavorable:Idle hours at the standard rate for fixed factory overheadTotal factory overhead cost variance-unfavorable Factory Overhead Cost Variance ReportTannin 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 15,000 hours for production:Variable overhead costs:Indirect factory labor$37,500Power and light10,950Indirect materials16,500Total variable overhead cost$64,950Fixed overhead costs:Supervisory salaries$60,650Depreciation of plant and equipment15,960Insurance and property taxes29,790Total fixed overhead cost106,400Total factory overhead cost$171,350Tannin has available 19,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 14,000 hours for production. Theactual fixed costs were as budgeted. The actual variable overhead for July was as follows:Actual variable factory overhead costs:Indirect factory labor$34,130Power and light10,040Indirect materials16,200Total variable cost$60,370Construct 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 anamount box does not require an entry, leave it blank. Round your interim computations to the nearest cent, if required.

Cost Variance Report: It is a report which helps in comparison of actual performance or cost…

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. It amount box does not require an entry, leave it blank. Round your interim computations to the nearest cent, if required. Tannin Products Inc. Factory Overhead Cost Variance Report-Trim Department For the Month Ended July 31 Productive capacity for the month 19,000 hrs. Actual productive capacity used for the month 14,000 hrs. Budget (at Actual Production) Unfavorable (Favorable) Actual Cost Variances Variances Variable factory overhead costs: Indirect factory labor 35,000 x $ 34,130 X Power and light Indirect materials Total variable factory overhead cost Fixed factory overhead costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed factory overhead cost Total factory overhead cost 167,020 X 166,770 Total controllable variances Net controllable variance-favorable v Volume variance-unfavorable: Idle hours at the standard rate for fixed factory overhead Total factory overhead cost variance-unfavorable

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. It amount box does not require an entry, leave it blank. Round your interim computations to the nearest cent, if required. Tannin Products Inc. Factory Overhead Cost Variance Report-Trim Department For the Month Ended July 31 Productive capacity for the month 19,000 hrs. Actual productive capacity used for the month 14,000 hrs. Budget (at Actual Production) Unfavorable (Favorable) Actual Cost Variances Variances Variable factory overhead costs: Indirect factory labor 35,000 x $ 34,130 X Power and light Indirect materials Total variable factory overhead cost Fixed factory overhead costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total fixed factory overhead cost Total factory overhead cost 167,020 X 166,770 Total controllable variances Net controllable variance-favorable v Volume variance-unfavorable: Idle hours at the standard rate for fixed factory overhead Total factory overhead cost variance-unfavorable

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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Similar questions

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