Factory overhead cost variance report Topeka Plastics Inc. prepared the following factory overhead cost budget for the Trim Department for July, during which it expected to use 25,000 hours for production: Variable overhead cost: Indirect factory labor $20,000 Power and light 18,000 Indirect materials 9,000 Total variable cost $ 47,000 Fixed overhead cost: Supervisory salaries $50,000 Depreciation of plant and equipment 33,100 Insurance and property taxes 11,400 Total fixed cost 94,500 Total factory overhead cost $141,500 Topeka Plastics has 30,000 hours of monthly productive capacity available in the Trim Department under normal business conditions. During July, the Trim Department actually used 28,000 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 $23,250 Power and light 20,000 Indirect materials 11,100 Total variable cost $54,350 Construct a factory overhead cost variance report for the Trim Department for July. Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount. If an answer box does not require an entry, leave it blank or enter zero "0". Topeka Plastics Inc. Factory Overhead Cost Variance Report - Trim Department For the Month Ended July 31 Productive capacity for the month: 30,000 hours Actual productive capacity used for the month: 28,000 hours Budget (at actual production) Actual Favorable Variances Unfavorable Variances Variable factory overhead cost: Indirect factory labor $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Power and light fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Indirect materials fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Total variable factory overhead cost $fill in the blank 13 $fill in the blank 14 Fixed factory overhead costs: Supervisory salaries $fill in the blank 15 $fill in the blank 16 fill in the blank 17 fill in the blank 18 Depreciation of plant and equipment fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 Insurance and property taxes fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 Total fixed factory overhead cost $fill in the blank 27 $fill in the blank 28 fill in the blank 29 fill in the blank 30 Total factory overhead cost $fill in the blank 31 $fill in the blank 32 fill in the blank 33 fill in the blank 34 Total controllable variances $fill in the blank 35 $fill in the blank 36 Net controllable variance-unfavorable $fill in the blank 38 Volume variance-unfavorable: Idle hours at the standard rate for fixed factory overhead fill in the blank 40 Total factory overhead cost variance-unfavorable $fill in the blank 42

Factory overhead cost variance report Topeka Plastics Inc. prepared the following factory overhead cost budget for the Trim Department for July, during which it expected to use 25,000 hours for production: Variable overhead cost: Indirect factory labor $20,000 Power and light 18,000 Indirect materials 9,000 Total variable cost $ 47,000 Fixed overhead cost: Supervisory salaries $50,000 Depreciation of plant and equipment 33,100 Insurance and property taxes 11,400 Total fixed cost 94,500 Total factory overhead cost $141,500 Topeka Plastics has 30,000 hours of monthly productive capacity available in the Trim Department under normal business conditions. During July, the Trim Department actually used 28,000 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 $23,250 Power and light 20,000 Indirect materials 11,100 Total variable cost $54,350 Construct a factory overhead cost variance report for the Trim Department for July. Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount. If an answer box does not require an entry, leave it blank or enter zero "0". Topeka Plastics Inc. Factory Overhead Cost Variance Report - Trim Department For the Month Ended July 31 Productive capacity for the month: 30,000 hours Actual productive capacity used for the month: 28,000 hours Budget (at actual production) Actual Favorable Variances Unfavorable Variances Variable factory overhead cost: Indirect factory labor $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Power and light fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Indirect materials fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Total variable factory overhead cost $fill in the blank 13 $fill in the blank 14 Fixed factory overhead costs: Supervisory salaries $fill in the blank 15 $fill in the blank 16 fill in the blank 17 fill in the blank 18 Depreciation of plant and equipment fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 Insurance and property taxes fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 Total fixed factory overhead cost $fill in the blank 27 $fill in the blank 28 fill in the blank 29 fill in the blank 30 Total factory overhead cost $fill in the blank 31 $fill in the blank 32 fill in the blank 33 fill in the blank 34 Total controllable variances $fill in the blank 35 $fill in the blank 36 Net controllable variance-unfavorable $fill in the blank 38 Volume variance-unfavorable: Idle hours at the standard rate for fixed factory overhead fill in the blank 40 Total factory overhead cost variance-unfavorable $fill in the blank 42

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Factory overhead cost variance report

Topeka Plastics Inc. prepared the following factory overhead cost budget for the Trim Department for July, during which it expected to use 25,000 hours for production:

Variable overhead cost:
Indirect factory labor	$20,000
Power and light	18,000
Indirect materials	9,000
Total variable cost		$ 47,000
Fixed overhead cost:
Supervisory salaries	$50,000
Depreciation of plant and equipment	33,100
Insurance and property taxes	11,400
Total fixed cost		94,500
Total factory overhead cost		$141,500

Topeka Plastics has 30,000 hours of monthly productive capacity available in the Trim Department under normal business conditions. During July, the Trim Department actually used 28,000 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	$23,250
Power and light	20,000
Indirect materials	11,100
Total variable cost	$54,350

Construct a factory overhead cost variance report for the Trim Department for July. Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount. If an answer box does not require an entry, leave it blank or enter zero "0".

Topeka Plastics Inc.
Factory Overhead Cost Variance Report - Trim Department
For the Month Ended July 31
Productive capacity for the month:	30,000 hours
Actual productive capacity used for the month:	28,000 hours
	Budget (at actual production)	Actual	Favorable Variances	Unfavorable Variances
Variable factory overhead cost:
Indirect factory labor	$fill in the blank 1	$fill in the blank 2	$fill in the blank 3	$fill in the blank 4
Power and light	fill in the blank 5	fill in the blank 6	fill in the blank 7	fill in the blank 8
Indirect materials	fill in the blank 9	fill in the blank 10	fill in the blank 11	fill in the blank 12
Total variable factory overhead cost	$fill in the blank 13	$fill in the blank 14
Fixed factory overhead costs:
Supervisory salaries	$fill in the blank 15	$fill in the blank 16	fill in the blank 17	fill in the blank 18
Depreciation of plant and equipment	fill in the blank 19	fill in the blank 20	fill in the blank 21	fill in the blank 22
Insurance and property taxes	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26
Total fixed factory overhead cost	$fill in the blank 27	$fill in the blank 28	fill in the blank 29	fill in the blank 30
Total factory overhead cost	$fill in the blank 31	$fill in the blank 32	fill in the blank 33	fill in the blank 34
Total controllable variances			$fill in the blank 35	$fill in the blank 36
Net controllable variance-unfavorable				$fill in the blank 38
Volume variance-unfavorable:
Idle hours at the standard rate for fixed factory overhead				fill in the blank 40
Total factory overhead cost variance-unfavorable				$fill in the blank 42

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