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

FINANCIAL ACCOUNTING
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Author:Libby
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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 13,000 hours for production:

Variable overhead cost:    
  Indirect factory labor $39,000  
  Power and light 10,010  
  Indirect materials 22,100  
    Total variable cost   $ 71,110
Fixed overhead cost:    
  Supervisory salaries $54,260  
  Depreciation of plant and equipment 14,280  
  Insurance and property taxes 26,660  
    Total fixed cost   95,200
Total factory overhead cost   $166,310

Topeka Plastics has available 17,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 12,000 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 $35,100
  Power and light 9,070
  Indirect materials 21,400
  Total variable cost $65,570

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: 17,000 hrs      
Actual productive capacity used for the month: 12,000 hrs      
  Budget (at actual production) Actual Favorable Variances Unfavorable Variances
Variable factory overhead costs:        
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
        $fill in the blank 38
         
Idle hours at the standard rate for fixed factory overhead       fill in the blank 40
        $fill in the blank 42
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