Factory Overhead Variance Corrections The data related to Shunda Enterprises Inc.'s factory overhead cost for the production of 60,000 units of product are as follows: Variable factory overhead $369,400 263,700 Fixed factory overhead Standard: 91,000 hrs. at $7.00 ($4.10 for variable factory overhead) 637,000 Actual: Productive capacity at 100% of normal was 90,000 hours, and the factory overhead cost budgeted at the level of 91,000 standard hours was $633,200. Based on these data, the chief cost accountant prepared the following variance analysis: Variable factory overhead controllable variance: Actual variable factory overhead cost incurred Budgeted variable factory overhead for 91,000 hours Variance-favorable Fixed factory overhead volume variance: Normal productive capacity at 100% Standard for amount produced Productive capacity not used Standard variable factory overhead rate Variance-unfavorable Total factory overhead cost variance-unfavorable $369,400 373,100 90,000 hrs. 91,000 1,000 hrs. x $7.00 $(3,700) 7,000 $3,300 Variance Variable Factory Overhead Controllable Variance Fixed Factory Overhead Volume Variance Total Factory Overhead Cost Variance Amount Favorable/Unfavorable

Factory Overhead Variance Corrections The data related to Shunda Enterprises Inc.'s factory overhead cost for the production of 60,000 units of product are as follows: Variable factory overhead $369,400 263,700 Fixed factory overhead Standard: 91,000 hrs. at $7.00 ($4.10 for variable factory overhead) 637,000 Actual: Productive capacity at 100% of normal was 90,000 hours, and the factory overhead cost budgeted at the level of 91,000 standard hours was $633,200. Based on these data, the chief cost accountant prepared the following variance analysis: Variable factory overhead controllable variance: Actual variable factory overhead cost incurred Budgeted variable factory overhead for 91,000 hours Variance-favorable Fixed factory overhead volume variance: Normal productive capacity at 100% Standard for amount produced Productive capacity not used Standard variable factory overhead rate Variance-unfavorable Total factory overhead cost variance-unfavorable $369,400 373,100 90,000 hrs. 91,000 1,000 hrs. x $7.00 $(3,700) 7,000 $3,300 Variance Variable Factory Overhead Controllable Variance Fixed Factory Overhead Volume Variance Total Factory Overhead Cost Variance Amount Favorable/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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