Subject : Accounting 4. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate theeffect of each variance by selecting favorable, unfavorable, or no variance.)Expected productionvolumeProduction level achievedVolume VarianceVariable overhead costsIndirect materialsIndirect laborPowerMaintenanceTotal variable overhead costsFixed overhead costsDepreciation BuildingDepreciation MachineryTaxes and insuranceSupervisory salariesTotal fixed overhead costsTotal overhead costsVolume VarianceBudgeted (flexible) overheadStandard overhead appliedVolume varianceTotal overhead variance✓✓333✓X Answer is not complete.ANTUAN COMPANYOverhead Variance ReportFor Month Ended October 3175% of capacity75% of capacityNo varianceFlexibleBudgetActualResultsVariances$0Favorable/Unfavorable !Required informationProblem 8-3A (Algo) Flexible overhead budget; materials, labor, and overheadvariances; and overhead variance report LO P1, P2, P3, P4[The following information applies to the questions displayed below.]Antuan Company set the following standard costs per unit for its product.Direct materials (4.0 pounds @ $4.00 per pound)Direct labor (1.7 hours @ $14.00 per hour)$ 16.0023.8031.45Overhead (1.7 hours @ $18.50 per hour)Standard cost per unit$ 71.25The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of75% of the factory's capacity of 20,000 units per month. Following are the company's budgetedoverhead costs per month at the 75% capacity level.Overhead Budget (75% Capacity)Variable overhead costsIndirect materialsIndirect laborPowerMaintenanceTotal variable overhead costsFixed overhead costs.Depreciation-BuildingDepreciation-MachineryTaxes and insuranceSupervisory salaries.Total fixed overhead costsTotal overhead costsIndirect materialsIndirect laborPowerThe company incurred the following actual costs when it operated at 75% of capacity in October.Direct materials (61,000 pounds @ $4.10 per pound)Direct labor (23,000 hours @ $14.30 per hour)$ 250,100328,900Overhead costsMaintenance$ 15,00075,00015,00030,000135,000Depreciation-BuildingDepreciation-MachineryTaxes and insuranceSupervisory salariesTotal costs25,00071,00018,000222,750336,750$ 471,750$ 41,850176,05017,25034,50025,00095,85016,200222,750629,450$ 1,208,450

The overhead variance report is prepared by comparing the budgeted value of the actual activity…

Answered: ffect of each variance by selecting…

ffect of each variance by selecting favorable, unfavorable, or no variance.) Expected production Answer is not complete. ANTUAN COMPANY Overhead Variance Report For Month Ended October 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Question

Subject : Accounting

4. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate the
effect of each variance by selecting favorable, unfavorable, or no variance.)
Expected production
volume
Production level achieved
Volume Variance
Variable overhead costs
Indirect materials
Indirect labor
Power
Maintenance
Total variable overhead costs
Fixed overhead costs
Depreciation Building
Depreciation Machinery
Taxes and insurance
Supervisory salaries
Total fixed overhead costs
Total overhead costs
Volume Variance
Budgeted (flexible) overhead
Standard overhead applied
Volume variance
Total overhead variance
✓
✓
333
✓
X Answer is not complete.
ANTUAN COMPANY
Overhead Variance Report
For Month Ended October 31
75% of capacity
75% of capacity
No variance
Flexible
Budget
Actual
Results
Variances
$
0
Favorable/Unfavorable

!
Required information
Problem 8-3A (Algo) Flexible overhead budget; materials, labor, and overhead
variances; and overhead variance report LO P1, P2, P3, P4
[The following information applies to the questions displayed below.]
Antuan Company set the following standard costs per unit for its product.
Direct materials (4.0 pounds @ $4.00 per pound)
Direct labor (1.7 hours @ $14.00 per hour)
$ 16.00
23.80
31.45
Overhead (1.7 hours @ $18.50 per hour)
Standard cost per unit
$ 71.25
The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of
75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted
overhead costs per month at the 75% capacity level.
Overhead Budget (75% Capacity)
Variable overhead costs
Indirect materials
Indirect labor
Power
Maintenance
Total variable overhead costs
Fixed overhead costs.
Depreciation-Building
Depreciation-Machinery
Taxes and insurance
Supervisory salaries.
Total fixed overhead costs
Total overhead costs
Indirect materials
Indirect labor
Power
The company incurred the following actual costs when it operated at 75% of capacity in October.
Direct materials (61,000 pounds @ $4.10 per pound)
Direct labor (23,000 hours @ $14.30 per hour)
$ 250,100
328,900
Overhead costs
Maintenance
$ 15,000
75,000
15,000
30,000
135,000
Depreciation-Building
Depreciation-Machinery
Taxes and insurance
Supervisory salaries
Total costs
25,000
71,000
18,000
222,750
336,750
$ 471,750
$ 41,850
176,050
17,250
34,500
25,000
95,850
16,200
222,750
629,450
$ 1,208,450

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