Performance Report Based on Actual Production Palladium Inc. produces a variety of household cleaning products. Palladium’s controller has developed standard costs for the following four overhead items: Overhead Item Total Fixed Cost Variable Rate per Direct Labor Hour Maintenance $ 86,000           $0.20                    Power   0.45                    Indirect labor 140,000           2.10                    Rent 35,000             Assume that actual production required 93,000 direct labor hours at standard. The actual overhead costs incurred were as follows: Maintenance $107,000 Power 41,200 Indirect labor 336,000 Rent 35,000 Required: Prepare a performance report for the period based on actual production. If an amount box does not require an entry, enter "0". Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount. If an amount is zero, enter "0" and choose "Not applicable" from the dropdown list.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Performance Report Based on Actual Production

Palladium Inc. produces a variety of household cleaning products. Palladium’s controller has developed standard costs for the following four overhead items:

Overhead Item Total Fixed Cost Variable Rate per Direct
Labor Hour
Maintenance $ 86,000           $0.20                   
Power   0.45                   
Indirect labor 140,000           2.10                   
Rent 35,000            

Assume that actual production required 93,000 direct labor hours at standard. The actual overhead costs incurred were as follows:

Maintenance $107,000
Power 41,200
Indirect labor 336,000
Rent 35,000

Required:

Prepare a performance report for the period based on actual production. If an amount box does not require an entry, enter "0". Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount. If an amount is zero, enter "0" and choose "Not applicable" from the dropdown list.

 

Required:
Prepare a performance report for the period based on actual production. If an amount box does not require an entry, enter "0". Enter a favorable variance as a negative amount, and an unfavorable variance as a
positive amount. If an amount is zero, enter "0" and choose "Not applicable" from the dropdown list.
Performance Report
Actual
Budgeted
Variance
Direct labor hours based on actual
Overhead:
Maintenance
Power
Indirect labor
Rent
Total overhead
Transcribed Image Text:Required: Prepare a performance report for the period based on actual production. If an amount box does not require an entry, enter "0". Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount. If an amount is zero, enter "0" and choose "Not applicable" from the dropdown list. Performance Report Actual Budgeted Variance Direct labor hours based on actual Overhead: Maintenance Power Indirect labor Rent Total overhead
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