Please do not give solution in image format thanku Fixed factory overheadStandard: 76,000 hrs. at $4 ($2.30 for variable factory overhead)Productive capacity at 100% of normal was 75,200 hours, and the factory overhead cost budgeted at the level of 76,000 standard hours was $302,200. Based on thesedata, the chief cost accountant prepared the following variance analysis:Variable factory overhead controllable variance:Actual variable factory overhead cost incurredBudgeted variable factory overhead for 76,000 hours.Variance-favorable.$173,100(174,800)125,900304,000Fixed factory overhead volume variance:Normal productive capacity at 100%Standard for amount producedProductive capacity not usedStandard variable factory overhead rateVariance-unfavorableTotal factory overhead cost variance-unfavorableCompute the following to assist you in identifying the errors in the factory overhead cost variance analysis. Enter a favorable variance as a negative number using a minussign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required.VarianceFavorable/UnfavorableVariable Factory Overhead Controllable VarianceFixed Factory Overhead Volume VarianceTotal Factory Overhead Cost Variance75,200 hrs.(76,000)800 hrs.x $41000Amount$(1,700)3,200$1,500 The data related to Shunda Enterprises Inc.'s factory overhead cost for the production of 50,000 units of product are as follows:Actual:Variable factory overhead$173,100Fixed factory overhead125,900Standard: 76,000 hrs. at $4 ($2.30 for variable factory overhead)304,000Productive capacity at 100% of normal was 75,200 hours, and the factory overhead cost budgeted at the level of 76,000 standard hours was $302,200. Based on thesedata, the chief cost accountant prepared the following variance analysis:Variable factory overhead controllable variance:Actual variable factory overhead cost incurredBudgeted variable factory overhead for 76,000 hoursVariance-favorable$173,100(174,800)Fixed factory overhead volume variance:Normal productive capacity at 100%Standard for amount producedProductive capacity not usedStandard variable factory overhead rateVariance-unfavorableTotal factory overhead cost variance-unfavorableCompute the following to assist you in identifying the errors in the factory overhead cost variance analysis. Enter a favorable variance as a negative number using minustsign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required.VarianceFavorable/UnfavorableVariable Factory Overhead Controllable Variance75,200 hrs.(76,000)800 hrs.x $4$(1,700)Amount3,200$1,500

Lets understand the basics.Variable overhead controllable variance is a variance between the actual…

Standard: 76,000 hrs. at $4 ($2.30 for variable factory overhead) Productive capacity at 100% of normal was 75,200 hours, and the factory overhead cost budgeted at the level of 76,000 standard hours was $302,200. 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 76,000 hours Variance favorable Fixed factory overhead volume variance: Normal productive capacity at 100% Standard for amount produced $173,100 (174,800) 304,000 75,200 hrs. (76,000) $(1,700)

Standard: 76,000 hrs. at $4 ($2.30 for variable factory overhead) Productive capacity at 100% of normal was 75,200 hours, and the factory overhead cost budgeted at the level of 76,000 standard hours was $302,200. 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 76,000 hours Variance favorable Fixed factory overhead volume variance: Normal productive capacity at 100% Standard for amount produced $173,100 (174,800) 304,000 75,200 hrs. (76,000) $(1,700)

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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