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Thomas Textiles Corporation began November with a budget for 40,000 hours of production in the Weaving Department. The department has a full capacity of 53,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of November was as follows: Variable overhead Fixed overhead Total $80,000 53,000 $133,000 The actual factory overhead was $134,600 for November. The actual fixed factory overhead was as budgeted. During November, the Weaving Department had standard hours at actual production volume of 42,000 hours. Determine the variable factory overhead controllable variance and the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required. a. Variable factory overhead controllable variance: -2,400 b. Fixed factory overhead volume variance: $ -2,650 X Unfavorable Favorable

Thomas Textiles Corporation began November with a budget for 40,000 hours of production in the Weaving Department. The department has a full capacity of 53,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of November was as follows: Variable overhead Fixed overhead Total $80,000 53,000 $133,000 The actual factory overhead was $134,600 for November. The actual fixed factory overhead was as budgeted. During November, the Weaving Department had standard hours at actual production volume of 42,000 hours. Determine the variable factory overhead controllable variance and the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required. a. Variable factory overhead controllable variance: -2,400 b. Fixed factory overhead volume variance: $ -2,650 X Unfavorable Favorable

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Thomas Textiles Corporation began November with a budget for 40,000 hours of production in the Weaving Department. The department has a full capacity of 53,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of November was as follows: Variable overhead Fixed overhead Total $80,000 53,000 $133,000 The actual factory overhead was $134,600 for November. The actual fixed factory overhead was as budgeted. During November, the Weaving Department had standard hours at actual production volume of 42,000 hours. Determine the variable factory overhead controllable variance and the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required. a. Variable factory overhead controllable variance: S -2,400✔ Favorable b. Fixed factory overhead volume variance: $ -2,650 X Unfavorable
Transcribed Image Text:Thomas Textiles Corporation began November with a budget for 40,000 hours of production in the Weaving Department. The department has a full capacity of 53,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of November was as follows: Variable overhead Fixed overhead Total $80,000 53,000 $133,000 The actual factory overhead was $134,600 for November. The actual fixed factory overhead was as budgeted. During November, the Weaving Department had standard hours at actual production volume of 42,000 hours. Determine the variable factory overhead controllable variance and the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required. a. Variable factory overhead controllable variance: S -2,400✔ Favorable b. Fixed factory overhead volume variance: $ -2,650 X Unfavorable
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