Factory Overhead Cost Variance Report Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use...



Factory Overhead Cost Variance Report


Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use 18,000 hours for production:




























































Variable overhead cost:
    Indirect factory labor$43,200
    Power and light12,960
    Indirect materials28,800
      Total variable overhead cost$ 84,960
Fixed overhead cost:
    Supervisory salaries$62,700
    Depreciation of plant and equipment16,500
    Insurance and property taxes30,800
      Total fixed overhead cost110,000
Total factory overhead cost$194,960

Tannin has available 22,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 17,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows:

























Actual variable factory overhead cost:
Indirect factory labor$39,780
Power and light12,020
Indirect materials28,600
Total variable cost$80,400



Construct a factory overhead cost variance report for the Trim Department for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If an amount box does not require an entry, leave it blank. Round your interim computations to the nearest cent, if required.




















































































































































Tannin Products Inc.
Factory Overhead Cost Variance Report-Trim Department
For the Month Ended July 31
Productive capacity for the month 22,000 hrs.
Actual productive capacity used for the month 17,000 hrs.
ActualBudget (at actual production)Unfavorable VariancesFavorable Variances
Variable factory overhead costs:
Indirect factory labor$fill in the blank 1$fill in the blank 2$fill in the blank 3$fill in the blank 4
Power and lightfill in the blank 5fill in the blank 6fill in the blank 7fill in the blank 8
Indirect materialsfill in the blank 9fill in the blank 10fill in the blank 11fill in the blank 12
Total variable factory overhead cost$fill in the blank 13$fill in the blank 14
Fixed factory overhead costs:
Supervisory salaries$fill in the blank 15$fill in the blank 16
Depreciation of plant and equipmentfill in the blank 17fill in the blank 18
Insurance and property taxesfill in the blank 19fill in the blank 20
Total fixed factory overhead cost$fill in the blank 21$fill in the blank 22
Total factory overhead cost$fill in the blank 23$fill in the blank 24
Total controllable variances$fill in the blank 25$fill in the blank 26
$fill in the blank 28
Idle hours at the standard rate for fixed factory overheadfill in the blank 30
$fill in the blank 32
Jun 09, 2022
SOLUTION.PDF
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here
Have files?