Expected production volume Production level achieved Volume variance Variable costs Indirect materials Indirect labor Power Repairs...
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Expected production volume Production level achieved Volume variance Variable costs Indirect materials Indirect labor Power Repairs and maintenance Total variable costs Fixed costs Depreciation Building Depreciation Machinery Taxes and insurance Supervision Total fixed costs Total overhead costs ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 $ 65% of capacity 70% of capacity 75% of capacity 80% of capacity 90,000 360,000 24,000 80,000 12,000 79,000 96,000 361,000 24,000 75,000 11,500 89,000 Variances Fav./Unfav. $ + 195,000 199,500 $ 555,000 $ 560,500 $ 750 Favorable 2,250 Favorable 2,000 Favorable 6,000 Unfavorable 1,000 Unfavorable 5,000 Favorable 500 Favorable 10,000 Unfavorable 4,500 Unfavorable 5,500 Unfavorable Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs for one unit of its product. Direct materials (6 Ibs. @ $5 per Ib.) $ 30 Direct labor (2 hrs. @ $17 per hr.). 34 Overhead (2 hrs. @ $18.50 per hr.) 37 Total standard cost $ 101 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume 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 (758 Capacity) Variable overhead costs Indirect materials Indirect labor Power Repairs and maintenance. Total variable overhead costs Fixed overhead costs Depreciation-Building Depreciation-Machinery Taxes and insurance. Supervision Total fixed overhead costs Total overhead costs $ 45,000. 180,000. 45,000 90,000 24,000 80,000 12,000 79,000 $360,000 195,000 $555,000 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (91,000 Ibs. @ $5.10 per lb.) Direct labor (30,500 hrs. @ $17.25 per hr.) Overhead costs Indirect materials Indirect labor Power Repairs and maintenance. Depreciation-Building Depreciation-Machinery Taxes and insurance. Supervision Total costs $ 44,250 177,750 43,000 96,000 24,000 75,000 11,500 89,000 $ 464,100 526, 125 560,500 $1,550,725 Expected production volume Production level achieved Volume variance Variable costs Indirect materials Indirect labor Power Repairs and maintenance Total variable costs Fixed costs Depreciation Building Depreciation Machinery Taxes and insurance Supervision Total fixed costs Total overhead costs ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 $ 65% of capacity 70% of capacity 75% of capacity 80% of capacity 90,000 360,000 24,000 80,000 12,000 79,000 96,000 361,000 24,000 75,000 11,500 89,000 Variances Fav./Unfav. $ + 195,000 199,500 $ 555,000 $ 560,500 $ 750 Favorable 2,250 Favorable 2,000 Favorable 6,000 Unfavorable 1,000 Unfavorable 5,000 Favorable 500 Favorable 10,000 Unfavorable 4,500 Unfavorable 5,500 Unfavorable Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs for one unit of its product. Direct materials (6 Ibs. @ $5 per Ib.) $ 30 Direct labor (2 hrs. @ $17 per hr.). 34 Overhead (2 hrs. @ $18.50 per hr.) 37 Total standard cost $ 101 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume 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 (758 Capacity) Variable overhead costs Indirect materials Indirect labor Power Repairs and maintenance. Total variable overhead costs Fixed overhead costs Depreciation-Building Depreciation-Machinery Taxes and insurance. Supervision Total fixed overhead costs Total overhead costs $ 45,000. 180,000. 45,000 90,000 24,000 80,000 12,000 79,000 $360,000 195,000 $555,000 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (91,000 Ibs. @ $5.10 per lb.) Direct labor (30,500 hrs. @ $17.25 per hr.) Overhead costs Indirect materials Indirect labor Power Repairs and maintenance. Depreciation-Building Depreciation-Machinery Taxes and insurance. Supervision Total costs $ 44,250 177,750 43,000 96,000 24,000 75,000 11,500 89,000 $ 464,100 526, 125 560,500 $1,550,725
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Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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