Required information [The following information applies to the questions displayed below.] Antuan Company set the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (4.0 pounds @ $5.00 per pound) Direct labor (1.9 hours @ $13.00 per hour) Overhead (1.9 hours @ $18.50 per hour) 2$ 20.00 24.70 35.15 $ Standard cost per unit 79.85 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level 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 (75% Capacity) Variable overhead costs Indirect materials Indirect labor $ 15,000 75,000 15,000 30,000 Power Maintenance Total variable overhead 135,000 costs Fixed overhead costs Depreciation-Building Depreciation-Machinery Taxes and insurance 25,000 70,000 18,000 279, 250 392,250 $ 527, 250 Supervisory salaries Total fixed overhead costs Total overhead costs The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (61,000 pounds @ $5.10 per pound) Direct labor (23,000 hours @ $13.20 per hour) Overhead costs $ 311,100 303,600 2$ 41,600 176,200 17,250 34,500 25,000 94,500 16,200 279, 250 Indirect materials Indirect labor Power Maintenance Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries 684,500 $ 1,299, 200 Total costs 4. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Expected production volume Production level achieved Volume Variance Actual Results Flexible Variances Favorable/Unfavorable Budget Variable overhead Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (4.0 pounds @ $5.00 per pound) Direct labor (1.9 hours @ $13.00 per hour) Overhead (1.9 hours @ $18.50 per hour) 2$ 20.00 24.70 35.15 $ Standard cost per unit 79.85 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level 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 (75% Capacity) Variable overhead costs Indirect materials Indirect labor $ 15,000 75,000 15,000 30,000 Power Maintenance Total variable overhead 135,000 costs Fixed overhead costs Depreciation-Building Depreciation-Machinery Taxes and insurance 25,000 70,000 18,000 279, 250 392,250 $ 527, 250 Supervisory salaries Total fixed overhead costs Total overhead costs The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (61,000 pounds @ $5.10 per pound) Direct labor (23,000 hours @ $13.20 per hour) Overhead costs $ 311,100 303,600 2$ 41,600 176,200 17,250 34,500 25,000 94,500 16,200 279, 250 Indirect materials Indirect labor Power Maintenance Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries 684,500 $ 1,299, 200 Total costs 4. Prepare a detailed overhead variance report that shows the variances for individual items of overhead. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Expected production volume Production level achieved Volume Variance Actual Results Flexible Variances Favorable/Unfavorable Budget Variable overhead
Expert Answer:
Answer rating: 100% (QA)
ANTUAN COMPANY Flexible Overhead Budgets For Month Ended October 31 Flexible Budget Flexible Budget for Variable Amount per Unit Total Fixed Cost 65 o... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following information applies to the questions displayed below Dower Corporation prepares its financial statements according to IFRS On March 31, 2021, the company purchased equipment for...
-
The following information applies to the questions displayed below Juan Diego began the year with a tax basis in his partnership interest of $50,000 During the year, he was allocated $20,000 of...
-
10. Write the equation for a function that has a graph with the given characteristics. a) The shape of y-x', but shifted to the right 8 units, and up 4 units. [2] b) The shape of y-x, but shifted...
-
You have just completed your four-year degree at LLC University! Your student loans that you have accumulated while studying at LLC total $25,000. Since you have graduated, you must now begin...
-
Prime Essentials Limited is a small private corporation. The owner plans to approach the bank for an additional loan or a line of credit to facilitate The bookkeeper has provided some notes on the...
-
Define the term partial pressure.
-
Given the following observations, Interpret the effects based on the confidence intervals. Factor P Factor Q Rep. I Rep. 2 1 18 12 -1 8 14 1 1 1 10 16 - 6 160 10
-
You purchase 1,000 shares of Spears Grinders Inc. stock for $45 per share. A year later, the stock pays a dividend of $1.25 per share and it sells for $49. a. Calculate your total dollar return. b....
-
Jordan Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: Required purchases (on account)...
-
A company has developed a new product. It needs to decide whether or not to product test and market test before launch, and has been advised that, even though these processes do cost money, they...
-
Modify the code to use the following data type. Mark the changes at the code. (20 points) typedef struct TreeNode *TreePointer
-
What roles might more recent analysis activities, such as data mining, predictive statistical analyses, and operational experiments, play in increasing organizational effectiveness?
-
Why does average employee contribution offer a better estimate of the contribution of individuals to an organization than total compensation (wages, incentives, and benefits)?
-
What makes indirect benefits so difficult to include in a CBA? What techniques might be used?
-
Discuss the historical role of HR benchmarking and its strengths and weaknesses as part of a metrics and analytics program in organizations today.
-
What are some of the limitations of the traditional HR metrics?
-
Instructions: 1.1 Calculate internal and sustainable growth rates. Explain what they mean. (10 points) 1.2 Using the percentage of sales approach, prepare proforma financial statements for the year...
-
Show that gj concave AHUCQ Abadie For nonnegative variables, we have the following corollary.
-
Lewis Co. reports the following fixed budget and actual results for May. Prepare a flexible budget performance report showing variances between budgeted and actual results, and indicate whether each...
-
Allegiant issues 6%, 20-year bonds with a par value of $2,000,000 and semiannual interest payments. In each separate situation, determine whether the bond is issued at par value, at a discount, or at...
-
A manufacturer began operations on April 1 and reports the information below. All jobs are sold for 20% above cost. 1. Compute the May 31 balance in (a) Work in Process Inventory and (b) Finished...
-
With diverse patient populations come language translation issues. Medical interpretation is a challenge facing most health organizations. Medical interpretation and translation services are costly....
-
Visit the Hofstede Centre (https://geerthofstede.com/culture-geerthofstede- gert-jan-hofstede/6d-model-of-nationalculture/) and review the scores by country for the various cultural dimensions that...
-
You have been asked to join the hospitals task force for developing a plan to increase the organizations workforce diversity from its current 20% level to 40% over the next 5 years. How does your...
Study smarter with the SolutionInn App