PERFORMANCE REPORT FOR VARIABLE OVERHEAD VARIANCES Minihan Company had the data below for its most recent year, ending December 31:

Actual costs: Variable overhead standards:

Indirect labor $29,800 Indirect labor 0.25 hr. @ $15.00 Supplies $2,200 Supplies 0.25 hr. @ $1.00 Actual hours worked 2,080 hours Standard variable overhead rate

$16.00 per direct labor hour Units produced 8,000 units Hours allowed for production 2,000 hours Required:

Prepare a performance report that shows the variances on an item-by-item basis.

Exercise