Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you please give steps on how you got the flexible budget, actual results and variance. thank you [The following information applies to the questions

image text in transcribed

image text in transcribed

can you please give steps on how you got the flexible budget, actual results and variance. thank you

[The following information applies to the questions displayed below) Antuan Company set the following standard costs for one unit of its product. Direct materials (4.0 Ibs. @ $5.ee per Ib.) Direct labor (1.7 hrs. @ $14.ee per hr.) Overhead (1.7 hrs. @ $18.50 per hr.) Total standard cost $20.e 23.80 31.45 $75.25 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. 75, eee overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 15,eee Indirect labor Power 15, eee Repairs and maintenance 3e, see Total variable overhead costs Fixed overhead costs Depreciation-Building 25, eee Depreciation Machinery 71, cee Taxes and insurance 17,000 Supervision 223,750 Total fixed overhead costs Total overhead costs $135,000 336,750 $471,750 The company incurred the following actual costs when it operated at 75% of capacity in October $ 311,100 273,600 Direct materials (61, eee Ibs. @ $5.10 per 16.) Direct labor (19,eee hrs. @ $14.48 per hr. Overhead costs Indirect materials Indirect labor Power Repairs and maintenance Depreciation-euilding Depreciation-Machinery Taxes and insurance Supervision Total costs $ 41,450 176,500 17,25 34,500 25,800 95,850 15,380 223 750 629, see $1,214, 308 5. Prepare a detailed overhead variance report that shows the variances for Individual items of overhead (Indicate the effect of each varlance by selecting for favorable, unfavorable, and No varlance.) ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 Expected production volume Production level achieved 75% of capacity 75% of capacity No variance Flexible Budget Actual Results Volume variance Variances Fav. / Unfav. Variable costs Indirect labor Indirect materials Power Repairs and maintenance Total variable costs Fixed costs Depreciation Building Depreciation Machinery Taxes and insurance Supervision Total fuced costs Total overhead costs

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What are the symptoms of most panic attacks?

Answered: 1 week ago