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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,
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 hours for production:
Variable overhead costs:
Indirect factory labor $
Power and light
Indirect materials
Total variable overhead cost $
Fixed overhead costs:
Supervisory salaries $
Depreciation of plant and equipment
Insurance and property taxes
Total fixed overhead cost
Total factory overhead cost $
Tannin has available hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows:
Actual variable factory overhead costs:
Indirect factory labor $
Power and light
Indirect materials
Total variable cost $
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 ReportTrim Department
For the Month Ended July
Productive capacity for the month hrs
Actual productive capacity used for the month hrs
Actual Cost Budget
at Actual Production Unfavorable
Variances Favorable
Variances
Variable factory overhead costs:
Indirect factory labor $fill in the blank $fill in the blank $fill in the blank $fill in the blank
Power and light fill in the blank fill in the blank fill in the blank fill in the blank
Indirect materials fill in the blank fill in the blank fill in the blank fill in the blank
Total variable factory overhead cost $fill in the blank $fill in the blank
Fixed factory overhead costs:
Supervisory salaries $fill in the blank $fill in the blank
Depreciation of plant and equipment fill in the blank fill in the blank
Insurance and property taxes fill in the blank fill in the blank
Total fixed factory overhead cost $fill in the blank $fill in the blank
Total factory overhead cost $fill in the blank $fill in the blank
Total controllable variances $fill in the blank $fill in the blank
blank blank $ Select blank
Volume varianceunfavorable:
Idle hours at the standard rate for fixed factory overhead blank blank fill in the blank blank
blank
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