Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Factory Overhead Cost Variances Thomas Textiles Corporation began November with a budget for 45,000 hours of production in the Weaving Department. The department has a
Factory Overhead Cost Variances Thomas Textiles Corporation began November with a budget for 45,000 hours of production in the Weaving Department. The department has a full capacity of 60,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of November was as follows: Variable overhead $112,500 Fixed overhead 78,000 Total $190,500 The actual factory overhead was $192,800 for November. The actual fixed factory overhead was as budgeted. During November, the Weaving Department had standard hours at actual production volume of 47,000 hours. Determine the variable factory overhead controllable variance and the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required. a. Variable factory overhead controllable variance: $ b. Fixed factory overhead volume variance: $ Favorable Unfavorable
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started