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please answer and explain asap, thank you Factory Overhead Cost variance Report Feeling Better Medical Inc, a manufacturer of disposable medical supplies, prepared the following
please answer and explain asap, thank you
Factory Overhead Cost variance Report Feeling Better Medical Inc, a manufacturer of disposable medical supplies, prepared the following factory overhead cost budget for the Assembly Department for October of the current year. The company expected to operate the department at 100% of normal capacity of 7,200 hours Variable costs: Indirect factory wages $23,760 Power and light 34,112 Indirect materials 11,232 Total variable cost $49,104 Fixed costs: Supervisory salaries $12,090 Depreciation of plant and equipment 31.010 Insurance and property taxes 9,460 Total fixed cost 52,560 Total factory overhead cost $101,664 During October, the department operated at 7.600 standard hours, and the factory overhead costs incurred were indirect factory wages, 325, 330, power and light, $14,630; Indirect materials, $12,100; supervisory stories, $12,090; depreciation of plant and equipment, 531,020; and insurance and property taxes, 59,460, Required: Prepare a factory overhead cost variance report for October. To be useful for cost control, the budgeted amounts should be based on 7.600 hours. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your per unit computations to the nearest cent, required. If an amount box does not require an entry, leave it blank Feeling Better Medical Inc. Factory Overhead Cost Variance Report-Assembly Department For the Month Ended October 31 Normal capacity for the month 7,200 hrs. Actual production for the month 7,600 hrs required. If an amount box does not require an entry, leave it blank Feeling Better Medical Inc. Factory Overhead Cost Variance Report-Assembly Department For the Month Ended October 31 Normal capacity for the month 7,200 hrs Actual Broduction for the month 7,600 hrs. Budget Actual (at Actual Cost Production) Variable factory overhead costs: Indirect factory wages Power and light Unfavorable Favorable Variances Variances Indirect materials Total variable cost Fored factory overhead costs: Supervisory salaries Depreciation of plant and equipment Insurance and property taxes Total foxed cost Total factory overhead cost Total controllable variances m0 11 will . Volume variance favorable: Excess hours used over normal at the standard rate for foued factory overhead Step by Step Solution
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