Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. The standard
Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. The standard overhead rate ( $18.50 per direct labor hour) is based on a predicted activity level 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. The company incurred the following actual costs when it operated at 75% of capacity in October. 2. Compute the direct materials variance, including its price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. 3. Compute the direct labor variance, including its rate and efficiency variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to two decimal places. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ ANTUAN COMPANY } \\ \hline \multicolumn{5}{|c|}{ Overhead Variance Report } \\ \hline \multicolumn{5}{|c|}{ For Month Ended October 31} \\ \hline \multicolumn{5}{|l|}{ Expected production volume } \\ \hline \multicolumn{5}{|l|}{ Production level achieved } \\ \hline \multicolumn{5}{|l|}{ Volume Variance } \\ \hline & Flexible Budget & Actual Results & Variances & Favorable or Unfavorable \\ \hline \multicolumn{5}{|l|}{ Variable overhead costs } \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \multicolumn{5}{|l|}{ Fixed overhead costs } \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \multicolumn{5}{|l|}{ Total overhead costs } \\ \hline \multicolumn{5}{|l|}{ Volume Variance } \\ \hline & & & & \\ \hline & & & & \\ \hline \multicolumn{5}{|l|}{ Volume variance } \\ \hline Total overhead variance & & & & \\ \hline \end{tabular}
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