Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Thomas Textiles Corporation began November with a budget for 48,000 hours of production in the Weaving Department. The department has a full capacity of 64,000
Thomas Textiles Corporation began November with a budget for 48,000 hours of production in the Weaving Department. The department has a full capacity of 64,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of November was as follows: Variable overhead $86,400 Fixed overhead 57,600 Total $144,000 The actual factory overhead was $145,700 for November. The actual fixed factory overhead was as budgeted. During November, the Weaving Department had standard hours at actual production volume of 50,000 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: $ Favorable b. Fixed factory overhead volume variance: $ 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