Reference no: EM13823934
Standard factory overhead variance report
Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May 2012. The company expected to operate the department at 100% of normal capacity of 7,000 hours.
Variable costs:
Indirect factory wages $22,050
Power and light 12,600
Indirect materials 10,500
Total variable cost $45,150
Fixed costs:
Supervisory salaries $12,000
Depreciation of plant and equipment 31,450
Insurance and property taxes 9,750
Total fixed cost 53,200
Total factory overhead cost $98,350
During May, the department operated at 7,400 standard hours, and the factory overhead costs incurred were indirect factory wages, $23,580; power and light, $13,120; indirect materials, $11,310; supervisory salaries, $12,000; depreciation of plant and equipment, $31,450; and insurance and property taxes, $9,750.
Instructions
Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 7,400 hours.
|
Why self esteem be so greatly impacted during retirement
: Why would that be? Why would self-esteem be so greatly impacted during retirement? What happens to the worker? The marriage? The family day-to-day dynamics? Give me your thoughts on why.
|
|
Calculate internal rate of return of investment opportunity
: Merton Manufacturing Company has an opportunity to purchase some technologically advanced equipment that will reduce the company’s cash outflow for operating expenses by $1,271,000 per year. The cost of the equipment is $8,156,843.32. Calculate the i..
|
|
Present value-determine the maximum amount of cash
: The dean of the School of Fine Arts is trying to decide whether to purchase a copy machine to place in the lobby of the building. The machine would add to student convenience, but the dean feels compelled to earn an 10 percent return on the investmen..
|
|
Established trust fund-determine the amount of cash
: Adam Wilton turned 20 years old today. His grandfather had established a trust fund that will pay him $88,000 on his next birthday. However, Adam needs money today to start his college education, and his father is willing to help. Determine the amoun..
|
|
Standard factory overhead variance report
: Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May 2012. The company expected to operate the department at 100% of normal capacity of 7,000 hours. Pre..
|
|
Do you have a better understanding of the role of the np
: The role of the NP is a challenging, complex, dynamic and rewarding role! Reflect on the level of insight you feel you have gained in the course. Do you have a better understanding of the role of the NP? How has this course impacted your perspective ..
|
|
Determine price variance-quantity variance-time variance
: Direct materials, direct labor, and factory overhead cost variance analysis Specialty Polymers, Inc., processes a base chemical into plastic. Determine (a) the price variance, quantity variance, and total direct materials cost variance; (b) the rate ..
|
|
Standard cost per unit for direct materials and direct labor
: Direct materials and direct labor variance analysis Oasis Faucet Company manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Manufacturing has 50 employees. Determine (a) the standard cost per unit for direct mater..
|
|
What is georgias itemized deduction for her casualty losses
: In 2014, Georgia had the following insured personal casualty losses (arising from one casualty). Georgia also had $20,000 adjusted gross income for the year. What is Georgia’s itemized deduction for her casualty losses?
|