1 answer

Required information The following information applies to the questions displayed below) Antuan Company set the following...

Question:

Required information The following information applies to the questions displayed below) Antuan Company set the following sta
The company incurred the following actual costs when it operated at 75% of capacity in October $ 464,100 526,125 Direct mater
5. Prepare a detailed overhead variance report that shows the variances for individual items of overhead ANTUAN COMPANY Overh
Required information The following information applies to the questions displayed below) Antuan Company set the following standard costs for one unit of its product ve Direct materials (6 Ibs. $5 per Ib.) Direct labor (2 hrs. $17 per hr.) Overhead (2 hrs. $18.50 per hr.) Total standard cost 34 37 The predetermined overhead rate (518 50 per direct labor hour) is based on an expected volume 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 lovel Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 45,000 Indirect labor 180,000 Power 45,000 Repairs and maintenance 90,000 Total variable overhead costs $360,000 Fixed overhead costs Depreciation-Building 24,000 Depreciation Machinery 80,000 Taxes and insurance 12,000 Supervision 79.809 Total fixed overhead costs 195,000 Total overhead costs $555, eee
The company incurred the following actual costs when it operated at 75% of capacity in October $ 464,100 526,125 Direct materials (91,000 lbs. @ $5.10 per lb.) Direct labor (30.500 hrs. $17.25 per hr.) Overhead costs Indirect materials Indirect labor Power Repairs and maintenance Depreciation Building Depreciation Machinery Taxes and insurance Supervision Total costs $ 44,25e 177,750 43,000 96,000 24,00 75,000 11,500 89,000 S60, 500 $1,550,725
5. Prepare a detailed overhead variance report that shows the variances for individual items of overhead ANTUAN COMPANY Overhead Variance Report For Month Ended October 31 E ind production volume Preden welche Flexible Budget Ach Resus Valances Fans Unfaw

Answers

ANTUAN COMPANY
Overhead Variance (Report)
For Month Ended October 31
Expected production volume 75% of the capacity
Production level achieved 75% of the capacity
Volume variance No variance
Flexible Budget Actual Results Variances Fav./Unfav.
Variable costs:
Indirect materials $45000 $44250 (45000-44250)= 750 Favorable
Indirect labor 180000 177750 (180000-177750)= 2250 Favorable
Power 45000 43000 (45000-43000)= 2000 Favorable
Repairs and maintenance 90000 96000 (90000-96000)= 6000 Unfavorable
Total variable costs $360000 $361000 1000 Unfavorable
Fixed costs:
Depreciation- Building 24000 24000 0 NONE
Depreciation- Machinery 80000 75000 (80000-75000)= 5000 Favorable
Taxes and insurance 12000 11500 (12000-11500)= 500 Favorable
Supervision 79000 89000 (79000-89000)= 10000 Unfavorable
Total fixed costs $195000 $199500 4500 Unfavorable
Total overhead costs $555000 $560500 5500 Unfavorable

Volume variance is the difference between the budgeted quantity expected to be sold and actual quantity sold. In this case, there is no volume variance as the budgeted quantity expected to be sold and actual quantity both are 75% of the capacity.

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