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Problem - Factory overhead variance corrections - The data related to Elite Sporting Goods Company's factory overhead cost for the production of 50,000 units of product are as follows:
Actual:
Variable factory overhead
$218,900
Fixed factory overhead
157,500
Standard:
76,000 hrs. at $5.00 ($2.90 for variable factory overhead)
380,000
Productive capacity at 100% of normal was 75,000 hours, and the factory overhead cost budgeted at the level of 76,000 standard hours was $377,900. Based on these data, the chief cost accountant prepared the following variance analysis:
Variable factory overhead controllable variance:
Actual variable factory overhead cost incurred
Budgeted variable factory overhead for 76,000 hours
220,400
Variance-favorable
-$1,500
Fixed factory overhead volume variance:
Normal productive capacity at 100%
75,000 hrs.
Standard for amount produced
76,000
Productive capacity not used
1,000 hrs.
Standard variable factory overhead rate
× $5.00
Variance-unfavorable
5,000
Total factory overhead cost variance-unfavorable
$3,500
Required - Identify the errors in the factory overhead cost variance analysis.
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