Reference no: EM132687167
Problem - 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.
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Variable costs:
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Indirect factory wages
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$22,050
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Power and light
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12,600
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Indirect materials
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10,500
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Total variable cost
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$45,150
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Fixed costs:
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Supervisory salaries
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$12,000
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Depreciation of plant and equipment
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31,450
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Insurance and property taxes
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9,750
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Total fixed cost
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53,200
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Total factory overhead cost
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$98,350
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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 - Make a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 7,400 hours.
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