Answers
1)
| Variable Factory overhead variances | |||||
| Standard variable overhead rate per DLH= Budgeted total variable factory overhead/Budgeted hours | |||||
| = 15000/2500 hours = $6 per DLH | |||||
| Standard DLH per unit = budgeted total DLH/ Budgeted total units | |||||
| = 2500DLH/5000 Units= | 0.5 | DLH/unit | |||
| Actual Cost | Standard costs | ||||
| (AQ*AP) | (AQ*SP) | (SQ*SP) | |||
| 2700 Hrs * 5.77/hr | 2700hours * $6 | (4800 * 0.5) hours 8 $6 | |||
| $15,600 | $16,200 | $14,400 | |||
| Spending Variance | $600 | Efficiency variance | $1,800 | ||
| (Favourable) | (Unfavourable) | ||||
| (16200-15600) | (16200-14400) | ||||
| Flexible budget variance | $1,200 | ||||
| (15600-14400) | (Unfavourable) | ||||
| Fixed Overhead variances | |||||
| Standard Fixed factory overhead application rate = Budgeted Fixed overhead/total hours | |||||
| =90000/2500 DLH | $36 | Per DLH | |||
| Actual Cost | Applied | ||||
| (AQ*AP) | Budget | (SQ*SP) | |||
| $36 Per Hour | (4800*0.5)hours * $36 | ||||
| $92,000 | $90,000 | $86,400 | |||
| Spending Variance | $2,000 | Production Volume Variance | $3,600 | ||
| (Unfavourable) | |||||
| (92000-9000) | (90000-86400) | ||||
2)
| Journal Entries | |||
| Factory overhead | $600.00 | ||
| Variable overhead spending variance | $600.00 | ||
| Variable overhead efficiency variance | $1,800.00 | ||
| Factory overhead | $1,800.00 | ||
| Fixed overhead spending variance | $2,000.00 | ||
| Factory overhead | $2,000.00 | ||
| Production Volume variance | $3,600.00 | ||
| Factory overhead | $3,600.00 | ||
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