Tiger equipment inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the welding department for may 2014. the company expected to operate the department at 100% of normal capacity of 8,400 hours.
1 variable costs:
2 indirect factory wages $30,240.00
3 power and light 20,160.00
4 indirect materials 16,800.00
5 total variable cost $67,200.00
6 fixed costs:
7 supervisory salaries $20,000.00
8 depreciation of plant and equipment 36,200.00
9 insurance and property taxes 15,200.00
10 total fixed cost 71,400.00
11 total factory overhead cost $138,600.00
during may, the department operated at 8,860 hours, and the factory overhead costs incurred were indirect factory wages, $32,400; power and light, $21,000; indirect materials, $18,250; supervisory salaries, $20,000; depreciation of plant and equipment, $36,200; and insurance and property taxes, $15,200.
prepare a factory overhead cost variance report for may. to be useful for cost control, the budgeted amounts should be based on 8,860 hours.
Answers: 3
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