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AccountingManagerial Accounting: The Cornerstone of Business Decision-Making7th Edition

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Chapter 10, Problem 40BEB
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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Problem 1DQ
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Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
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Problem 15DQ
Problem 16DQ
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Problem 18DQ
Problem 19DQ
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Problem 23DQ
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Problem 13MCQ
Problem 14MCQ
Problem 15MCQ
Problem 16MCQ
Problem 17MCQ
Problem 18MCQ
Problem 19MCQ
Problem 20MCQ
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Problem 22BEA
Problem 23BEA
Problem 24BEA
Problem 25BEA
Problem 26BEA
Problem 27BEA
Problem 28BEA
Problem 29BEA
Problem 30BEA
Problem 31BEA
Problem 32BEB
Problem 33BEB
Problem 34BEB
Problem 35BEB
Problem 36BEB
Problem 37BEB
Problem 38BEB
Problem 39BEB
Problem 40BEB
Problem 41BEB
Problem 42BEB
Problem 43E
Problem 44E
Problem 45E
Problem 46E
Problem 47E
Problem 48E
Problem 49E
Problem 50E
Problem 51E
Problem 52E
Problem 53E
Problem 54E
Problem 55E
Problem 56E
Problem 57E
Problem 58E
Problem 59E
Problem 60E
Problem 61E
Problem 62P
Problem 63P
Problem 64P
Problem 65P
Problem 67P
Problem 68P
Problem 69P
Problem 70P
Problem 71P
Problem 72P
Problem 73P
Problem 74P
Problem 75P
Problem 76P
Problem 77C
Problem 79C
Problem 1MTC
Problem 2MTC
Problem 3MTC
Problem 4MTC
Problem 5MTC
Problem 6MTC
Problem 7MTC
Problem 8MTC
Problem 9MTC
Problem 10MTC
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Performance Report for Variable Variances

Potter Company provided the following information:

Chapter 10, Problem 40BEB, Performance Report for Variable Variances Potter Company provided the following information:

Required:

Prepare a performance report that shows the variances for each variable overhead item (inspection and power).

To determine

Construct the performance report which shows the variances of each variable overhead item.

Explanation

Overhead Variance:

The amount obtained when actual overhead is deducted from applied overhead is known as overhead variance. Overhead variance is calculated to find whether the overhead is over applied or under applied.

Performance report of the variances:

  Budget for actualBudget for standard
Overhead cost item

Actual cost

(A)

($)

Actual Hours

(B)

($)

Spending variance

(A-B)

Standard Hours

(C)

($)

Efficiency variance

(B-C)

Inspection162,000154,00018,000 (F)150,00034,000(U)
Power220,600231,000210,400 (U)225,00046,000(U)
Total382,600385,0002,400 (U)375,00010,000(U)

Table (1)

Working Note:

1. Calculation of actual hours of inspection:

Actual Hours=Actual Labor Hours Worked×Actual Rate=77,000 Hours×$2

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