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Managerial Accounting: The Corners...
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Managerial Accounting: The Corners...
Anker Company had the data below for its most recent year, ended December 31:
Required:
Prepare a performance report that shows the variances on an item-by-item basis.
Construct a performance report which shows the variances of each variable overhead item.
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:
| Â | Â | Budget for actual | Budget for standard | ||
| Overhead cost item |
Actual cost (A) ($) |
Actual Hours (B) ($) |
Spending variance |
Standard Hours (C) ($) |
Efficiency variance |
| Indirect labor | 36,000 | 35,7601 | 240 (U) | 36,0003 | 240 (F) |
| Supplies | 3,800 | 3,5762 | 224 (U) | 3,6004 | 24(F) |
| Total | 39,800 | 39,336 | 464 (U) | 39,600 | 264(F) |
Table (1)
Working Note:
1. Calculation of actual hours of indirect labor:
2
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