Exam Chapter 8 1. TF.08-050 3.35 0.00 0.00 3.35 0.00 The following data is given

Question

Exam Chapter 8 1. TF.08-050 3.35 0.00 0.00 3.35 0.00 The following data is given for the Zoyza Company: 2TF-08-008 Budgeted production (at 100% of normal capacity) Actual production Materials: 26,000 units 27,500 units 3. TF08-024 4. TF.08-012 5. TF.08-005 6. MC.08-118 7. MC.08-077 8. MC 08-081 Standard price per ounce Standard ounces per completed unt Actual ounces purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs Overhead: Actual and budgeted fixed overhead $6.50 228,000 $1,504,800 $22 per hou 6.6 183,000 4,020,000 0.00 1,029,600 $24.50 per standard labor hour $4,520,000 9. MC.08-065 10. MC.08-080 11. MC.08-119 3.33 0.00 0.00 0.00 3.33 Standard variable overhead rate Actual variable overhead costs Overhead is applied on standard labor hours The fioxed factory overhead volume variance is 12. MC.08-075 13. MC.08-093 14. MC.08-074 15. MC.08-110 16. MC.08-100 17. MC.08-084 18. MC.08-092 . $73,250 favorable b. $59,400 favorable x $9,400 unfavorable d. $73,250 unfavorable 0.00 19. MC 20. MC.08-105 21. MC.08-063 Progress: 11/30 items

Explanation / Answer

Budgeted production = 26,000 units

Budgeted fixed factory overhead = $1,029,600

Therefore,

Fixed factory overhead rate = $1,029,600/26,000 = $39.60 per unit

Actual units produced = 27,500

Thus,

Fixed overhead applied to units produced = 27,500 x $39.60 = $1,089,000

Calculate the fixed factory volume variance by subtracting the budgeted fixed factory overhead from the fixed factory overhead applied to units produced.

Fixed factory volume variance = $1,089,000 - $1,029,600 = $59,400 Favorable

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