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Factory Overhead Volume Variance Tip Top Corp. produced 3,700 units of product that required 2.5 standard...

Factory Overhead Volume Variance

Tip Top Corp. produced 3,700 units of product that required 2.5 standard hours per unit. The standard fixed overhead cost per unit is $1.238 per hour at 9,950 hours, which is 100% of normal capacity. Determine the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

_____

Please indicate whether this is favorable or unfavorable.

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Answer #1

Fixed factory overhead volume variance = (normal capacity hours-Standard hours allowed)Standard rate per hour

                                                            = (9950-9250)*1.238

Fixed factory overhead volume variance = -866.60 Favorable

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