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Wainwright has budgeted construction overhead for August of $435,000 for fixed costs. Actual costs for the month totaled for $450,000 for fixed. Allocated fixed overhead totaled $430,000. The company tracks each item in an overhead control account before allocations are made to individual jobs. The fixed overhead spending variance for August was $15,000 unfavorable for fixed.
Required:
a.Make journal entries for the actual costs incurred.
b.Make journal entries to record the variances for August.
Property Taxes
Taxes levied by local governments based on the value of real estate property owned by individuals or businesses.
Payroll Taxes
Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay their staff.
Taxable Income
The portion of an individual's or corporation's income that is subject to taxation by the government.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, reflecting the percentage of an additional dollar of income that is paid in taxes.
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