Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 17 Aug 2017 My Price 14.00

costs for direct materials,

VARIANCES FROM STANDARD COSTS

Standard cost s and actual costs for direct materials, direct labor, and factory overhead for the manufacture of 250 units of product were as follows:

                                                                        Standard Costs

Direct materialsAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦  500 Pounds at $25.00 per pound

Direct laborAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.4,000 direct labor hours at $19.00 pern hour

Factory overheadAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.Productive capacity of 100%, 10,000 budgeted FG per year   

            NOTE:  Each unit of product requires a standard of 32 machine hours.

Actual Costs

Direct materialsAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.  490 pounds at $24.75 per pound

Direct laborAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦  4,200 direct labor hours at $19.20 an hour

Factory overheadAc€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦Ac€¦.Total variable cost, $24,750

                                                                         Total fixed cost, $20,000

INSTRUCTIONS: Indicate the amount and nature (favorable or unfavorable) of each of the following variances. Show your work on the amounts for partial credit.

VARIANCE

Answers

  

a.  Direct materials quantity variance for 250 FG produced

$

F

U

b.  Direct materials price variance on 490 lbs at $24.75 per lb.

$

F

U

c.  Direct labor time or efficiency variance

$

F

U

d.  Direct labor rate or price variance for 4,200 hours

$

F

U

 

e.  Record the journal entry for the actual direct material purchase of $24.75 which should include the entry for the direct materials price variance

f.  Record the journal entry for the actual direct labor cost for the 4,200 hours worked which should include the direct labor rate and efficiency variances.

g.  Record the journal entry for the sales on account of $130,000 for the year.

h.  Record the journal entry for the cost of goods manufactured of $100,000.  These goods were completed and transferred from WIP into the Finished Goods Inventory.

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 08:08 PM My Price 14.00

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