Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 05 Jun 2017 My Price 13.00

Krueger Corporation recently implemented a standard cost system

$5 per pound

100 pounds per unit

$20.00 per hour 2 hours per unit

$12,000 per month

1,200 units

$  2.00 per unit

10.00 per unit

$12.00 per unit
 

Krueger Corporation recently implemented a standard cost system. The company’s cost accountant has gathered the following information needed to perform a variance analysis at the end of the month:

 

 

Text Box: Standard Cost Information Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quantity allowed per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Direct labor rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hours allowed per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fixed overhead budgeted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Normal level of production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Variable overhead application rate . . . . . . . . . . . . . . . . . . . . . . . . . . . Fixed overhead application rate ($12,000 � 1,200 units). . . . . . . . . . Total overhead application rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Actual Cost Information Cost of materials purchased and used . . . . . . . . . . . . . . . . . . . . . . . . Pounds of materials purchased and used . . . . . . . . . . . . . . . . . . . . . Cost of direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hours of direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cost of variable overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cost of fixed overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Volume of production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$468,000

104,000 pounds

$46,480

2,240 hours

$2,352

$12,850

1,000 units
 

Instructions

a.      Compute the direct materials price variance, given an actual price of $4.50 per pound ($468,000 � 104,000 pounds).

b.       Compute the materials quantity variance, given a standard quantity of 100,000 pounds allowed to produce 1,000 units (1,000 units X 100 pounds per unit).

c.       Prepare a journal entry summarizing the cost of direct materials charged to production.

d.       Compute the labor rate variance, given an actual labor rate of $20.75 per hour ($46,480 �

2,240 hours).

e.       Compute the labor efficiency variance.

f.      Prepare a journal entry summarizing the cost of direct labor charged to production.

g.      Compute the overhead spending variance.

h.       Compute the overhead volume variance.

i.       Prepare a journal entry summarizing the application of overhead costs to production.

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Jun 2017 07:06 PM My Price 13.00

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