2 and 3
Wallis Company | |||||||||||||
Transaction Analysis | |||||||||||||
For the Year Ended 12/31/XX | |||||||||||||
(dollars in thousands) | |||||||||||||
Cash | Raw Materials | Work-in-Process | Finished Goods | PP&E (net) | = | Materials Price Variance | Material Quantity Variance | Labor Rate Variance | Labor Efficiency Variance | Fixed Overhead Budget Variance | Fixed Overhead Volume Variance | Retained Earnings | |
1/1 | 720.00 | 170.00 | 0.00 | 290.00 | 8700.00 | = | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9880.00 |
a. | -6860.70 | 7022.40 | = | 161.70 | |||||||||
b. | -6551.20 | 5788.16 | = | -763.04 | |||||||||
c. | -3926.40 | 3712.80 | = | -736.20 | 522.60 | ||||||||
d. | -1342.00 | 2856.00 | -1399.00 | = | 141.00 | -26.00 | |||||||
e. | -12356.96 | 12356.96 | = | ||||||||||
f. | 15674.00 | = | 15674.00 | ||||||||||
g. | -11967.56 | = | -11967.56 | ||||||||||
h. | -2121.00 | = | -2121.00 | ||||||||||
i. | = | -161.70 | 763.04 | 736.20 | -522.60 | -141.00 | 26.00 | -699.94 | |||||
12/31 | 2143.90 | 641.20 | 0.00 | 679.40 | 7301.00 | = | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10765.50 |
Predetermined overhead rate = $2882000/288200 = $10 per direct labor hour
Fixed overhead applied = (95200 x 3 x $10)/1000 = $2856
4.
Wallis Company | ||
Income Statement | ||
For the Year Ended 12/31/XX | ||
(dollars in thousands) | ||
Sales revenue (92200 x $170/100) | 15674 | |
Cost of goods sold at standard (92200 x $129.80/1000) | 11968 | |
Total variance adjustments | 699.94 | 12668 |
Gross profit | 3007 | |
Selling and administrative expenses | 2121 | |
Net operating income | 885 |
Wallis Company manufactures only one product and uses a standard cost system. The company uses a...
Help please ! Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixed-it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is baseed on a cost formula that estimated $2,882,000 of fixed manufacturing overhead for an estimated allocation base of 288,200 direct labor-hours. Wallis does not maintain any...
Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixed-it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,899,000 of fixed manufacturing overhead for an estimated allocation base of 289,900 direct labor-hours. Wallis does not maintain any beginning or ending...
Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixed-it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,884,000 of fixed manufacturing overhead for an estimated allocation base of 288,400 direct labor-hours. Wallis does not maintain any beginning or ending...
Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixed-it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,884,000 of fixed manufacturing overhead for an estimated allocation base of 288,400 direct labor-hours. Wallis does not maintain any beginning or ending...
Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixed-it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,889,000 of fixed manufacturing overhead for an estimated allocation base of 288,900 direct labor-hours. Wallis does not maintain any beginning or ending...
**PLEASE SHOW WORK, THANK YOU. Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixed-it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,889,000 of fixed manufacturing overhead for an estimated allocation base of 288,900 direct labor-hours. Wallis does not...
Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,894,000 of fixed manufacturing overhead for an estimated allocation base of 289,400 direct labor-hours. Wallis does not maintain any beginning or ending...
Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,919,000 of fixed manufacturing overhead for an estimated allocation base of 291,900 direct labor-hours. Wallis does not maintain any beginning or ending...
Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. Wallis does not maintain any beginning or ending...
Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixed-it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,893,000 of fixed manufacturing overhead for an estimated allocation base of 289,300 direct labor-hours. Wallis does not maintain any beginning or ending...