Homework Answers
| Q12. | ||||||||
| Answer is D. The Overall fixed overheads variance was favorable | ||||||||
| Explanation: | ||||||||
| Volume variance | 8000 | F | ||||||
| Budget Variance | 6000 | U | ||||||
| Total Fixed H variance | 2000 | F | ||||||
| Q13. | ||||||||
| Answer is A. The cost of goods sold will be debited | ||||||||
| Explanation: | ||||||||
| Cost of goods sold will get increased as the net effect of all the variance is net Unfavorable | ||||||||
| Net effect = 1000 (U)+3000(U) - 2000 (F)-500 (F) = 1500 (U) | ||||||||
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12. At the beginning of October, fixed manufacturing overhead was budgeted at $200,000 end of October, it was found that the fixed overhead volume variance was $8,000 favorable and the fixed over...
QUESTION 21 Fixed overhead was budgeted at $200,000, and 25,000 direct labor hours were budgeted. If...
QUESTION 21 Fixed overhead was budgeted at $200,000, and 25,000 direct labor hours were budgeted. If the fixed overhead volume variance was $8,000 favorable and the fixed overhead spending variance was $6,000 unfavorable, fixed overhead applied must be $208,000. $206,000. $202,000. $194,000. 4.5 points Save Answer
Closing the Balances in The Variance Accounts at the End of the Year
Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end:DebitCreditDirect Materials Price Variance$13,550 Direct Materials Usage Variance$1,260 Direct Labor Rate Variance880 Direct Labor Efficiency Variance$12,460 Unadjusted Cost of Goods Sold equals $1,570,000, unadjusted Work in Process equals $256,000, and unadjusted Finished Goods equals $200,000.What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances?Adjusted balanceWork in Process$fill in the blank 56adc8feeffefdd_1Finished Goods$fill in the blank 56adc8feeffefdd_2Cost of...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has...
Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Debit Credit Direct Materials Price Variance $13,550 Direct Materials Usage Variance $1,100 Direct Labor Rate Variance 820 Direct Labor Efficiency Variance $12,340 Unadjusted Cost of Goods Sold equals $1,550,000, unadjusted Work in Process equals $246,000, and unadjusted Finished Goods equals $180,000. Required: 1. Assume that the ending balances in the...
Overhead Variance (Over- or Underapplied), Closing to Cost of Goods Sold At the end of the...
Overhead Variance (Over- or Underapplied), Closing to Cost of Goods Sold At the end of the year, Ilberg Company provided the following actual information: Overhead $423,600 Direct labor cost 532,000 Ilberg uses normal costing and applies overhead at the rate of 80% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $918,000. Required: 1. Calculate the overhead variance for the year. 2. Dispose of the overhead variance by...
Overhead Variance (Over- or Underapplied), Closing to Cost of Goods Sold At the end of the...
Overhead Variance (Over- or Underapplied), Closing to Cost of Goods Sold At the end of the year, Estes Company provided the following actual information: Overhead $412,600 Direct labor cost 532,000 Estes uses normal costing and applies overhead at the rate of 75% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $1,670,000. Required: 1. Calculate the overhead variance for the year. $ 2. Dispose of the overhead variance...
Overhead Variance (Over-or Underapplied), Closing to Cost of Goods Sold At the end of the year,...
Overhead Variance (Over-or Underapplied), Closing to Cost of Goods Sold At the end of the year, Ilberg Company provided the following actual information: Overhead $423,600 Direct labor cost 532,000 Ilberg uses normal costing and applies overhead at the rate of 80% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $896,000. Required: 1. Calculate the overhead variance for the year. $ 2,000 ✓ overapplied 2. Dispose of the...
Overhead Variance (Over- or Underapplied), Closing to Cost of Goods Sold At the end of the...
Overhead Variance (Over- or Underapplied), Closing to Cost of Goods Sold At the end of the year, Ilberg Company provided the following actual information: Overhead $422,600 Direct labor cost 540,300 Ilberg uses normal costing and applies overhead at the rate of 80% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $1,942,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the...
Static Plexible Volume Purchasing manager Favorable Unfavorable Debit Credit Fixed overhead budget Fixed overhead volune Spending...
Static Plexible Volume Purchasing manager Favorable Unfavorable Debit Credit Fixed overhead budget Fixed overhead volune Spending Production manager Variable overhead rate Variable overhead effieiency Fixed overhead spending Ixed overhead spending 1. A budget is based on a fixed estimate of sales volume. A volume 2. variance represents the difference between actual and expected levels of activity 3. The is typically responsible for the direct materials quantity variance The variable overhead rate variance is 4 when the actual variable overhead rate...
12. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead...
12. If we assume that there is no fixed manufacturing overhead
and the variable manufacturing overhead is $9 per direct
labor-hour, what is the estimated finished goods inventory balance
at the end of July?
13. If we assume that there is no fixed manufacturing overhead
and the variable manufacturing overhead is $9 per direct
labor-hour, what is the estimated cost of goods sold and gross
margin for July?
14. What is the estimated total selling and administrative
expense for July?...
Direct Materials, Direct Labor, and Reports budgeted and actual costs for variable and fixed factory overhead...
Direct Materials, Direct Labor, and Reports budgeted and actual costs for variable and fixed factory overhead along with the related controllable and volume variances.Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. A detailed estimate of what a product should cost.Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 70,000 units of product were as follows: Standard Costs Actual Costs Direct materials 189,000 lbs. at $6.00 187,100...
QUESTION 21 Fixed overhead was budgeted at $200,000, and 25,000 direct labor hours were budgeted. If the fixed overhead volume variance was $8,000 favorable and the fixed overhead spending variance was $6,000 unfavorable, fixed overhead applied must be $208,000. $206,000. $202,000. $194,000. 4.5 points Save Answer
Overhead Variance (Over- or Underapplied), Closing to Cost of Goods Sold At the end of the year, Ilberg Company provided the following actual information: Overhead $423,600 Direct labor cost 532,000 Ilberg uses normal costing and applies overhead at the rate of 80% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $918,000. Required: 1. Calculate the overhead variance for the year. 2. Dispose of the overhead variance by...
Overhead Variance (Over-or Underapplied), Closing to Cost of Goods Sold At the end of the year, Ilberg Company provided the following actual information: Overhead $423,600 Direct labor cost 532,000 Ilberg uses normal costing and applies overhead at the rate of 80% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $896,000. Required: 1. Calculate the overhead variance for the year. $ 2,000 ✓ overapplied 2. Dispose of the...
Static Plexible Volume Purchasing manager Favorable Unfavorable Debit Credit Fixed overhead budget Fixed overhead volune Spending Production manager Variable overhead rate Variable overhead effieiency Fixed overhead spending Ixed overhead spending 1. A budget is based on a fixed estimate of sales volume. A volume 2. variance represents the difference between actual and expected levels of activity 3. The is typically responsible for the direct materials quantity variance The variable overhead rate variance is 4 when the actual variable overhead rate...
12. If we assume that there is no fixed manufacturing overhead
and the variable manufacturing overhead is $9 per direct
labor-hour, what is the estimated finished goods inventory balance
at the end of July?
13. If we assume that there is no fixed manufacturing overhead
and the variable manufacturing overhead is $9 per direct
labor-hour, what is the estimated cost of goods sold and gross
margin for July?
14. What is the estimated total selling and administrative
expense for July?...
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