Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a devicefollows:Direct materials, ? ounces at $2.80 per ounceDirect labor, 0.4 hours at ? per hourOverhead, 0.4 hours at ? per hourTotal costs$ ? per device? per device? per device$ 30 per deviceAssume that the following data appeared in Copland's records at the end of the past month:Actual productionActual sales96,000 units90,000 unitsMaterials costs (505,000 ounces)$ ?Materials price variance63,000 UMaterials efficiency variance70,000 UDirect labor price variance18,750 FDirect labor (37,500 hours)Overapplied overhead (total)There are no materials Inventories.918,75025,200Required:a. Prepare a variance analysis for direct materials and direct labor.b. Assume that all production overhead is fixed and that the $25,200 overapplied is the only overhead variance that can be computed.What are the actual and applied overhead amounts?c. Complete the standard cost sheet for a device given below.Answer is not complete.Complete this question by entering your answers in the tabs below.Required A Required B Required CPrepare a variance analysis for direct materials and direct labor.Actual Inputsat StandardPriceSP x AQ1,414,000Efficiency Variance$ 70,000 UActualPricePrice VarianceAP x AQDirect MaterialsS63,000USDirect laborS 918,750S18,750FF< Required ARequired B >FlexibleBudgetSP x SQ

Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a device Ollows: Direct materials, ? ounces at $2.80 per ounce Direct labor, 0.4 hours at ? per hour Overhead, 0.4 hours at ? per hour Total costs $ ? per device ? per device per device $ 30 per device ssume that the following data appeared in Copland's records at the end of the past month: Actual production Actual sales Materials costs (505,000 ounces) Materials price variance Materials efficiency variance 96,000 units 90,000 units $ ? 63,000 U 70,000 U Direct labor price variance Direct labor (37,500 hours) Overapplied overhead (total) here are no materials Inventories. 18,750 F 918,750 25,200

Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a device Ollows: Direct materials, ? ounces at $2.80 per ounce Direct labor, 0.4 hours at ? per hour Overhead, 0.4 hours at ? per hour Total costs $ ? per device ? per device per device $ 30 per device ssume that the following data appeared in Copland's records at the end of the past month: Actual production Actual sales Materials costs (505,000 ounces) Materials price variance Materials efficiency variance 96,000 units 90,000 units $ ? 63,000 U 70,000 U Direct labor price variance Direct labor (37,500 hours) Overapplied overhead (total) here are no materials Inventories. 18,750 F 918,750 25,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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