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 salesMaterials costs (505,000 ounces)Materials price varianceMaterials efficiency variance96,000 units90,000 units$ ?63,000 U70,000 UDirect labor price varianceDirect labor (37,500 hours)Overapplied overhead (total)There are no materials Inventories.Required:18,750 F918,75025,200a. 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 ARequired B Required CAssume that all production overhead is fixed and that the $27,000 overapplied is the only overhead variance that can becomputed. What are the actual and applied overhead amounts?ActualAppliedOverhead< Required ARequired C >

Variance analysis :Variance analysis is a financial and managerial accounting technique used to…

Answered: Copland Components manufactures an…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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