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Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a device follows: Direct materials, ? ounces at $2.80 per ounce Direct labor, 0.4 hours at ? per hour Overhead, 8.4 hours at ? per hour Total costs $ ? per device ? per device 2 per device $ 30 per device Assume 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 Direct labor price variance Direct labor (37,500 hours) Overapplied overhead (total) There are no materials Inventories. Required: 96,000 units 90,000 units $ ? 63,000 U 70,000 U 18,750 F 918,750 25,200 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 C Complete the standard cost sheet for a device given below. Note: Do not round intermediate calculations. Direct materials, ounces at $2.80 per ounce Direct labor, 0.4 hours at per hour Overhead, 0.4 hours at per hour per device per device per device Total costs S 30 per device < Required B Required C>

Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a device follows: Direct materials, ? ounces at $2.80 per ounce Direct labor, 0.4 hours at ? per hour Overhead, 8.4 hours at ? per hour Total costs $ ? per device ? per device 2 per device $ 30 per device Assume 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 Direct labor price variance Direct labor (37,500 hours) Overapplied overhead (total) There are no materials Inventories. Required: 96,000 units 90,000 units $ ? 63,000 U 70,000 U 18,750 F 918,750 25,200 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 C Complete the standard cost sheet for a device given below. Note: Do not round intermediate calculations. Direct materials, ounces at $2.80 per ounce Direct labor, 0.4 hours at per hour Overhead, 0.4 hours at per hour per device per device per device Total costs S 30 per device < Required B Required C>

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a device follows: 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 Assume 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 Direct labor price variance Direct labor (37,500 hours) Overapplied overhead (total) There are no materials Inventories. Required: 96,000 units 90,000 units $ ? 63,000 U 70,000 U 18,750 F 918,750 25,200 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 varlance 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 C Complete the standard cost sheet for a device given below. Note: Do not round intermediate calculations. 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 S 30 per device < Required B Required C >
Transcribed Image Text:Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a device follows: 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 Assume 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 Direct labor price variance Direct labor (37,500 hours) Overapplied overhead (total) There are no materials Inventories. Required: 96,000 units 90,000 units $ ? 63,000 U 70,000 U 18,750 F 918,750 25,200 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 varlance 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 C Complete the standard cost sheet for a device given below. Note: Do not round intermediate calculations. 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 S 30 per device < Required B Required C >
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