Crunchem Cereal Company incurred the following actual Direct material used Direct labor $275,000 130,000
Crunchem Cereal Company incurred the following actual Direct material used Direct labor $275,000 130,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Exercise 3-30 Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6)
[The following information applies to the questions displayed below.]
Crunchem Cereal Company incurred the following actual costs during 20x1.
Direct material used
Direct labor
Manufacturing overhead
The firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as
follows:
Raw material
Work in process
Finished goods
Each of these inventory balances was 10 percent higher at the end of the year.
Direct material:
Required:
1. Prepare a schedule of cost of goods manufactured for 20x1.
Raw material used
$275,000
130,000
273,000
Total manufacturing costs
Subtotal
$32,000
38,000
40,000
Cost of goods manufactured
Cost of goods sold
CRUNCHEM CEREAL COMPANY
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20x1
$
0
$
$
$
$
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42b072c6-14da-4be2-a91a-d8ef8b8d81b3%2F6769d6b6-a25b-4c1d-b8a4-dde8a51d3663%2F6fjud94s_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Exercise 3-30 Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6)
[The following information applies to the questions displayed below.]
Crunchem Cereal Company incurred the following actual costs during 20x1.
Direct material used
Direct labor
Manufacturing overhead
The firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as
follows:
Raw material
Work in process
Finished goods
Each of these inventory balances was 10 percent higher at the end of the year.
Direct material:
Required:
1. Prepare a schedule of cost of goods manufactured for 20x1.
Raw material used
$275,000
130,000
273,000
Total manufacturing costs
Subtotal
$32,000
38,000
40,000
Cost of goods manufactured
Cost of goods sold
CRUNCHEM CEREAL COMPANY
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20x1
$
0
$
$
$
$
0
0
0
0
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