View transaction listJournal entry worksheet2 31Record the applied production overhead.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit2Record entryClear entryView general journal Exercise 11-33 Journal Entries for Overhead (Appendix A) (LO 11-8)Crystal Glassware Company has the following standards and flexible-budget data.Standard variable-overhead rate6.00 per direct-labor hour2 hours per unit of outputStandard quantity of direct laborBudgeted fixed overheadBudgeted output$100,00025,000 unitsActual results for April are as follows:Actual outputActual variable overhead20,000 units$320, 000$ 97,000Actual fixed overheadActual direct labor50,000 hoursRequired:Prepare journal entries for the following transactions. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)• Record the incurrence of actual variable overhead and actual fixed overhead.• Add variable and fixed overhead to Work-in-Process Inventory.• Close underapplied or overapplied overhead into Cost of Goods Sold.View transaction listJournal entry worksheet23>Record the incurrence of actual variable overhead and actual fixedoverhead.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryView general journal

A journal is a company's official book in which all business transactions are recorded in…

Crystal Glassware Company has the following standards and flexible-budget data. 6.00 per direct-labor hour 2 hours per unit of output Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $100,000 25,000 units Actual results for April are as follows: 20,000 units $320,000 $ 97,000 50,000 hours Actual output Actual variable overhead Actual fixed overhead Actual direct labor Required: Prepare journal entries for the following transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) • Record the incurrence of actual variable overhead and actual fixed overhead. • Add variable and fixed overhead to Work-in-Process Inventory. • Close underapplied or overapplied overhead into Cost of Goods Sold. View transaction list Journal entry worksheet 1 2 3 > Record the incurrence of actual variable overhead and actual fixed overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

Crystal Glassware Company has the following standards and flexible-budget data. 6.00 per direct-labor hour 2 hours per unit of output Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $100,000 25,000 units Actual results for April are as follows: 20,000 units $320,000 $ 97,000 50,000 hours Actual output Actual variable overhead Actual fixed overhead Actual direct labor Required: Prepare journal entries for the following transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) • Record the incurrence of actual variable overhead and actual fixed overhead. • Add variable and fixed overhead to Work-in-Process Inventory. • Close underapplied or overapplied overhead into Cost of Goods Sold. View transaction list Journal entry worksheet 1 2 3 > Record the incurrence of actual variable overhead and actual fixed overhead. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter9: Standard Costing: A Functional-based Control Approach

Section: Chapter Questions

Problem 33P: Business Specialty, Inc., manufactures two staplers: small and regular. The standard quantities of...

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Calculating amount of factory overhead applied to work in process The overhead application rate for a company is 2.50 per unit, made up of 1.00 for fixed overhead and 1.50 for variable overhead. Normal capacity is 10,000 units. In one month, there was an unfavorable flexible budget variance of 200. Actual overhead for the month was 27,000. What was the amount of the budgeted overhead for the actual level of production?
(Appendix) Calculating factory overhead: four variances Atlanta Adhesives Inc. budgets 15,000 direct labor hours for the year. The total overhead budget is expected to amount to 42,000. The standard cost for a unit of the companys product estimates the variable overhead as follows: The actual data for the period follow: Using the four-variance method, calculate the overhead variances. (Hint: First compute the budgeted fixed overhead rate.)
Calculating factory overhead The standard capacity of a factory is 8,000 units per month. Cost and production data follow: Calculate the amount of factory overhead allowed for the actual volume of production each month and the variance between budgeted and actual overhead for each month.
Calculating factory overhead The normal capacity of a factory is 10,000 units per month. Cost and production data follow: Calculate the amount of factory overhead allowed for the actual volume of production each month and the variance between budgeted and actual overhead for each month.
Refer to Exercise 8.27. At the end of the year, Meliore, Inc., actually produced 310,000 units of the standard model and 115,000 of the deluxe model. The actual overhead costs incurred were: Required: Prepare a performance report for the period. In an attempt to improve budgeting, the controller for Meliore, Inc., has developed a flexible budget for overhead costs. Meliore, Inc., makes two types of products, the standard model and the deluxe model. Meliore expects to produce 300,000 units of the standard model and 120,000 units of the deluxe model during the coming year. The standard model requires 0.05 direct labor hour per unit, and the deluxe model requires 0.08. The controller has developed the following cost formulas for each of the four overhead items: Required: 1. Prepare an overhead budget for the expected activity level for the coming year. 2. Prepare an overhead budget that reflects production that is 10 percent higher than expected (for both products) and a budget for production that is 20 percent lower than expected.
Business Specialty, Inc., manufactures two staplers: small and regular. The standard quantities of direct labor and direct materials per unit for the year are as follows: The standard price paid per pound of direct materials is 1.60. The standard rate for labor is 8.00. Overhead is applied on the basis of direct labor hours. A plantwide rate is used. Budgeted overhead for the year is as follows: The company expects to work 12,000 direct labor hours during the year; standard overhead rates are computed using this activity level. For every small stapler produced, the company produces two regular staplers. Actual operating data for the year are as follows: a. Units produced: small staplers, 35,000; regular staplers, 70,000. b. Direct materials purchased and used: 56,000 pounds at 1.5513,000 for the small stapler and 43,000 for the regular stapler. There were no beginning or ending direct materials inventories. c. Direct labor: 14,800 hours3,600 hours for the small stapler and 11,200 hours for the regular stapler. Total cost of direct labor: 114,700. d. Variable overhead: 607,500. e. Fixed overhead: 350,000. Required: 1. Prepare a standard cost sheet showing the unit cost for each product. 2. Compute the direct materials price and usage variances for each product. Prepare journal entries to record direct materials activity. 3. Compute the direct labor rate and efficiency variances for each product. Prepare journal entries to record direct labor activity. 4. Compute the variances for fixed and variable overhead. Prepare journal entries to record overhead activity. All variances are closed to Cost of Goods Sold. 5. Assume that you know only the total direct materials used for both products and the total direct labor hours used for both products. Can you compute the total direct materials and direct labor usage variances? Explain.
Please explain it properly
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Q.Prepare Revenues budget for June
Spree Party Lights overhead expenses are: Indirect material, pounds per unit 0.15 Indirect material, cost per pound $2 Indirect labor hours 1 Indirect labor rate per hour $16.00 Variable maintenance per unit $0.75 Variable utilities per unit $0.10 Supervisor salaries $9,000 Maintenance salaries $9,000 Insurance $3,000 Depreciation $1,600 Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,500, 2,900, and 2,700, respectively.