Direct materials Direct labor Variable manufacturing overhead (Based on DL hours) Fixed manufacturing overhead ($250,000/100,000 units) Actual results for the year: Number of units produced and sold Number of pounds of clay used Cost of Clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($250,000/100,000 units) Actual ( units) $ Standard. Quantity 1.5 lbs. 1.5 hrs. 1.5 hrs. $ 267,300 2,025,000 200,000 270,000 2,762,300 Standard Price (Rate) $1.60 per lb. $12.00 per hr. $1.20 per hr. Spending Variance Standard Unit Cost $ $ $ $ $ 2.40 18.00 1.80 2.50 24.70 110,000 178,200 $ 267,300 150,000 $ 2,025,000 $ 200,000 $ 270,000 For U Flexible units) Master ( units)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

Would appreciate a really good explanation of all of the steps on how to fill this out :) Thanks

Direct materials
Direct labor
Variable manufacturing overhead (Based on DL hours)
Fixed manufacturing overhead ($250,000/100,000 units)
Actual results for the year:
Number of units produced and sold
Number of pounds of clay used
Cost of Clay
Number of labor hours worked
Direct labor cost
Variable overhead cost
Fixed overhead cost
Direct materials
Direct labor
Variable manufacturing overhead
Fixed manufacturing overhead ($250,000/ 100,000 units)
Actual (
units)
$
Standard
Quantity
1.5 lbs.
1.5 hrs.
1.5 hrs.
$
267,300
2,025,000
200,000
270,000
2,762,300
Standard Price
(Rate)
$1.60 per lb.
$12.00 per hr.
$1.20 per hr.
Spending
Variance
Standard
Unit Cost
$
$
$
$
$
2.40
18.00
1.80
2.50
24.70
110,000
178,200
267,300
150,000
$ 2,025,000
$
$
$
200,000
270,000
For U
Flexible
units)
Master
units)
Transcribed Image Text:Direct materials Direct labor Variable manufacturing overhead (Based on DL hours) Fixed manufacturing overhead ($250,000/100,000 units) Actual results for the year: Number of units produced and sold Number of pounds of clay used Cost of Clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($250,000/ 100,000 units) Actual ( units) $ Standard Quantity 1.5 lbs. 1.5 hrs. 1.5 hrs. $ 267,300 2,025,000 200,000 270,000 2,762,300 Standard Price (Rate) $1.60 per lb. $12.00 per hr. $1.20 per hr. Spending Variance Standard Unit Cost $ $ $ $ $ 2.40 18.00 1.80 2.50 24.70 110,000 178,200 267,300 150,000 $ 2,025,000 $ $ $ 200,000 270,000 For U Flexible units) Master units)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education