For the upcoming year You budget the following 5280000 pounds of material at a cost of $31680000 12 million hours of direct labor at a cost of $300 millions 7200000 hours of machine time at a cost of $14400000 Fixed Overhead $240 Million Actual Budget 2300000 units produced. 5014000 pounds at a cost of $30284560 11546000 Direct labor hours at cost of $288303620 6854000 hours of machine time at a cost of $13913620 Fixed Overhead $235 Million I Required 1. Calculate your standards. 2. Perform and calculate your efficiency, Rate (Price) and total Variances for Direct Material, Direct Labor, Variances overhead, FOH 3. Make your Journal entries to close out all the variances.

For the upcoming year You budget the following 5280000 pounds of material at a cost of $31680000 12 million hours of direct labor at a cost of $300 millions 7200000 hours of machine time at a cost of $14400000 Fixed Overhead $240 Million Actual Budget 2300000 units produced. 5014000 pounds at a cost of $30284560 11546000 Direct labor hours at cost of $288303620 6854000 hours of machine time at a cost of $13913620 Fixed Overhead $235 Million I Required 1. Calculate your standards. 2. Perform and calculate your efficiency, Rate (Price) and total Variances for Direct Material, Direct Labor, Variances overhead, FOH 3. Make your Journal entries to close out all the variances.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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