Hayesville Company uses a standard cost system and reports the following information for 2024:(Click the icon to view the information.)RequirementsBegin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single comDateAccounts and ExplanationPrintGDebitDoneRecord the journal entries for direct materials, direct labor, variable overhead, andfixed overhead, assuming all expenditures were on account and there were nobeginning or ending balances in the inventory accounts (all materials purchased wereused in production, and all goods produced were sold). Record the journal entries forthe transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journalentry for Sales Revenue). Record the journal entry to adjust the ManufacturingOverhead account. (Record debits first, then credits. Select the explanation on the lastline of the journal entry table.)CreditHayesville Company reported the following variances:(Click the icon to view the variances.)Hayesville produced 1,000 units of finished product in 2024.Read the requirements.XData tableData tableDirect materials cost varianceDirect materials efficiency varianceDirect labor cost varianceDirect labor efficiency varianceVariable overhead cost varianceVariable overhead efficiency varianceFixed overhead cost varianceFixed overhead volume variance$135 U300 F950 F1,150 F1,200 U1,200 F500 U2,300 FStandards:3 yards of cloth per unit at $1.00 per yard2 direct labor hours per unit at $11.50 per hourOverhead allocated at $5.00 per direct labor hourActual:2,700 yards of cloth were purchased at $1.05 per yardEmployees worked 1,900 hours and were paid $11.00 per hourActual variable overhead was $2,400Actual fixed overhead was $5,800X

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Hayesville Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) C Hayesville Company reported the following variances: (Click the icon to view the variances.) Hayesville produced 1,000 units of finished product in 2024. Read the requirements. Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single com Date Accounts and Explanation Debit Credit Data table Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance $135 U 300 F 950 F 1,150 F 1,200 U 1,200 F 500 U 2,300 F

Hayesville Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) C Hayesville Company reported the following variances: (Click the icon to view the variances.) Hayesville produced 1,000 units of finished product in 2024. Read the requirements. Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single com Date Accounts and Explanation Debit Credit Data table Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance $135 U 300 F 950 F 1,150 F 1,200 U 1,200 F 500 U 2,300 F

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter4: Activity-based Costing

Section: Chapter Questions

Problem 2CE: Warner Company has the following data for the past year: Warner uses the overhead control account to...

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Data table Standards: 3 yards of cloth per unit at $1.10 per yard 2 direct labor hours per unit at $19.50 per hour Overhead allocated at $4.00 per direct labor hour Actual: 2,800 yards of cloth were purchased at $1.15 per yard Employees worked 1,200 hours and were paid $19.00 per hour Actual variable overhead was $4,000 Actual fixed overhead was $2,700 Print Done - X Data table Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance Print Done - X $140 U 220 F 600 F 15,600 F 1,100 U 1,100 F 800 U 2,100 F Requirements Record the journal entries for direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production, and all…
Please continue with part sub-part d of this question.
Required:1. Compute the plantwide predetermined overhead rate and calculate the overhead assigned toeach product.2. Calculate the predetermined departmental overhead rates and calculate the overheadassigned to each product.3. Using departmental rates, compute the applied overhead for the year. What is the under- oroverapplied overhead for the firm?4. Prepare the journal entry that disposes of the overhead variance calculated in Requirement3, assuming it is not material in amount. What additional information would you need ifthe variance is material to make the appropriate journal entry?
Requirement 1. Record Brookman's direct labor journal entry (use Wages Payable). Journalize the incurrence and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit - X Data Table AC x AQ SC x AQ SC x SQ $13.00 per DLHr $16.00 per DLHR $16.00 per DLHr 1,650 DLHF 1,650 DLHR 1.200 DLHr $21,450 $26.400 $19,200 Requirements 1. Record Brookman's direct labor journal entry (use Wages Payable). 2. Explain what management will do with this variance information. Cost Efficiency Variance Variance $4.950 F S7,200 U Print Done Print Done
Kindly assist with the following: a) Compute Elite's predetermined manufacturing overhead rate for 2020. b) Calculate the total manufacturing costs for each job. c) Using the total figures, record the transactions given in the image in the general journal. d) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account, clearly showing the balance before closing the account. State the journal entries necessary to dispose of the variance. Assume that the manufacturing overhead variance is immaterial.
Quality Company uses a standard cost system and reports the following information for 2024: 1(Click the icon to view the information.) Quality Company reported the following variances: 2(Click the icon to view the variances.) Quality produced 1,000 units of finished product in 2024. Read the requirements3. Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit (1) (2) (3) (4) (5) Now, journalize the usage of direct materials, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit (6) (7) (8)…
Question 2a) Refer to the information in Question 1 for data. Now, assume that Juju has decided to use a plantwide overhead rate based on the direct labor hours.Required:i) Calculate the predetermined plantwide overhead rate. (Note: Round to the nearest cent.)ii) Calculate the overhead applied to production for the month of Jun.iii) Calculate the overhead variance for the month of Jun
Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Unadjusted Cost of Goods Sold equals 1,500,000, unadjusted Work in Process equals 236,000, and unadjusted Finished Goods equals 180,000. Required: 1. Assume that the ending balances in the variance accounts are immaterial and prepare the journal entries to close them to Cost of Goods Sold. What is the adjusted balance in Cost of Goods Sold after closing out the variances? 2. What if any ending balance in a variance account that exceeds 10,000 is considered material? Close the immaterial variance accounts to Cost of Goods Sold and prorate the material variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. The prime cost in Cost of Goods Sold is 1,050,000, the prime cost in Work in Process is 165,200, and the prime cost in Finished Goods is 126,000. What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances? (Round ratios to four significant digits. Round journal entries to the nearest dollar.)
Rath Company showed the following information for the year: Required: 1. Calculate the standard direct labor hours for actual production. 2. Calculate the applied variable overhead. 3. Calculate the total variable overhead variance.
Warner Company has the following data for the past year: Warner uses the overhead control account to accumulate both actual and applied overhead. Required: 1. Calculate the overhead variance for the year and close it to cost of goods sold. 2. Assume the variance calculated is material. After prorating, close the variances to the appropriate accounts and provide the final ending balances of these accounts. 3. What if the variance is of the opposite sign calculated in Requirement 1? Provide the appropriate adjusting journal entries for Requirements 1 and 2.
Review of Chapters 7 and 8, 3-variance analysis. (CPA, adapted) The Beal Manufacturing Company’s costing system has two direct-cost categories: direct materials and direct manufacturing labor. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of standard direct manufacturing labor-hours (DLH). At the beginning of 2017, Beal adopted the following standards for its manufacturing costs:
a) Refer to the information in Question 1 for data. Now, assume that Juju has decided to use a plantwide overhead rate based on the direct labor hours.Required:i) Calculate the predetermined plantwide overhead rate. (Note: Round to the nearest cent.)ii) Calculate the overhead applied to production for the month of Jun.iii) Calculate the overhead variance for the month of Jun.