i)Compute Fielder’s predetermined manufacturing overhead rate for 2020. ii)State the journal entries necessary to record the above transactions in the general journal: a)For direct materials used in February b)For indirect material issued to production in February c)For total manufacturing labour incurred in February d)To assign manufacturing labour to the appropriate accounts e)For other manufacturing overhead incurred f)For manufacturing overhead applied to production for February, given thatFieldermanufacturing company worked 2,750 machine hours. g)To move the completed jobs into finished goods inventory h)To sell the two completed jobs on account
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.
i)Compute Fielder’s predetermined manufacturing
ii)State the
a)For direct materials used in February
b)For indirect material issued to production in February
c)For total manufacturing labour incurred in February
d)To assign manufacturing labour to the appropriate accounts
e)For other manufacturing overhead incurred
f)For manufacturing overhead applied to production for February, given thatFieldermanufacturing company worked 2,750 machine hours.
g)To move the completed jobs into finished goods inventory
h)To sell the two completed jobs on account
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