Prepare an income statement for management for the month endedJanuary 31, 2020 with the given information:Neo industries usesa standard costing accounting system.During August, it reported the following manufacturingvariances.Materials priceLabor quantityvariance1,220variance840UMaterials quantityvariance760FOverhead variance740ULabor price variance450In addition, 8,100 units of product were sold at 7 per unit.Each unit sold had a standard cost of 4.Selling and administrative expenses were 7,890 for the month.

Standard costing is an costing method in which it was used to identify variances between actual and…

Answered: Prepare an income statement for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information was gathered for Larsen Corp. for the year ending 20xx. Budgeted direct labor hours 15,500 Actual direct labor hours 16,200 Budgeted factory overhead cost $73,625 Actual factory overhead cost $74,990 -Assume direct labor hours is the cost driver Required: What is the amount of over/underapplied overhead ? Is the variance over or under estimated ?
The records of Heritage Home Supplies show the following for July: Standard direct labor-hours allowed per unit of output 4 Standard variable overhead rate per standard direct labor-hour $ 44 Good units produced 3,800 Actual direct labor-hours worked 14,675 Actual total direct labor cost $ 537,200 Direct labor efficiency variance $ 19,530 F Actual variable overhead $ 645,700 Required: Compute the direct labor and variable overhead price and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct labor: Price variance Efficiency variance Variable overhead: Price variance Efficiency variance need help
The Pukalani Company uses a standard costing system. During 2021, the company incurred actual overhead of $570,300. The standard rate for applying overhead is $4.11 per unit, and 120,900 units were produced in 2021. One-third of the total overhead variance is attributed to the volume variance, and the remainder is attributed to the controllable overhead variance. Prepare the journal entries to record overhead incurred (you should credit "various accounts") and the overhead variances. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. 3. (To record actual overhead incurred) (To record overhead applied) (To close manufacturing overhead and record overhead variances) Debit ||||||| Credit 11 Acti Go to
Please help me with show all calculation thanku
A company uses a standard costing system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year. $300,000 $276,000 60,000 56,000 56,500 Budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours (denominator hours) Actual direct labor-hours Standard direct labor-hours al1lowed for actual output What is the fixed overhead volume variance? Multiple Cholce $20,000 F $17,500 U $20,000 U MacBook Air 吕口豐

In October, Pine Company reports 19,400 actual direct labor hours, and it incurs $122,380 of manufacturing overhead costs Standard hours allowed for the work done is 21,100 hours. The predetermined overhead rate is $5.75 per direct labor hour. Compute the total overhead variance Total Overhead Variance
During March 2022, Vaughn Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Actual Standard Job Number Hours Costs Hours Costs Total Variance A257 220 $5,500 226 $5,650 $150 F A258 470 13,160 450 11,250 1,910 U A259 320 8,320 318 7,950 370 U A260 100 2,400 92 2,300 100 U Total variance $2,230 U Analysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was done for one day by a new trainee when a regular worker was absent.Prepare a report for the factory supervisor on direct labor cost variances for March.
Information for Garner Company’s direct-labor costs for the month of September was as follows: Actual direct-labor hours 34,500 hours Standard direct-labor hours 35,000 hours Total direct-labor payroll $241,500 Direct-labor efficiency variance—favorable $3,200 What is Garner’s direct-labor price (or rate) variance?
Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information: Baxter Company sold 8,800 units at $135 per unit. Normal production is 9,200 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.) Enter favorable variances as negative numbers. Standard: 5 yards per unit at $6.30 per yard Actual yards used: 44,500 yards at $6.25 per yard Standard: 2.25 hours per unit at $16.00 Actual hours worked: 19,550 at $15.90 per hour Standard: variable overhead $1.05 per unit Standard: fixed overhead $202,400 (budgeted and actual amount) Actual total factory overhead: $237,500
Solve this Problem
Prokp Co.'s records for April disclosed the following data relating to direct labor: Actual labor cost (payroll) for April $ 33,000 Labor rate variance $ 4,400 favorable Labor efficiency variance $ 3,700 unfavorable Actual direct labor hours worked (AQ) 2,200 Prokp's total standard direct labor cost for the output in April (to the nearest dollar) was: Multiple Choice $33,700. $37,400. $36,700. $41,100. $29,300.
Get the Answer

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS