Record the overhead costs, including the unfavorable volume and unfavorable controllable variances.same way as the chart aboveRecord the direct labor costs, including the favorable efficiency variance and unfavorable rate variance. same way as the chart above Boss Company's standard cost accounting system recorded this information from its December operations.$ 114,0003,900Standard direct materials costDirect materials quantity variance (unfavorable)Direct materials price variance (favorable)Actual direct labor costDirect labor efficiency variance (favorable)Direct labor rate variance (unfavorable)Actual overhead costVolume variance (unfavorable)Controllable variance (unfavorable)75085,8006,9501,300376,00011,5008,950Required:1. Prepare December 31 journal entries to record the company's costs and variances for the month. (Do not prepare the joclose the variances.)View transaction listJournal entry worksheet3< Prev8 of 8NextLere to searchF9F10F11F5F6F7F8F1F2F3F4&23783WTYFJKLVBN MZ.C* COHI团44 13Record the materials costs, including the unfavorable quantity and favorableprice variances.Note: Enter debits before credits.,DateGeneral JournalDebitCreditDec 31cesRecord entryClear entryView general journal< Prev8 of 8Nexttion= here to searchF9F10F11F1F2F3F4F5F6F7F823$4234578.TYAFGH J KZ.CVN MVL.团2.

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Description: Record the overhead costs, including the unfavorable volume and unfavorable controllable variances.same way as the chart aboveRecord the direct labor costs, including the favorable efficiency variance and unfavorable rate variance. same way as the ch

Materials price variance is the difference between the actual price paid for materials to budgeted…

Business

Accounting

Record the materials costs, including the unfavorable quantity and favorable price variances. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal

Record the materials costs, including the unfavorable quantity and favorable price variances. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal

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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Compute for the variances of the problem using the information given. Answer the numbers only up to two decimal places. A. Compute for Labor Efficiency Variance B. Compute for Labor Spending Variance C. Compute for Labor Rate Variance
1. Using the four-variance approach, what is the volume variance? 2. Using the four-variance approach, what is the fixed overhead spending? 3. Using the four-variance approach, what is the variable overhead efficiency variance? 4. Using the four-variance approach, what is the variable overhead spending variance?
Which of the following is a correct equation to calculate the fixed overhead production-volume variance? a. budgeted fixed overhead costs − fixed overhead costs allocated for actual output b. static budget amount − flexible budget amount c. actual costs incurred − fixed overhead costs allocated for actual output d. flexible budget amount − actual costs incurred
Draw a graph showing budgeted and applied fixed overhead, and show an unfavorable (or positive) volume variance on the graph.
Which of the following statements Is true? Multiple Choice The material quantity variance is recorded when overhead is applied to production. The material price and the material quantity variances are recorded at the same time., The materials quantity variance is recorded when materials are used in production. The materials quantity variance is recorded when materials are purchased.
1.What is the labor rate variance ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 2. What is the variable overhead efficiency variance ? ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 3. what is the variable overhead rate variance?
The following direct materials and direct labor data pertain to the operations of Sandhill Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 $120 $12.50 $124 Quantities per hour per ton per hour per ton Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,900 hours 2,000 tons 4,960 hours 1,990 tons
b. Calculate the profit variance c. Calculate the total revenue variance. d) Calculate the revenue volume variance. e) Calculate the revenue price variance. f) Calculate the total cost variance.
please solve and show full work with steps for better understanding Compute the direct materials variance, including its price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.
The variable overhead efficiency variance is computed and interpreted. a) the same as; the same as b) the same as; differently than c) differently than; the same as d) differently than; differently than the direct-cost efficiency variance.
in preparing variance analysis for both variable overhead and fixed overhead costs, both include spending variances