Required:1. Compute the amount of Direct Materials Price Variance to be prorated to Finished Goods Inventory at December 31.2. Compute the total amount of direct materials cost in the Finished Goods Inventory at December 31, after all materials variances havebeen prorated.3. Compute the total amount of direct labor cost in the Finished Goods Inventory at December 31, after all variances have beenprorated.4. Compute the total Cost of Goods Sold (COGS) for the year ended December 31, after all variances have been prorated.(For all requirements, round your final answers to the nearest whole dollar amount.)1. Direct materials price variance2. Direct materials cost3. Direct labor cost4. Cost of goods sold$$$$14,9483,863136,7331,733,233 Butrico Manufacturing Corporation uses a standard cost system, records materials price variances when direct materials arepurchased, and prorates all variances at year-end. Variances associated with direct materials are prorated based on the balances ofdirect materials in the appropriate accounts, and variances associated with direct labor and manufacturing overhead are prorated toFinished Goods Inventory and to Cost of Goods Sold (COGS) on the basis of the relative direct labor cost in these accounts at year-end.The following information is for the year ended December 31:The company had no beginning inventories and no ending Work-in-Process (WIP) Inventory. It applies manufacturing overhead at 80%of standard direct labor cost.Finished goods inventory at 12/31:Direct materialsDirect laborApplied manufacturing overheadDirect materials inventory at 12/31Cost of goods sold for the year ended 12/31:Direct materialsDirect laborApplied manufacturing overheadDirect materials price variance (unfavorable)Direct materials usage variance (favorable)Direct labor rate variance (unfavorable)Direct labor efficiency variance (favorable)Actual manufacturing overhead incurred$ 89,610134,415107,53265,300$ 358,440761,685609,34810,30015,45020,6005,150710, 700

Name: Required:1. Compute the amount of Direct Materials Price Variance to
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Description: Required:1. Compute the amount of Direct Materials Price Variance to be prorated to Finished Goods Inventory at December 31.2. Compute the total amount of direct materials cost in the Finished Goods Inventory at December 31, after all materials vari

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Required: 1. Compute the amount of Direct Materials Price Variance to be prorated to Finished Goods Inventory at December 31. 2. Compute the total amount of direct materials cost in the Finished Goods Inventory at December 31, after all materials variances have been prorated. 3. Compute the total amount of direct labor cost in the Finished Goods Inventory at December 31, after all variances have been prorated. 4. Compute the total Cost of Goods Sold (COGS) for the year ended December 31, after all variances have been prorated. (For all requirements, round your final answers to the nearest whole dollar amount.) 1. Direct materials price variance 2. Direct materials cost 3. Direct labor cost 4. Cost of goods sold $ $ $ $ 14,948 3,863 136,733 1,733,233

Required: 1. Compute the amount of Direct Materials Price Variance to be prorated to Finished Goods Inventory at December 31. 2. Compute the total amount of direct materials cost in the Finished Goods Inventory at December 31, after all materials variances have been prorated. 3. Compute the total amount of direct labor cost in the Finished Goods Inventory at December 31, after all variances have been prorated. 4. Compute the total Cost of Goods Sold (COGS) for the year ended December 31, after all variances have been prorated. (For all requirements, round your final answers to the nearest whole dollar amount.) 1. Direct materials price variance 2. Direct materials cost 3. Direct labor cost 4. Cost of goods sold $ $ $ $ 14,948 3,863 136,733 1,733,233

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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Butrico Manufacturing Corporation uses a standard cost system, records materials price variances when direct materials are purchased, and prorates all variances at year-end. Variances associated with direct materials are prorated based on the balances of direct materials in the appropriate accounts, and variances associated with direct labor and manufacturing overhead are prorated to Finished Goods Inventory and to Cost of Goods Sold (CGS) on the basis of the relative direct labor cost in these accounts at year-end. The following information is for the year ended December 31: The company had no beginning inventories and no ending Work-in-Process (WIP) Inventory. It applies manufacturing overhead at 80% of standard direct labor cost. Finished goods inventory at 12/31: Direct materials Direct labor Applied manufacturing overhead Direct materials inventory at 12/31 Cost of goods sold for the year ended 12/31: Direct materials Direct labor Applied manufacturing overhead Direct materials…
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A manufactured product has the following Information for June. Standard Quantity and Cost 7 pounds @ $7 per pound 2 DLH @ $16 per DLH 2 DLH@ $12 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no varlance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH - Standard Hours = AR = Actual Rate SR = Standard Rate Actual Results 58,600 pounds @ $7.20 per pound 16,300 hours @ $16.50 per hour $ 205,500 8,300 units Actual Cost Standard Cost
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Preparing journal entries Marsh Company uses a standard cost system and reports the following information for 2018. Marsh Company reported the following variances: Marsh produced 1,000 units of finished product in 2018. Record the journal entries to record 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 goods produced were sold). Record the journal entries to record the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Adjust the Manufacturing Overhead account.