Homework Help is Here – Start Your Trial Now!
Business
Accounting
Required: a. Prepare a cost variance analysis for each variable cost for Maple Leaf Productions. b. Prepare a fixed overhead cost variance analysis. c. (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to cost of goods sold at the end of the operating period.

Required: a. Prepare a cost variance analysis for each variable cost for Maple Leaf Productions. b. Prepare a fixed overhead cost variance analysis. c. (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to cost of goods sold at the end of the operating period.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

solve all  questions 

 

do not give solution in image 

Required: a. Prepare a cost variance analysis for each variable cost for Maple Leaf Productions. b. Prepare a fixed overhead cost variance analysis. c. (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to cost of goods sold at the end of the operating period. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a fixed overhead cost variance analysis. (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.) Total foxed overhead cost variance Required C < Required A Required C >
Transcribed Image Text:Required: a. Prepare a cost variance analysis for each variable cost for Maple Leaf Productions. b. Prepare a fixed overhead cost variance analysis. c. (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to cost of goods sold at the end of the operating period. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a fixed overhead cost variance analysis. (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.) Total foxed overhead cost variance Required C < Required A Required C >
Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. . . Maple Leaf produced and sold 94,000 tires for $49 each. Budgeted production was 98,000 tires. Standard variable costs per tire follow. Direct materials: 4 pounds at $2.00 Direct labor: 0.45 hours at $21.00 Variable production overhead: 0.29 machine-hours at $15 per hour Total variable costs • Fixed production overhead costs: Monthly budget $1,385,000 Fixed overhead is applied at the rate of $15.00 per tire. • Actual production costs; Direct materials purchased and used: 388,000 pounds at $1.70 Direct labor: 40,500 hours at $21.30 Variable overhead: 28,000 machine-hours at $15.60 per hour Fixed overhead $ 8.00 9.45 4.35 $21.80 $ 659,600 862,650 436,800 1,386,000
Transcribed Image Text:Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. . . Maple Leaf produced and sold 94,000 tires for $49 each. Budgeted production was 98,000 tires. Standard variable costs per tire follow. Direct materials: 4 pounds at $2.00 Direct labor: 0.45 hours at $21.00 Variable production overhead: 0.29 machine-hours at $15 per hour Total variable costs • Fixed production overhead costs: Monthly budget $1,385,000 Fixed overhead is applied at the rate of $15.00 per tire. • Actual production costs; Direct materials purchased and used: 388,000 pounds at $1.70 Direct labor: 40,500 hours at $21.30 Variable overhead: 28,000 machine-hours at $15.60 per hour Fixed overhead $ 8.00 9.45 4.35 $21.80 $ 659,600 862,650 436,800 1,386,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
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