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Required: a. Prepare a varlance analysis for direct materials and direct labor. b. Assume that all production overhead is fixed and that the $26,900 overapplied is the only overhead variance that can be computed. What are the actual and applied overhead amounts? c. Complete the standard cost sheet for a device given below.

Required: a. Prepare a varlance analysis for direct materials and direct labor. b. Assume that all production overhead is fixed and that the $26,900 overapplied is the only overhead variance that can be computed. What are the actual and applied overhead amounts? c. Complete the standard cost sheet for a device given below.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a device follows: $? per device ? per device ? per device $ 30 per device Assume that the following data appeared in Copland's records at the end of the past month: Direct materials, ? ounces at $2.80 per ounce Direct labor, 0.40 hours at ? per hour Overhead, 0.40 hours at? per hour Total costs Actual production Actual sales Materials costs (556,000 ounces) Materials price variance Materials efficiency variance Direct labor price variance Direct labor (40,900 hours) Overapplied overhead (total) There are no materials inventories. Required: a. Prepare a variance analysis for direct materials and direct labor. b. Assume that all production overhead is fixed and that the $26,900 overapplied is the only overhead variance that can be computed. What are the actual and applied overhead amounts? c. Complete the standard cost sheet for a device given below. Direct Materials Direct labor Complete this question by entering your answers in the tabs below. Actual Price APX AQ 104,840 units 98,500 units $ ? Required A Required B Required C Prepare a variance analysis for direct materials and direct labor. $ 1,002,050 66,400 U 89,040 U 20,450 F S 1,002,050 26,900 $ Price Variance 66,400 U 20,450 F Actual Inputs at Standard Price SP x AQ < Required A $ Efficiency Variance 89,040 U Required B > Flexible Budget SP X SQ
Transcribed Image Text:Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a device follows: $? per device ? per device ? per device $ 30 per device Assume that the following data appeared in Copland's records at the end of the past month: Direct materials, ? ounces at $2.80 per ounce Direct labor, 0.40 hours at ? per hour Overhead, 0.40 hours at? per hour Total costs Actual production Actual sales Materials costs (556,000 ounces) Materials price variance Materials efficiency variance Direct labor price variance Direct labor (40,900 hours) Overapplied overhead (total) There are no materials inventories. Required: a. Prepare a variance analysis for direct materials and direct labor. b. Assume that all production overhead is fixed and that the $26,900 overapplied is the only overhead variance that can be computed. What are the actual and applied overhead amounts? c. Complete the standard cost sheet for a device given below. Direct Materials Direct labor Complete this question by entering your answers in the tabs below. Actual Price APX AQ 104,840 units 98,500 units $ ? Required A Required B Required C Prepare a variance analysis for direct materials and direct labor. $ 1,002,050 66,400 U 89,040 U 20,450 F S 1,002,050 26,900 $ Price Variance 66,400 U 20,450 F Actual Inputs at Standard Price SP x AQ < Required A $ Efficiency Variance 89,040 U Required B > Flexible Budget SP X SQ
Required: a. Prepare a variance analysis for direct materials and direct labor. b. Assume that all production overhead is fixed and that the $26,900 overapplied is the only overhead variance that can be computed What are the actual and applied overhead amounts? c. Complete the standard cost sheet for a device given below. Complete this question by entering your answers in the tabs below. Required A Required B Assume that all production overhead is fixed and that the $26,900 overapplied is the only overhead variance that can be computed. What are the actual and applied overhead amounts? Actual Applied Overhead Required C Show Transcribed Text Required A Required B Required C < Required A Required: a. Prepare a variance analysis for direct materials and direct labor. b. Assume that all production overhead is fixed and that the $26,900 overapplied is the only overhead varlance that can be computed. What are the actual and applied overhead amounts? c. Complete the standard cost sheet for a device given below. Direct materials, Direct labor, 0.4 hours at Complete this question by entering your answers in the tabs below. Complete the standard cost sheet for a device given below. Note: Do not round intermediate calculations. Overhead, 0.4 hours at Total costs Ĵ ounces at $2.80 per ounce per hour per hour Required C > < Required B S per device per device per device 30 per device Required C >
Transcribed Image Text:Required: a. Prepare a variance analysis for direct materials and direct labor. b. Assume that all production overhead is fixed and that the $26,900 overapplied is the only overhead variance that can be computed What are the actual and applied overhead amounts? c. Complete the standard cost sheet for a device given below. Complete this question by entering your answers in the tabs below. Required A Required B Assume that all production overhead is fixed and that the $26,900 overapplied is the only overhead variance that can be computed. What are the actual and applied overhead amounts? Actual Applied Overhead Required C Show Transcribed Text Required A Required B Required C < Required A Required: a. Prepare a variance analysis for direct materials and direct labor. b. Assume that all production overhead is fixed and that the $26,900 overapplied is the only overhead varlance that can be computed. What are the actual and applied overhead amounts? c. Complete the standard cost sheet for a device given below. Direct materials, Direct labor, 0.4 hours at Complete this question by entering your answers in the tabs below. Complete the standard cost sheet for a device given below. Note: Do not round intermediate calculations. Overhead, 0.4 hours at Total costs Ĵ ounces at $2.80 per ounce per hour per hour Required C > < Required B S per device per device per device 30 per device Required C >
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