a. Find the variable overhead rate, fixed overhead rate, and standard cost card (Due in Module 5). b. Prepare a process cost sheet using standard costing. (Due in Module 6) c. Find the amount transferred to finished goods. (Due in Module 6) d. Prepare the journal entries to record the transfer to finished goods. (Due in Module 6) e. Find the material quantity and price variance. (Due in Module 8) f. Find the labor efficiency and rate variance. (Due in Module 8) g. Find the factory overhead variances. (four variance method) (Due in Module 8) h. Make the required journal entries to record the variances. (Due in Module 8) Santa's Workshop Complete the excel spreadsheet using the following information. Santa's Workshop Company has established standards for the toys produced. Santa's Workshop has several observations to help calculate the overhead rate. Santa wants the overhead calculated by using the number of product units produced, but the head bookkeeping elf argues for direct labor hours as the activity that should be used since overhead is allocated on by direct labor hours. Use the high-low method find the variable and fixed overhead rates. Product Direct Labor Total Units Hours Overhead 725 1,135 $15,450 700 1,120 $15,346 755 1,165 $15,856 815 1,235 $16,125 850 1,360 $16,714 845 1,320 $16,695 Standard cost per unit: Material (2.5 pounds @ $3.70 per lb.) $9.25 Labor (1.6 hours@$9.75 per hr) $15.60 Variable Overhead (1.6 hours @ ???) ?????? Fixed Overhead (1.6 hours @ ???) ?????? The fixed cost standard rate uses 1,120 hours (Round to two decimals.). Complete the standard cost card on the excel spreadsheet. Analysis of the actual factory data show the following (none has been recorded): Production: Material is added at the beginning of the process. Beginning units in process (30% complete conversion) 20 units Transferred to finished goods 625 units Ending units in process (65% complete conversion) 40 units Material used during the month 1,710 pounds Material purchased during the month 2,200 pounds costing $8.250 Labor used 1,132 hours costing $11,321 Variable Factory overhead $6,839 Fixed factory overhead $8,796 Santa's workshop uses the FIFO method Required: a. Find the variable overhead rate, fixed overhead rate, and standard cost card (Due in Module 5).
a. Find the variable overhead rate, fixed overhead rate, and standard cost card (Due in Module 5). b. Prepare a process cost sheet using standard costing. (Due in Module 6) c. Find the amount transferred to finished goods. (Due in Module 6) d. Prepare the journal entries to record the transfer to finished goods. (Due in Module 6) e. Find the material quantity and price variance. (Due in Module 8) f. Find the labor efficiency and rate variance. (Due in Module 8) g. Find the factory overhead variances. (four variance method) (Due in Module 8) h. Make the required journal entries to record the variances. (Due in Module 8) Santa's Workshop Complete the excel spreadsheet using the following information. Santa's Workshop Company has established standards for the toys produced. Santa's Workshop has several observations to help calculate the overhead rate. Santa wants the overhead calculated by using the number of product units produced, but the head bookkeeping elf argues for direct labor hours as the activity that should be used since overhead is allocated on by direct labor hours. Use the high-low method find the variable and fixed overhead rates. Product Direct Labor Total Units Hours Overhead 725 1,135 $15,450 700 1,120 $15,346 755 1,165 $15,856 815 1,235 $16,125 850 1,360 $16,714 845 1,320 $16,695 Standard cost per unit: Material (2.5 pounds @ $3.70 per lb.) $9.25 Labor (1.6 hours@$9.75 per hr) $15.60 Variable Overhead (1.6 hours @ ???) ?????? Fixed Overhead (1.6 hours @ ???) ?????? The fixed cost standard rate uses 1,120 hours (Round to two decimals.). Complete the standard cost card on the excel spreadsheet. Analysis of the actual factory data show the following (none has been recorded): Production: Material is added at the beginning of the process. Beginning units in process (30% complete conversion) 20 units Transferred to finished goods 625 units Ending units in process (65% complete conversion) 40 units Material used during the month 1,710 pounds Material purchased during the month 2,200 pounds costing $8.250 Labor used 1,132 hours costing $11,321 Variable Factory overhead $6,839 Fixed factory overhead $8,796 Santa's workshop uses the FIFO method Required: a. Find the variable overhead rate, fixed overhead rate, and standard cost card (Due in Module 5).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
help please, step by step
Transcribed Image Text:a. Find the variable overhead rate, fixed overhead rate, and standard cost card (Due
in Module 5).
b. Prepare a process cost sheet using standard costing. (Due in Module 6)
c. Find the amount transferred to finished goods. (Due in Module 6)
d. Prepare the journal entries to record the transfer to finished goods. (Due in
Module 6)
e. Find the material quantity and price variance. (Due in Module 8)
f. Find the labor efficiency and rate variance. (Due in Module 8)
g. Find the factory overhead variances. (four variance method) (Due in Module 8)
h. Make the required journal entries to record the variances. (Due in Module 8)
Transcribed Image Text:Santa's Workshop
Complete the excel spreadsheet using the following information.
Santa's Workshop Company has established standards for the toys produced. Santa's
Workshop has several observations to help calculate the overhead rate. Santa wants the
overhead calculated by using the number of product units produced, but the head
bookkeeping elf argues for direct labor hours as the activity that should be used since
overhead is allocated on by direct labor hours. Use the high-low method find the variable
and fixed overhead rates.
Product
Direct Labor
Total
Units
Hours
Overhead
725
1,135
$15,450
700
1,120
$15,346
755
1,165
$15,856
815
1,235
$16,125
850
1,360
$16,714
845
1,320
$16,695
Standard cost per unit:
Material (2.5 pounds @ $3.70 per lb.)
$9.25
Labor (1.6 hours@$9.75 per hr)
$15.60
Variable Overhead (1.6 hours @ ???)
??????
Fixed Overhead (1.6 hours @ ???)
??????
The fixed cost standard rate uses 1,120 hours (Round to two decimals.).
Complete the standard cost card on the excel spreadsheet.
Analysis of the actual factory data show the following (none has been recorded):
Production:
Material is added at the beginning of the process.
Beginning units in process (30% complete conversion)
20 units
Transferred to finished goods
625 units
Ending units in process (65% complete conversion)
40 units
Material used during the month 1,710 pounds
Material purchased during the month 2,200 pounds costing $8.250
Labor used 1,132 hours costing $11,321
Variable Factory overhead $6,839
Fixed factory overhead $8,796
Santa's workshop uses the FIFO method
Required:
a. Find the variable overhead rate, fixed overhead rate, and standard cost card (Due
in Module 5).
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