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Tamarisk Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for $170 each, with the following DM and DL usage and price expectations. Direct materials Direct labor 9 square yards per unit @ $6/square yard 1 DL hours per unit $17/DL hour Variable-MOH 1 DL hours per unit $3.00/DL hour Throughout the year, Tamarisk used 2,880 DL hours in the process of making 3,000 tents. The company had originally planned to produce and sell 2,800 tents. Its actual variable-MOH costs totaled $8,784 for the year. (a) Your answer has been saved. See score details after the due date. Determine Tamarisk's variable-MOH price and efficiency variances. Also identify whether the company's variable-MOH costs were under- or overapplied, and by how much. Variable-MOH price variance $ 144 Unfavorable Variable-MOH efficiency variance $ 240 Unfavorable Variable-MOH $ 384 Under-applied (b) eTextbook and Media List of Accounts Attempts: 1 of 1 used Record the journal entries to accompany the following transactions for variable-MOH: (1) actual variable-MOH cost incurred (consider that half was for utilities not yet paid, and half was for accrued indirect labor), (2) allocation of variable-MOH cost to production, and (3) recognition of specific variable-MOH variances (while closing out the Variable-MOH Control account). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation (1) Debit Credit (2) (3) eTextbook and Media List of Accounts Save for Later Assistance Used Assistance Used Attempts: 0 of 1 used Submit Answer

Tamarisk Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for $170 each, with the following DM and DL usage and price expectations. Direct materials Direct labor 9 square yards per unit @ $6/square yard 1 DL hours per unit $17/DL hour Variable-MOH 1 DL hours per unit $3.00/DL hour Throughout the year, Tamarisk used 2,880 DL hours in the process of making 3,000 tents. The company had originally planned to produce and sell 2,800 tents. Its actual variable-MOH costs totaled $8,784 for the year. (a) Your answer has been saved. See score details after the due date. Determine Tamarisk's variable-MOH price and efficiency variances. Also identify whether the company's variable-MOH costs were under- or overapplied, and by how much. Variable-MOH price variance $ 144 Unfavorable Variable-MOH efficiency variance $ 240 Unfavorable Variable-MOH $ 384 Under-applied (b) eTextbook and Media List of Accounts Attempts: 1 of 1 used Record the journal entries to accompany the following transactions for variable-MOH: (1) actual variable-MOH cost incurred (consider that half was for utilities not yet paid, and half was for accrued indirect labor), (2) allocation of variable-MOH cost to production, and (3) recognition of specific variable-MOH variances (while closing out the Variable-MOH Control account). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation (1) Debit Credit (2) (3) eTextbook and Media List of Accounts Save for Later Assistance Used Assistance Used Attempts: 0 of 1 used Submit Answer

FINANCIAL ACCOUNTING
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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Current Attempt in Progress Tamarisk Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for $170 each, with the following DM and DL usage and price expectations. Direct materials 9 square yards per unit @ $6/square yard Direct labor 1 DL hours per unit $17/DL hour Variable-MOH 1 DL hours per unit @ $3.00/DL hour Throughout the year, Tamarisk used 2,880 DL hours in the process of making 3,000 tents. The company had originally planned to produce and sell 2,800 tents. Its actual variable-MOH costs totaled $8,784 for the year. (a) Your answer has been saved. See score details after the due date. Determine Tamarisk's variable-MOH price and efficiency variances. Also identify whether the company's variable-MOH costs were under- or overapplied, and by how much. Variable-MOH price variance 144 Unfavorable Variable-MOH efficiency variance $ 240 Unfavorable Variable-MOH (b) eTextbook and Media List of Accounts $ 3841 Under-applied Attempts: 1 of 1 used Record the journal entries to accompany the following transactions for variable-MOH: (1) actual variable-MOH cost incurred (consider that half was for utilities not yet paid, and half was for accrued indirect labor), (2) allocation of variable-MOH cost to production, and (3) recognition of specific variable-MOH variances (while closing out the Variable-MOH Control account). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation (1) Debit Credit (2) (3) eTextbook and Media List of Accounts Save for Later Assistance Used Assistance Used Attempts: 0 of 1 used Submit Answer
Transcribed Image Text:Current Attempt in Progress Tamarisk Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for $170 each, with the following DM and DL usage and price expectations. Direct materials 9 square yards per unit @ $6/square yard Direct labor 1 DL hours per unit $17/DL hour Variable-MOH 1 DL hours per unit @ $3.00/DL hour Throughout the year, Tamarisk used 2,880 DL hours in the process of making 3,000 tents. The company had originally planned to produce and sell 2,800 tents. Its actual variable-MOH costs totaled $8,784 for the year. (a) Your answer has been saved. See score details after the due date. Determine Tamarisk's variable-MOH price and efficiency variances. Also identify whether the company's variable-MOH costs were under- or overapplied, and by how much. Variable-MOH price variance 144 Unfavorable Variable-MOH efficiency variance $ 240 Unfavorable Variable-MOH (b) eTextbook and Media List of Accounts $ 3841 Under-applied Attempts: 1 of 1 used Record the journal entries to accompany the following transactions for variable-MOH: (1) actual variable-MOH cost incurred (consider that half was for utilities not yet paid, and half was for accrued indirect labor), (2) allocation of variable-MOH cost to production, and (3) recognition of specific variable-MOH variances (while closing out the Variable-MOH Control account). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation (1) Debit Credit (2) (3) eTextbook and Media List of Accounts Save for Later Assistance Used Assistance Used Attempts: 0 of 1 used Submit Answer
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