The Lopez Company uses standard costing in its manufacturing plant for auto parts. The standard cost of a particular auto part, based on a denominator level of 4,000 output units per year, included 6 machine-hours of variable manufacturing overhead at $8 per hour and 6 machine-hours of fixed manufacturing overhead at $15 per hour. Actual output produced was 4,400 units. Variable manufacturing overhead incurred was $245,000. Fixed manufacturing overhead incurred was $373,000. Actual machine-hours were 28,400. Q.Prepare journal entries using the 4-variance analysis.

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A: Transfer price is the price used in between the various divisions in an organization.

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A: Overhead means the cost indirectly incured for manufacturing the product.

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A: The variable cost per unit remains constant at every level of production and total fixed costs…

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A: Absorption costing allocates fixed overhead costs across all units produced for the period. Variable…

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A: Under absorption method, fixed manufacturing overhead is considered as product cost.

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A: The variance is the difference between the standard and actual cost production data. The variance…

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A: A variable costing income statement is one in which all variable expenses are deducted from revenue…

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A: Under the variable costing method, only variable costs are considered to be cost of production.…

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A: calculation of total amounts of direct and indirect manufacturing costs incurred are as follows

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A: Standard Variable overhead rate per hour = Budgeted variable overhead / Budgeted direct labor hours…

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A: The differential analysis is performed to compare the different alternatives available with the…

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A: Prime cost means the addition of direct material and direct labor and other direct expenses.…

Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…

A: The variable cost per unit remains constant at every level of production.

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A: Under Activity Based Costing, costs are allocated to products based on activity consumed by them in…

Q: 0 units. The company has traditionally used direct labor-hours as the basis for applying all…

A: Activity based costing is the costing in which overheads cost are allocated to a product based on…

Q: [The following information applies to the questions displayed below.] Antuan Company set the…

A: For costing purposes, a variance is a deviation /difference between the budgeted results and the…

Q: The Lopez Company uses standard costing in its manufacturing plant for auto parts. The standard cost…

A: Variance:   Variance refers to the difference level in the actual cost incurred and standard cost.…

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A: VARIABLE COST Variable Cost is a cost that varies with the level of output.variable costs include…

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A: 1. Computation of Budgeted Total direct Labor Hours: Particulars Product H Product L Budgeted…

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A: The question is based on the concept of Cost Accounting. Fixed cost is the cost that remains the…

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A: Variance: A variance reflects the degree by which the actual results vary from the anticipated or…

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A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…

Q: The Lopez Company uses standard costing in its manufacturing plant for auto parts. The standard cost…

A:

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A: The variances in production are recorded when there is a difference in actual budgeted values for…

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Q: The Lopez Company uses standard costing in its manufacturing plant for auto parts. The standard cost…

A: Fixed manufacturing overhead: The fixed overhead costs are those costs that will not change with the…

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A: Overhead: Overhead refers to the costs, which are utilized in business activities, however, cannot…

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A:

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A: Answer 1) Calculation of Unit Cost under Absorption Costing Unit Cost = (Direct materials + Direct…

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A: Please find the answer to the above question below:

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A: Introduction: A predetermined overhead rate is an estimated rate used to absorb overheads in product…

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A: To calculate the total amount of variable costs related to the units produced and sold, we need to…

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A: Solution:- Calculation of total Machining cost assigned to Product Z as follows under:-

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A: In absorption costing all the costs are allocated to the product like direct costs, indirect costs,…

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A: The variation in the sum of overhead applied throughout the process of manufacturing as well as the…