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The River Plant of Carlisle, Incorporated produces a particular metal fixture used in aerospace and maritime industries. The following information is available for the last operating month: • The plant produced and sold 27,692 fixtures for $72 each. Budgeted production was 30,000 fixtures. Standard variable costs per fixture follow: Direct materials: 4 pounds at $4 Direct labor: 0.1 hours at $40 Variable production overhead: 0.4 machine-hours at $20 per hour Total variable costs • Fixed production overhead costs: Monthly budget $810,400 • Fixed overhead is applied at the rate of $30 per fixture. Actual production costs: Direct materials purchased and used: 105,100 pounds at $4.21 Direct labor: 2,740 hours at $40.75 Variable overhead: 12,000 machine-hours at $19.41 per hour Fixed overhead Complete this question by entering your answers in the tabs below. Required: a. Prepare a cost variance analysis for each variable cost for the River Plant. 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 Required B $ 16.00 4.00 8.00 $28.00 Required C Prepare a fixed overhead cost variance analysis. Note: 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 fixed overhead cost variance < Required A $ 442,471 111,655 232,920 820,000 Required C >

The River Plant of Carlisle, Incorporated produces a particular metal fixture used in aerospace and maritime industries. The following information is available for the last operating month: • The plant produced and sold 27,692 fixtures for $72 each. Budgeted production was 30,000 fixtures. Standard variable costs per fixture follow: Direct materials: 4 pounds at $4 Direct labor: 0.1 hours at $40 Variable production overhead: 0.4 machine-hours at $20 per hour Total variable costs • Fixed production overhead costs: Monthly budget $810,400 • Fixed overhead is applied at the rate of $30 per fixture. Actual production costs: Direct materials purchased and used: 105,100 pounds at $4.21 Direct labor: 2,740 hours at $40.75 Variable overhead: 12,000 machine-hours at $19.41 per hour Fixed overhead Complete this question by entering your answers in the tabs below. Required: a. Prepare a cost variance analysis for each variable cost for the River Plant. 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 Required B $ 16.00 4.00 8.00 $28.00 Required C Prepare a fixed overhead cost variance analysis. Note: 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 fixed overhead cost variance < Required A $ 442,471 111,655 232,920 820,000 Required C >

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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I need help with parts B & C please!!

REQUIRED C.

Record entry for direct material costs payable and material variances.

Record entry for direct labor costs payable and labor variances.

Record the entry for variable overhead applied.

Record the entry for variable overhead payable.

Record the variable overhead variances.

Record the entry for fixed overhead applied.

Record the entry for fixed overhead payable.

Record the fixed overhead variances.

Record entry to transfer finished goods to inventory.

Record sales on accounts.

Record cost of goods sold.

Record the disposition of variances to cost of goods sold.

 

 

The River Plant of Carlisle, Incorporated produces a particular metal fixture used in aerospace and maritime industries. The following information is available for the last operating month: The plant produced and sold 27,692 fixtures for $72 each. Budgeted production was 30,000 fixtures. • Standard variable costs per fixture follow: Direct materials: 4 pounds at $4 Direct labor: 0.1 hours at $40 Variable production overhead: 0.4 machine-hours at $20 per hour Total variable costs Fixed production overhead costs: Monthly budget $810,400 • Fixed overhead is applied at the rate of $30 per fixture. • Actual production costs: Direct materials purchased and used: 105,100 pounds at $4.21 Direct labor: 2,740 hours at $40.75 Variable overhead: 12,000 machine-hours at $19.41 per hour Fixed overhead Complete this question by entering your answers in the tabs below. Required: a. Prepare a cost variance analysis for each variable cost for the River Plant. 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. $ 16.00 4.00 8.00 $28.00 < Required A $ 442,471 111,655 232,920 820,000 Required A Required B Required C Prepare a fixed overhead cost variance analysis. Note: 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 fixed overhead cost variance Required C >
Transcribed Image Text:The River Plant of Carlisle, Incorporated produces a particular metal fixture used in aerospace and maritime industries. The following information is available for the last operating month: The plant produced and sold 27,692 fixtures for $72 each. Budgeted production was 30,000 fixtures. • Standard variable costs per fixture follow: Direct materials: 4 pounds at $4 Direct labor: 0.1 hours at $40 Variable production overhead: 0.4 machine-hours at $20 per hour Total variable costs Fixed production overhead costs: Monthly budget $810,400 • Fixed overhead is applied at the rate of $30 per fixture. • Actual production costs: Direct materials purchased and used: 105,100 pounds at $4.21 Direct labor: 2,740 hours at $40.75 Variable overhead: 12,000 machine-hours at $19.41 per hour Fixed overhead Complete this question by entering your answers in the tabs below. Required: a. Prepare a cost variance analysis for each variable cost for the River Plant. 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. $ 16.00 4.00 8.00 $28.00 < Required A $ 442,471 111,655 232,920 820,000 Required A Required B Required C Prepare a fixed overhead cost variance analysis. Note: 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 fixed overhead cost variance Required C >
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