Exercise 17-20 (Algo) Prorating Variable Overhead Cost Variances (LO 17-1)Volte Corporation produces small electric appliances. The following information is available for the most recent period of operations:$ 3.20 per direct labor-hour27,100 units35,900Standard variable overhead rateActual outputActual direct labor-hours usedStandard direct labor-hours.Actual direct labor cost incurredStandard direct labor-hour rateActual variable overhead incurred.Actual units sold21,960 unitsVolte never has any work-in-process inventories and began the year with no finished goods inventory.Required:a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the period?c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close out thevariances.1.5 per unitd. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to record and close out thevariances.Req A and B$959,000$ 50$ 127,500Complete this question by entering your answers in the tabs below.Req CReq DVariable overhead price varianceVariable overhead efficiency varianceWhat was the variable overhead price variance and the variable overhead efficiency variance for the period?Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do notselect either option.

Variable Overhead Efficiency Variance :— It is difference of standard variable overhead and actual…

Answered: Wolte Corporation produces small…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Required information [The following information applies to the questions displayed below.] Kubin Company's relevant range of production is 12,000 to 16,000 units. When it produces and sells 14,000 units, its average costs per unit are as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Average Cost per Unit $7.30 $ 4.30 $ 1.80 $5.30 $ 3.80 $ 2.80 $ 1.30 $ 0.80 Required: 1. For financial accounting purposes, what is the total amount of product costs incurred to make 14,000 units? 2. For financial accounting purposes, what is the total amount of period costs incurred to sell 14,000 units? 3. For financial accounting purposes, what is the total amount of product costs incurred to make 16,000 units? 4. For financial accounting purposes, what is the total amount of period costs incurred to sell 12,000 units? (For all requirements, do not…
Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($500,040 926,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of Labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1.200,000 12,200,000 $7,320,000 324,000 $3,855,600 $1,300,000 $ 381,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances Direct Labor Rate Variance Direct Labor Efficiency Vince Standard Quantity 13 square foot 0.25 hour 0.25 hour Standard Price (Rate) $ 0.70 per square foot $ 12.20 per hour $ 1.40 per hour Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting…
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Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($378,000 ÷ 900,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Direct Labor Rate Variance Direct Labor Efficiency Variance IF TI 1,000,000 11,800,000 $ 8,260,000 $ Required: Calculate Parker Plastic's direct labor rate and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). F 245,000 2,891,000 $ 318,500 $ 355,000 Standard Quantity 12 square…
Bonita Company produced 10,200 units during the past year but sold only 8,700 of the units. The following additional information is also available: Direct materials used Direct labour incurred Variable manufacturing overhead Fixed manufacturing overhead Fixed selling and administrative expenses Variable selling and administrative expenses $88,740 34,170 22,440 46,410 (a) 69,400 10,200 There was no work in process inventory at the beginning of the year. Bonita did not have any beginning finished goods inventory either. Calculate Bonita Company's finished goods inventory cost on December 31 under variable costing. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 125.)
A5
Volte Corporation produces small electric appliances. The following information is available for the most recent period of operations: Standard variable overhead rate Actual output Actual direct labor-hours used Standard direct labor-hours $ 839,000 Actual direct labor cost incurred i Standard direct labor-hour rate: Actual variable overhead incurred Actual units sold $ 26 97,500 $ 20,280 units. Volte never has any work-in-process inventories and began the year with no finished goods inventory. Required: a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the period? c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close out the variances. d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Req A and B $…
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I NEED ONLY THE ANSWERS FOR 9.3 AND 9.4 QUESTION

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