Answered Essay: Score: 0 of 7 pts 3 of 5 (3 complete) ▼ HW Score: 40%, 14 of 35 pts Help Data Table 1 Data Table Direct materials price variance

Score: 0 of 7 pts 3 of 5 (3 complete) ▼ HW Score: 40%, 14 of 35 pts Help Data Table 1 Data Table Direct materials price variance Direct materials quantity variance ng the erhead 3,352 U $3,300 U Direct materials (resin) 14 pounds per pot at a cost of $5.00 Direct labor rate variance Direct labor efficiency variance per pound 2.0 hours at a cost of $20.00 per hour assuming 0 each $7,920 F Direct labor $8,800 U $1,584 U $500 F Standard variable manufacturing Variable overhead rate variance Variable overhead efficiency variance $1,320 U Fixed overhead budget variance Fixed overhead volume variance overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate S3.00 per direct labor hour S22,400 $12.00 per direct labor hour (DLH) eviations $4,000 F PrintDone Data Table Date Accounts Purchased 16,760 pounds at a cost of $5.20 per pound; Used 16,060 pounds to produce 1,100 pots Worked 2.4 hours per ower pot (2,640 total DLH) at a cost of $17.00 per hour $3.60 per direct labor hour for total actual variable manufacturing overhead of $9,504 $21,900 Raw Materials Inventory DM Price Variance Accounts Payable Direct materials Direct labor Actual variable manufacturing overhead Actual fixed manufacturing overhead Standard fixed manufacturing overhead allocated based on actual production $26,400 Print Done

Score: 0 of 7 pts 3 of 5 (3 complete) ▼ HW Score: 40%, 14 of 35 pts Help Data Table 1 Data Table Direct materials price variance Direct materials quantity variance ng the erhead 3,352 U $3,300 U Direct materials (resin) 14 pounds per pot at a cost of $5.00 Direct labor rate variance Direct labor efficiency variance per pound 2.0 hours at a cost of $20.00 per hour assuming 0 each $7,920 F Direct labor $8,800 U $1,584 U $500 F Standard variable manufacturing Variable overhead rate variance Variable overhead efficiency variance $1,320 U Fixed overhead budget variance Fixed overhead volume variance overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate S3.00 per direct labor hour S22,400 $12.00 per direct labor hour (DLH) eviations $4,000 F PrintDone Data Table Date Accounts Purchased 16,760 pounds at a cost of $5.20 per pound; Used 16,060 pounds to produce 1,100 pots Worked 2.4 hours per ower pot (2,640 total DLH) at a cost of $17.00 per hour $3.60 per direct labor hour for total actual variable manufacturing overhead of $9,504 $21,900 Raw Materials Inventory DM Price Variance Accounts Payable Direct materials Direct labor Actual variable manufacturing overhead Actual fixed manufacturing overhead Standard fixed manufacturing overhead allocated based on actual production $26,400 Print Done

Expert Answer

 

Date Accounts Debit Credit
1 Raw materials inventory (16760*5) 83800
DM Price variance 3352
Accounts payable (16760*5.20) 87152
(Entry for the purchase of raw materials)
Work in process inventory (1100*14*5) 77000
DM Quantity variance 3300
Raw materials inventory (16060*5) 80300
(Entry for the use of raw materials)
Work in process inventory (2*1100*20) 44000
DL Efficiency variance 8800
DL Rate variance 7920
Wage payable (2640*17) 44800
(Recording labor cost)
2 Variable manufacturing overhead 9504
Fixed manufacturing overhead 21900
Various accounts 31404
(Actual overhead cost incurred)
Work in process inventory 29000
Variable manufacturing overhead (1100*2*3) 6600
Fixed manufacturing overhead 22400
(Standard cost of overhead transferred to
Work in process)
Variable overhead rate variance 1584
Variable overhead efficiency variance 1320
Variable manufacturing overhead 2904
(Recording variable overhead variances)
Fixed manufacturing overhead 4500
Fixed overhead budget variance 500
Fixed overhead volume variance 4000
(Recording fixed overhead variances)
3 Finished goods invenory 150000
Work in process inventory 150000
(Note:1)
(Entry for completion of flower pots)
Cost of goods sold 150000
Finished goods invenory 150000
(Transfer of cost to cost of goods sold)
Accounts receivable (1100*520) 572000
Sales revenue 572000
Notes:
1. Computation of total standard cost of pots
Direct material 77000
Direct labor 44000
Variable overhead 6600
Fixed overhead 22400
150000
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