1.The Gourmand Cooking School

Required 1 Required 2 Required 3 Calculate the spending variances for all expense items. (Indicate the effect of each variant for unfavorable, and "None" for no effect (i.e., zero variance), Input all amounts as positiv Packaging Solutions Corporation Spending Variances For the Month Ended March 31 Actual Spending Variances Flexible Results Budget Labor-hours 4,200 Direct labor 60.160 Indirect labor 12.080 Utilties 9.210 Supplies 3.570 Equipment depreciation 30.480 Factory rent 8,800 Property taxes 2,800 Factory administration 16,450 Total expense 152.550\fLane Company manufactures a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $5.40 per direct labor-hour and the budgeted fixed manufacturing overhead is $2,679,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $11.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.70 per hour. The company planned to operate at a denominator activity level of 285,000 direct labor-hours and to produce 190.000 units of product during the most recent year. Actual activity and costs for the year were as follows: Actual number of units produced 228, 098 Actual direct labor-hours worked 370,509 Actual variable manufacturing overhead cost incurred $1, 148, 558 Actual fixed manufacturing overhead cost incurred $2,964, 090 Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. 2. Prepare a standard cost card for the company's product. 3a. Compute the standard direct labor-hours allowed for the year's production. 3b. Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3A Req 38 Reg 4Reg 1 Req 2 Reg 3A Req 38 Reo 4 Compute the standard direct labor-hours allowed for the year's production. Standard direct labor hOUTS Forsyth Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. During the year, the company produced and sold 10,000 units at a price of $145 per unit. Its standard cost per unit produced is $115 and its selling and administrative expenses totaled $240,000. Forsyth does not have any variable manufacturing overhead costs and it recorded the following variances during the year: Materials price variance $ 7,509 F Materials quantity variance $ 11, 209 0 Labor rate variance $ 4,509 0 Labor efficiency variance $ 5,490 F Fixed overhead budget variance $ 3,590 F Fixed overhead volume variance $ 13 , 898 F Required: 1. When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 2 Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? The cost of goods sold will by Required 1 Required 2 Prepare an income statement for the year. Forsyth Company Income Statement For the Year Total variance adjustments 0