2. 3 4 13 1 See The Light Projected Income Statement For the Period Ending December 31, 20x1 15 6 7 6 7 8 MON 750.000.00 $ 375000.00 Sales 25.000 lamps @ $4500 Cost of Goods Sold $30.00 Gross Profit Selling Expenses Fixed Variable (Commission per unit) $3.00 Administrative Expenses Fixed Variable $2.00 Total Selling and Administrative Expenses Net Pront 75,000.00 $90,000.00 IN 50,000.00 92.000.00 2 3 190.000.00 $ 185,000.00 1 See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710 00 67 500.00 Current Assets Cash Accounts Receivable Inventory 1 15 161 1. Present Value Tables I See The Light Projected Balance Sheet As of December 31, 201 534,710.00 67.500.00 66 67 68 69 78 70 30 81 82 91 92 03 94 95 104 105 106 107 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8.000.00 500 @ $16.00 0 3000 53000 9000000 5 200 21000 Foed Assets Equipment Accumulated Depreciation Total Foed Assets Total Assets $ 20,000.00 6 800.00 13.200.00 5213.410.00 35400000 554000.00 117 118 19 20 21 22 23 24 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholders Equity $ 12.000.00 147 41000 159 410.00 $ 213 410 00 15 16 17 13 30 11 12 . 3 7 Formatting . Chipboard Alenen Member AT X 3 6 C D H Standard Job Order Costing - 13 Variance Analysis 14 15 16 17 24 Special order lamps are manutactured in division S. Because of the precise nature of the process a 25 standard cost system has been developed. The following standards are used for the special orders 26 27 28 35 Standards 36 Lamp Kits $ 16.000000 per lamp 37 Direct Labor 2 400000 per lamp (4 lampsht) 38 Vanable Overhead 0.250000 per lamp 4 lampshi) 39 **Fixed Overhead 10000000 per lamp 46 Total 528 650000 47 48 Fixed overhead is based on expected production of 4.008 customized lamps sach month 49 50 To keep records of the actual cost of a job, Job Order Cost System has been developed Entries 57 are made to the Job Order System at actual cost overhead is applied based on actual labor hours) 55 while entries are made to the accounting system at standard. Variance analysis is used to analyze the 59 differences 60 61 60 69 Job Order Costing Section 70 71 On January 1, 20x2. Division began Job 1101 for the client, THE BIG CHILDREN STORE The 72 job called for 4,000 customized lamps. The following set of transactions occurred from 79 January 5 until the job was completed Choboard Merya- $ - % A1 X 0 46 Tot G H 528.0000 48 **Fored overhead is based on expected production of 4,000 customized lamps each month 49 50 To keep records of the actual cost of a pb, a Job Order Cost System has been devloped. Entries 57 are made to the Job Onder System at actual cost overhead is applied based on actuabor hours) 58 while entries are made to the accounting system at standard. Variance analysis is used to analyze the 59 differences 60 61 68 69 Job Order Costing Section 70 11 on January 1, 20x2. Division S began Job 1101 for the Client, THE BIG CHILDREN STORE The 72 job called for 4,000 customized lamps. The following set of transactions occurred from 79 January 5 until the job was completed 80 31 82 Jan Purchased 4. 125 Lamp Kits @ $165 per kit 83 9 Jan 4, 175 sets of Lamp Kits were requisitioned 90 17 Jan Payroll of 600 Direct Labor Hours $9.45 per hout 91 30 Jan Payroll of 660 Direct Labor Hours $9 70 per hour 92 30 Jan 3,992 Lamps were completed and shipped. All materials requisitioned were 93 used or scrapped 94 101 102 103 104 105 Month End Overhead Information Actual Variable Overhead 106 $ 40,37345 107 Actual Fixed Overhead 5 1 27500 B TV- Format Painter Clipboard 15 tot E Mega Center Alignment Font $ - % O D 6 How many Lamps were completed? 9 10 Note: Show favorable variances as negative numbers 11 12 Round doars to two places, se 15 05013 0 16 What was the total material price variance for the Lamp Kts purchased? 17 18 19 21 What was the material usage variance for Lamp Kita? 22 23 24 25 27 28 29 What was the direct labor afficiency variance ? 30 31 33 34 What was the direct labor rate variance? 15 (1503) 11564 Chboard Ezenger Carter Ae $ - % 519 H (1501) (1602) 6 Note: Show favorable variances as negative numbers D 8 11 12 13 14 15 10 What was the variable overhead officiency variance? 19 20 21 22 25 What was the variable OH spending variance ? 26 27 28 29 12 33 34 35 36 39 What is the fixed OH volume denominator) vanance? 40 41 42 43 16 47 40 49 What is the fixed OH spending variance? 50 11603 (1600 2. 3 4 13 1 See The Light Projected Income Statement For the Period Ending December 31, 20x1 15 6 7 6 7 8 MON 750.000.00 $ 375000.00 Sales 25.000 lamps @ $4500 Cost of Goods Sold $30.00 Gross Profit Selling Expenses Fixed Variable (Commission per unit) $3.00 Administrative Expenses Fixed Variable $2.00 Total Selling and Administrative Expenses Net Pront 75,000.00 $90,000.00 IN 50,000.00 92.000.00 2 3 190.000.00 $ 185,000.00 1 See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710 00 67 500.00 Current Assets Cash Accounts Receivable Inventory 1 15 161 1. Present Value Tables I See The Light Projected Balance Sheet As of December 31, 201 534,710.00 67.500.00 66 67 68 69 78 70 30 81 82 91 92 03 94 95 104 105 106 107 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8.000.00 500 @ $16.00 0 3000 53000 9000000 5 200 21000 Foed Assets Equipment Accumulated Depreciation Total Foed Assets Total Assets $ 20,000.00 6 800.00 13.200.00 5213.410.00 35400000 554000.00 117 118 19 20 21 22 23 24 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholders Equity $ 12.000.00 147 41000 159 410.00 $ 213 410 00 15 16 17 13 30 11 12 . 3 7 Formatting . Chipboard Alenen Member AT X 3 6 C D H Standard Job Order Costing - 13 Variance Analysis 14 15 16 17 24 Special order lamps are manutactured in division S. Because of the precise nature of the process a 25 standard cost system has been developed. The following standards are used for the special orders 26 27 28 35 Standards 36 Lamp Kits $ 16.000000 per lamp 37 Direct Labor 2 400000 per lamp (4 lampsht) 38 Vanable Overhead 0.250000 per lamp 4 lampshi) 39 **Fixed Overhead 10000000 per lamp 46 Total 528 650000 47 48 Fixed overhead is based on expected production of 4.008 customized lamps sach month 49 50 To keep records of the actual cost of a job, Job Order Cost System has been developed Entries 57 are made to the Job Order System at actual cost overhead is applied based on actual labor hours) 55 while entries are made to the accounting system at standard. Variance analysis is used to analyze the 59 differences 60 61 60 69 Job Order Costing Section 70 71 On January 1, 20x2. Division began Job 1101 for the client, THE BIG CHILDREN STORE The 72 job called for 4,000 customized lamps. The following set of transactions occurred from 79 January 5 until the job was completed Choboard Merya- $ - % A1 X 0 46 Tot G H 528.0000 48 **Fored overhead is based on expected production of 4,000 customized lamps each month 49 50 To keep records of the actual cost of a pb, a Job Order Cost System has been devloped. Entries 57 are made to the Job Onder System at actual cost overhead is applied based on actuabor hours) 58 while entries are made to the accounting system at standard. Variance analysis is used to analyze the 59 differences 60 61 68 69 Job Order Costing Section 70 11 on January 1, 20x2. Division S began Job 1101 for the Client, THE BIG CHILDREN STORE The 72 job called for 4,000 customized lamps. The following set of transactions occurred from 79 January 5 until the job was completed 80 31 82 Jan Purchased 4. 125 Lamp Kits @ $165 per kit 83 9 Jan 4, 175 sets of Lamp Kits were requisitioned 90 17 Jan Payroll of 600 Direct Labor Hours $9.45 per hout 91 30 Jan Payroll of 660 Direct Labor Hours $9 70 per hour 92 30 Jan 3,992 Lamps were completed and shipped. All materials requisitioned were 93 used or scrapped 94 101 102 103 104 105 Month End Overhead Information Actual Variable Overhead 106 $ 40,37345 107 Actual Fixed Overhead 5 1 27500 B TV- Format Painter Clipboard 15 tot E Mega Center Alignment Font $ - % O D 6 How many Lamps were completed? 9 10 Note: Show favorable variances as negative numbers 11 12 Round doars to two places, se 15 05013 0 16 What was the total material price variance for the Lamp Kts purchased? 17 18 19 21 What was the material usage variance for Lamp Kita? 22 23 24 25 27 28 29 What was the direct labor afficiency variance ? 30 31 33 34 What was the direct labor rate variance? 15 (1503) 11564 Chboard Ezenger Carter Ae $ - % 519 H (1501) (1602) 6 Note: Show favorable variances as negative numbers D 8 11 12 13 14 15 10 What was the variable overhead officiency variance? 19 20 21 22 25 What was the variable OH spending variance ? 26 27 28 29 12 33 34 35 36 39 What is the fixed OH volume denominator) vanance? 40 41 42 43 16 47 40 49 What is the fixed OH spending variance? 50 11603 (1600