Answer blank yellow boxes with work.

I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 $ 375,000.00 Sales 25,000 lamps @ $45.00 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 Profit $ 23,000.00 75,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92,000.00 190,000.00 $ 185,000.00 I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34.710.00 67,500.00 8,000.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 500 @ $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147.410.00 159.410.00 $213.410.00 Special order lamps are manufactured in division S. Because of the precise nature of the process a standard cost system has been developed. The following standards are used for the special orders: Standards Lamp Kits Direct Labor Variable Overhead ** Fixed Overhead Total $16.000000 per lamp 2.400000 per lamp (4 lamps/hr.) 0.250000 per lamp (4 lamps/hr.) 10.000000 per lamp $28.650000 ** Fixed overhead is based on expected production of 4,007 customized lamps each month. To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) while entries are made to the accounting system at standard. Variance analysis is used to analyze the differences. Job Order Costing Section On January 1, 20x2. Division S began Job 1101 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,025 Lamp Kits @ $16.25 per kit. 9-Jan 4,050 sets of Lamp Kits were requisitioned. 17-Jan Payroll of 560 Direct Labor Hours @ $9.40 per hour. 30-Jan Payroll of 610 Direct Labor Hours @ $9.65 per hour. 30-Jan 3,993 lamps were completed and shipped. All materials requisitioned were used or scrapped. Month End Overhead Information Actual Variable Overhead Actual Fixed Overhead $ 1,099.80 $ 39,373.45 3.993 lamps How many Lamps were completed? Note: Show favorable variances as negative numbers Round dollars to two places. S##.## What was the total material price variance for the Lamp Kits purchased? $ 1,006 25 (15.01) What was the material usage variance for Lamp Kits? (15.02) What was the direct labor efficiency variance ? $ 1.648.80 (15.03) What was the direct labor rate variance? (15.04) Note: Show favorable variances as negative numbers What was the variable overhead efficiency variance ? {16.01) What was the variable OH spending variance ? {16.02) What is the fixed OH volume (denominator) variance? (16.03) What is the fixed OH spending variance? (16.04) To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On January 1, 20x2. Division S began Job 2407 for the client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,025 Lamp Kits @ $16.25 per kit. 9-Jan 4,050 sets of Lamp Kits were requisitioned. 17-Jan Payroll of 560 Direct Labor Hours @ $9.40 per hour. 30-Jan Payroll of 610 Direct Labor Hours @ $9.65 per hour. 30-Jan 3,990 lamps were completed and shipped. All materials requisitioned were used or scrapped, and are a cost of normal processing Month End Overhead Information Actual Variable Manufacturing Overhead $ 1,099.80 Actual Fixed Manufacturing Overhead $ 39,373.45 Round to two places, S## Cost of Direct Material Incurred in Manufacturing Job 2407 {13.01) Cost of Direct Labor Incurred in Manufacturing Job 2407 (13.02) Cost of Manufacturing Overhead Applied to Job 2407 (13.03) Cost of manufacturing one lamp {13.04) PART 3 Budgets Division N has decided to develop its budget based upon projected sales of 25,000 lamps at $46.00 per lamp The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increding the inventory of Lamp Kits to 550 pieces and decreasing the finished goods by 20%. Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory Total Production 25000 24,400 units {7.01) I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 $ 375,000.00 Sales 25,000 lamps @ $45.00 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 Profit $ 23,000.00 75,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92,000.00 190,000.00 $ 185,000.00 I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34.710.00 67,500.00 8,000.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 500 @ $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147.410.00 159.410.00 $213.410.00 Special order lamps are manufactured in division S. Because of the precise nature of the process a standard cost system has been developed. The following standards are used for the special orders: Standards Lamp Kits Direct Labor Variable Overhead ** Fixed Overhead Total $16.000000 per lamp 2.400000 per lamp (4 lamps/hr.) 0.250000 per lamp (4 lamps/hr.) 10.000000 per lamp $28.650000 ** Fixed overhead is based on expected production of 4,007 customized lamps each month. To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) while entries are made to the accounting system at standard. Variance analysis is used to analyze the differences. Job Order Costing Section On January 1, 20x2. Division S began Job 1101 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,025 Lamp Kits @ $16.25 per kit. 9-Jan 4,050 sets of Lamp Kits were requisitioned. 17-Jan Payroll of 560 Direct Labor Hours @ $9.40 per hour. 30-Jan Payroll of 610 Direct Labor Hours @ $9.65 per hour. 30-Jan 3,993 lamps were completed and shipped. All materials requisitioned were used or scrapped. Month End Overhead Information Actual Variable Overhead Actual Fixed Overhead $ 1,099.80 $ 39,373.45 3.993 lamps How many Lamps were completed? Note: Show favorable variances as negative numbers Round dollars to two places. S##.## What was the total material price variance for the Lamp Kits purchased? $ 1,006 25 (15.01) What was the material usage variance for Lamp Kits? (15.02) What was the direct labor efficiency variance ? $ 1.648.80 (15.03) What was the direct labor rate variance? (15.04) Note: Show favorable variances as negative numbers What was the variable overhead efficiency variance ? {16.01) What was the variable OH spending variance ? {16.02) What is the fixed OH volume (denominator) variance? (16.03) What is the fixed OH spending variance? (16.04) To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On January 1, 20x2. Division S began Job 2407 for the client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,025 Lamp Kits @ $16.25 per kit. 9-Jan 4,050 sets of Lamp Kits were requisitioned. 17-Jan Payroll of 560 Direct Labor Hours @ $9.40 per hour. 30-Jan Payroll of 610 Direct Labor Hours @ $9.65 per hour. 30-Jan 3,990 lamps were completed and shipped. All materials requisitioned were used or scrapped, and are a cost of normal processing Month End Overhead Information Actual Variable Manufacturing Overhead $ 1,099.80 Actual Fixed Manufacturing Overhead $ 39,373.45 Round to two places, S## Cost of Direct Material Incurred in Manufacturing Job 2407 {13.01) Cost of Direct Labor Incurred in Manufacturing Job 2407 (13.02) Cost of Manufacturing Overhead Applied to Job 2407 (13.03) Cost of manufacturing one lamp {13.04) PART 3 Budgets Division N has decided to develop its budget based upon projected sales of 25,000 lamps at $46.00 per lamp The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increding the inventory of Lamp Kits to 550 pieces and decreasing the finished goods by 20%. Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods Total Needed Less: Beginning Inventory Total Production 25000 24,400 units {7.01)