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3 4 PART 6 5 6 Standard Job Order Costing - Variance Analysis 7 8 9 10 11 18 Special order lamps are manufactured in division S. Because of the precise nature of the process a 19 standard cost system has been developed the following standards are used for the special orders: 20 21 22 29 Standards 30 Lamp Kits $16.000000 per lamp 31 Direct Labor 2.400000 per lamp (4 lamps/hr.) 32 Variable Overhead 0.250000 per lamp (4 lamps/hr) 33 ** Fixed Overhead 10.000000 per lamp 40 Total $28.650000 41 42 "Fixed overhead is based on expected production of 4,008 customized lamps each month 43 44 To keep records of the actual cost of a job, a Job Order Cost System has been developed Entries 51 are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) 52 while entries are made to the accounting system at standard. Variance analysis is used to analyze the 53 differences 54 55 A1 C B D E G H 32 Variable Overhead 0.250000 per lamp (4 lamps/hr.) 33 Fixed Overhead 10.000000 per lamp 40 Total $28.650000 41 42 ** Fixed overhead is based on expected production of 4,008 customized lamps each month 43 44 To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries 51 are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) 52 while entries are made to the accounting system at standard. Variance analysis is used to analyze the 53 differences 54 55 62 63 Job Order Costing Section 64 65 on January 1, 20x2. Division S began Job 1101 for the Client, THE BIG CHILDREN STORE The 66 job called for 4,000 customized lamps. The following set of transactions occurred from 73 January 5 until the job was completed: 74 75 5-Jan Purchased 4,150 Lamp Kits @ $16.45 per kit 9-Jan 4,050 sets of Lamp Kits were requisitioned. 17-Jan Payroll of 570 Direct Labor Hours @ $9.85 per hour 30-Jan Payroll of 620 Direct Labor Hours @ $10 10 per hour 86 30-Jan 3,992 lamps were completed and shipped. All materials requisitioned were 87 used or scrapped 88 76 77 84 85 95 96 97 Format Painter Fom Clipboard 2 Font Alignment 5 Number G H J A1 X fo A B D E F 6 7 How many Lamps were completed? 8 9 Note: Show favorable variances as negative numbers 10 Round dollars to two places, $#### 11501 115.02 11 12 20 21 What was the total material price variance for the Lamp Kits purchased? 22 23 24 32 What was the material usage variance for Lamp Kits? 33 34 35 36 44 45 46 What was the direct labor efficiency variance ? 47 48 56 57 What was the direct labor rate variance? 11503) (1504) 58 59 60 68 69 70 G H K (1601) 116 02) 6 Note: Show favorable variances as negative numbers 7 8 9 10 11 12 13 22 What was the variable overhead efficiency variance? 23 24 25 26 35 What was the variable OH spending variance? 36 37 38 39 48 49 50 51 52 61 What is the foxed OH volume (denominator) variance? 62 63 64 65 74 75 76 77 What is the fored OH spending vananen2 ..1234 5 7 8 9 10 Ready 11603 11 12 13 14 15 16 17 16.14 18 Present Value Tables Type here to search BI C A1 F G H 1 J 116 02) (16031 fr B D E 35 What was the variable OH spending variance ? 36 37 38 39 48 49 50 51 52 61 What is the fixed OH volume (denominator) variance? 62 63 64 65 74 75 76 77 What is the fixed OH spending variance? 78 87 88 89 90 91 100 101 (16.04) dan