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-8.5 9. General X Cut Copy Format Painter Clipboard MS Sans Serif BIU. : A A . A Wrap Text Merge & Center - aste $ - % Font Alignment Number X 4 PART 6 Standard Job Order Costing - Variance Analysis 10 13 Special order lamps are manufactured in division S. Because of the precise nature of the process a 14 standard cost system has been developed. The following standards are used for the special orders: 16 Standards Figurines Electrical Sets Lamp Shade Direct Labor Variable Overhead Fixed Overhead Total 9.500000 per lamp 1.300000 per lamp 6.500000 per lamp 2.400000 per lamp (4 lamps/hr.) 0.250000 per lamp (4 lamps/hr.) 10.000000 per lamp $29.950000 * Fixed overhead is based on expected production of 4,008 customized lamps each month 29 To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries | 31 are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) ... 6 7 8 9 10 11 12 13 14 15 16 17 18 Present Value Tables READY SM2594 [Compatibility Moc FILE DATA REVIEW VIEW LED Copy HOME INSERT PAGE LAYOUT FORMULAS X Cut MS Sans Serif -8.5 A A Format Painter BIU-23 - A Clipboard SES Fonts 2 E Wrap Text Merge & Center - General $ - % aste Number A B C D E F G H * Fixed overhead is based on expected production of 4.008 customized lamps each month. 29 To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries 31 are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) 32 while entries are made to the accounting system at standard. Variance analysis is used to analyze the 33 differences 37 38 Job Order Costing Section 39 40 On January 1, 20x2. Division S began Job 1101 for the Client, THE BIG CHILDREN STORE. The 41 job called for 4,000 customized lamps. The following set of transactions occurred from 43 January 5 until the job was completed: 46 5-Jan Purchased 4.200 figurines @ 59.60 per figurine 6-Jan Purchased 4 225 sets of electical components @ $1.20 per set. 7-Jan Purchased 4.000 lamp shades @ $6.80 per set 8-Jan-4 200 figurines were requisitioned 9-Jan 4.200 sets of electrical components were requisitioned 17-Jan Payroll of 570 Direct Labor Hours $9.65 per hour 28-Jan 3992 lamp shades were requisitioned 30-Jan Payroll of 620 Direct Labor Hours @ $9.90 per hour 30-Jan 3.992 lamps were completed and shipped All materials requisitioned were used or scrapped Anuth End hinand Information 13 14 15 16 17 Present Value Tables READY MS Sans Serif -8. pe Wrap Text General obcu Le Copy Format Painter Clipboard I U Merge & Center - $ - % Alignment Num 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 3 January 5 until the job was completed: 5-Jan Purchased 4.200 figurines @ $9.60 per figurine. 6-Jan Purchased 4,225 sets of electical components @ $1.20 per set. 7-Jan Purchased 4,000 lamp shades @ $6.80 per set. 8-Jan 4.200 figurines were requisitioned. 9-Jan 4.200 sets of electrical components were requisitioned 17-Jan Payroll of 570 Direct Labor Hours @ $9.65 per hour. 28-Jan 3.992 lamp shades were requisitioned 30 Jan Payroll of 620 Direct Labor Hours @ $9.90 per hour. 30-Jan-3.992 lamps were completed and shipped. All materials requisitioned were used or scrapped Month End Overhead Information Actual Variable Overhead Actual Fixed Overhead $ 1.071.00 $ 39,623.45 SM2594 [Compatibility Mode] - Excel FORMULAS DATA REVIEW VIEW A Wrap Text General FILE HOME INSERT PAGE LAYOUT Cut MS Sans Serif -8.5 De Copy Paste Format Painter BIU. Clipboard - X V fix Merge & Center - $ % , 8.99 Cond Forme Font Alignment Number 7 How many Lamps were completed? 9 Note: Show favorable variances as negative numbers 10 Round dollars to two places. S 12 How much was actually paid for the figurines purchased? 15 How much should they have paid for number of figurines purchased? 16 What was the total material price variance for the figurines purchased? {15.01) 18 19 How many extra figurines did they use? 22 What was the material usage variance for figurines? (15.02) 24 26 29 How much was actually paid for the electric components purchased? 30 What was the standard price for the number of electrical components purchased? 31 What was the material price variance for the electrical components ? {15.03) 32 36 How many extra electrical components did they use? 37 What was the material usage variance for electrical components? (1504) ... 6 7 9 10 11 12 13 14 15 16 17 18 Present Value Tables | READY Type here to search o e o SM2994 [Compatibility Mode] - Excel DATA REVIEW VIEW FILE HOME INSERT PAGE LAYOUT FORMULAS % Cut MS Sans Serif - 8. 5 A BIU E DA Format Painter Clipboard Font U Paste Be Copy ESE Wrap Text General E Merge & Center - $ % LE G O Number 83 Cor Format sign Alignment AZ A B C D E 36 How many extra electrical components did they use? 37 What was the material usage variance for electrical components? 1504 44 45 How many hours did it take to produce the units produced? 46 How many hours should it have taken to produce the units produced? 47 How many extra hours did it take? 50 What was the direct labor efficiency variance ? 51 15.05} 53 How much did the company pay for the hours worked? 54 How much should the company have paid for the hours worked? 57 What was the direct labor rate variance? 15.063 w89882 0 11 12 13 14 15 16 17 18 Present Value Tables READY Type here to search
