cost accounting chapter 7

need help with part 2.

you just gotta do the journal.

= B le >> 3 TH Format Painter Clipboard Font IN Ali F16 fr B C Breakeven Blankets manufactures various types of blankets. The company has just received its actual figures for the month of November 20XX. Breakeven Blankets uses the write-off to COGS method for correcting the under/overallocation of overhead and uses a simple costing system with direct labor hours as its cost driver. During the month, all overhead 1 expenditures were paid in cash. 2 3 Standard per Blanket 4 Direct materials unit quantity 4.00 pounds of cloth 5 Direct materials unit cost $ 3.00 per pound 6 Direct labor unit quantity 2.00 labor hours 7 Direct labor unit cost S 14.00 per hour 8 VOH allocation rate $ 3.00 per hour 9 FOH allocation rate $ 3.50 per hour 10 11 Actual Information 12 Actual output units 10,000 units 13 Actual pounds of material 37,000 pounds of cloth 14 Actual price of material $ 3.25 per pound 15 Actual direct labor costs 296,000 16 Actual direct labor hours 18,500 hours 17 Actual labor price per hour $ 16.00 18 Actual VOH costs 54,000 19 Budgeted FOH costs 60,000 20 Actual FOH costs $ 56,000 21 Budgeted Sales Revenue $ 650,000 22 Actual Sales Revenue $ 590,000 23 Actual nonmanufacturing costs $ 63,750 Info Variances Journal SC Inc. Statement Closing Entry Actual Costs Actual input quantity* actual price S 120,250 Direct Materials Flex Budget Actual input quantity Budgeted input quantity "budgeted budgeted price price $ 111,000 120,000 $ (9,000) Efficiency Variance S 250 Flex Budget Variance $ 9,250 Price Variance 5 3 0 1 Actual Costs Actual input quantity 2 actual price 13 S 296,000 Direct Labor Flex Budget Actual Input quantity Budgeted input quantity "budgeted budgeted price price $ 259,000 280,000 37,000 $ (21,000) Price Variance Efficiency Variance S 16,000 Flex Budget Variance $ 15 16 77 18 19 20 Variable Overhead Actual Costs Actual input quantity Actual Costs budgeted rate 54,000 S 55,500 S (1,500) S (4,500) Spending Variance Efficiency Variance S (6,000) Info Variances Journal SC Inc. Statement Closing Entry Allocated (Flex Budget) Budgeted input quantity "budgeted allocation rate S 60,000 21 22 S 23 24 25 Ready B D A Actual input quantity" actual price 296,000 Actual input quantity* budgeted price $ 259,000 E Budgeted input quantity * budgeted price $ 280,000 $ 37,000 Price Variance $ (21,000) Efficiency Variance $ 16,000 Flex Budget Variance Actual Costs Actual Costs 54,000 2 $ Variable Overhead Allocated (Flex Budget) Actual input quantity Budgeted input quantity "budgeted budgeted rate allocation rate 55,500 $ 60,000 S (1,500) $ (4,500) Spending Variance Efficiency Variance $ (6,000) Flex Budget Variance 3 4 5 6 27 28 29 Fixed Overhead Actual Costs Allocated (Flex Budget) 30 31 S 32 33 34 35 Budgeted input quantity adjusted Actual costs Budgeted Costs for actual budgeted allocation rate 56,000 60,000 S 70,000 s (4,000) $ (10,000) Spending Variance Production Volume Variance $ (14,000) Flex Budget Variance Into Variances Journal SC Inc. Statement Closing Entry Ready Font Clipboard Alignmer A31 Record FOH Allocation & Variances A B Record Direct Material Purchases Record Direct Material Usage (Requisitions) Record Direct Labor Costs 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Record Actual TOH Costs Record TOH Allocation & Varances 26 Record Achial FOH Costs 27 28 29 Info Variances Journal SC Inc. Statement Closing Entry + Ready Type here to search IC Format Painter ili Clipboard Font Alignn 1 fx Record FOH Allocation & Variances A B Record Direct Labor Costs Record Actual TOH Costs 3 Record VOH Allocation & Variances 1 2 3 5 6 27 28 29 Record Actual FOH Costs Record FOH Allocation & Varances 30 31 32 33 34 35 36 37 Info Variances Journal SC Inc. Statement Ready Closing Entry Type here to search