Flexibie Budget, Standerd Cost Variances, T-Accounts Ingies Company manufactures external hard drives. At the beginning of the period, the following plans for production and costs were revealed: During the year, 24,800 unils were produced and sold. The following actual costs were incurred: Requ|red: Instructions for parts 1 and 2: If a variance is zero, enter "o" and select "Not applicable" from the drop down box. 1. Prepare a performance report comparing expected costs to actual costs. 2. Determine the following. If a variance amount is zero, enter " 0 and select "Not applicable" from the drop-down Hist. a. Direct materials usage variance b. Direct labor rate variance c. Direct Labor usage variance d. Fixed overhead spending and volume variances Spending variance Wolume variance e. Variable overhead spending and efficiency variances Variable overhead spending variance Variable overhead efficiency variance 3. Use T-accounts to show the flow of costs through the system. In showing the flow, you do not need to show detailed overhead variances. Show only the ayer- and underapplied variances for fixed and variable overhead. Record the following transactions in the T-accounts: If an amount is zero, enter " 0 ", (a) purchase of materials, (b) issuance of materials into production, (c) incurrence of direct labor cost, (d) application of variable overhead cost to production, (e) application of fixed overtiead cost to production, (f) transfer of finished goods to finished goods inventory. (9) sale of goods, (h) closure of Direct Materials Price Varlance account, (h) dosure of Direct Materials Price Variance account, (i) closure of Direct Materials Usage Variance account, 6) closure of Direct Labor Efficiency Variance account, (k) closure of Variable Overhead Control account, and (1) closure of Fixed Overhead Control account. Enter these transactions in the T-accounts in the same order that they are presented here. Direct Materials Price Variance Direct Materials Usage Variance Accounts Payable Direct Labor Rate Variance Direct Labor Efficiency Variance Variable Overhead Control Direct Labor Efficiency Variance Variable Overhead Control Fixed Overhead Control Flexibie Budget, Standerd Cost Variances, T-Accounts Ingies Company manufactures external hard drives. At the beginning of the period, the following plans for production and costs were revealed: During the year, 24,800 unils were produced and sold. The following actual costs were incurred: Requ|red: Instructions for parts 1 and 2: If a variance is zero, enter "o" and select "Not applicable" from the drop down box. 1. Prepare a performance report comparing expected costs to actual costs. 2. Determine the following. If a variance amount is zero, enter " 0 and select "Not applicable" from the drop-down Hist. a. Direct materials usage variance b. Direct labor rate variance c. Direct Labor usage variance d. Fixed overhead spending and volume variances Spending variance Wolume variance e. Variable overhead spending and efficiency variances Variable overhead spending variance Variable overhead efficiency variance 3. Use T-accounts to show the flow of costs through the system. In showing the flow, you do not need to show detailed overhead variances. Show only the ayer- and underapplied variances for fixed and variable overhead. Record the following transactions in the T-accounts: If an amount is zero, enter " 0 ", (a) purchase of materials, (b) issuance of materials into production, (c) incurrence of direct labor cost, (d) application of variable overhead cost to production, (e) application of fixed overtiead cost to production, (f) transfer of finished goods to finished goods inventory. (9) sale of goods, (h) closure of Direct Materials Price Varlance account, (h) dosure of Direct Materials Price Variance account, (i) closure of Direct Materials Usage Variance account, 6) closure of Direct Labor Efficiency Variance account, (k) closure of Variable Overhead Control account, and (1) closure of Fixed Overhead Control account. Enter these transactions in the T-accounts in the same order that they are presented here. Direct Materials Price Variance Direct Materials Usage Variance Accounts Payable Direct Labor Rate Variance Direct Labor Efficiency Variance Variable Overhead Control Direct Labor Efficiency Variance Variable Overhead Control Fixed Overhead Control