Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help with B please!Oriole Corp. supplies its customers with high - quality canvas tents. These canvas tents sell for $ 1 7 0 each, with

Help with B please!Oriole Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for $170 each, with the following DM and
DL usage and price expectations.
Throughout the year, Oriole used 3,402 DL hours in the process of making 3,150 tents. The company had originally planned to
produce and sell 2,850 tents. Its actual variable- MOH costs totaled $10,342 for the year.
(a)
Your answer is correct.
Determine Oriole's variable-MOH price and efficiency variances. Also identify whether the company's variable-MOH costs were
under- or overapplied, and by how much.
Variable-MOH price variance
$
Unfavorable
Variable-MOH efficiency variance
$
Favorable
Variable- MOH
$
(b)
Record the journal entries to accompany the following transactions for variable- MOH : (1) actual variable- MOH cost incurred
(consider that half was for utilities not yet paid, and half was for accrued indirect labor),(2) allocation of variable-MOH cost to
production, and (3) recognition of specific variable- MOH variances (while closing out the Variable-MOH Control account).(Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. List all debit entries before credit entries.)
No. Account Titles and Explanation
Debit
Credit
(1)
(2)
(3)
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Electronic Data Processing Controls And Auditing

Authors: W.Thomas Porter

1st Edition

0534009336, 978-0534009335

More Books

Students also viewed these Accounting questions