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Posted on Jul 19, 2024

I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 $ 375,000.00 Sales 25,000 lamps @ $45.00 Cost

I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 $ 375,000.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 75,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92,000.00 190,000.00 $ 185,000.00 I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,000.00 500 @ $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147.410.00 159,410.00 $ 213.410.00 Standard Job Order Costing - Variance Analysis Special order tamps are manufactured in division S. Because of the precise nature of the process a standard cost system has been developed. The following standards are used for the special orders: Standards Lamp Kits $ 16.000000 per lamp Direct Labor 2.400000 per lamp (4 lamps/hr.) Variable Overhead 0.250000 per lamp (4 lamps/hr.) " Fixed Overhead 10.000000 per lamp Total $ 28.650000 * Fixed overhead is based on expected production of 4,009 customized lamps each month. To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) while entries are made to the accounting system at standard. Variance analysis is used to analyze the 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 January 5 until the job was completed: 5. Jan Purchased 4,025 Lamp Kits @ $16.60 per kit 9-Jan 4,075 sets of Lamp Kits were requisitioned, 17-Jan Payroll of 600 Direct Labor Hours @ $9.75 per hour. 30-Jan Payroll of 650 Direct Labor Hours a $10.00 per hour. 30-Jan 3,991 lamps were completed and shipped. Al materials requisitioned were used or scrapped Month End Overhead Information Actual Variable Overhead Actual Foxed Overhead $ 1,325.00 $ 40,373.45 How many Lamps were completed? Note : Show favorable variances as negative numbers Round dollars to two places. S### What was the total material price variance for the Lamp Kits purchased? (15.01) What was the material usage variance for Lamp Kits? (15.02) What was the direct labor efficiency variance ? (15.03) What was the direct labor rate variance? (15.04) Note: Show favorable variances as negative numbers What was the variable overhead efficiency variance ? (18.01) What was the variable Oh spending variance ? (16.02) What is the faced OH volume (denominator) variance? (16.03) What is the foued OH spending variance? (16.04) I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 $ 375,000.00 Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 75,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92,000.00 190,000.00 $ 185,000.00 I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,000.00 500 @ $16.00 0 3000 @ $30.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 $ 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147.410.00 159,410.00 $ 213.410.00 Standard Job Order Costing - Variance Analysis Special order tamps are manufactured in division S. Because of the precise nature of the process a standard cost system has been developed. The following standards are used for the special orders: Standards Lamp Kits $ 16.000000 per lamp Direct Labor 2.400000 per lamp (4 lamps/hr.) Variable Overhead 0.250000 per lamp (4 lamps/hr.) " Fixed Overhead 10.000000 per lamp Total $ 28.650000 * Fixed overhead is based on expected production of 4,009 customized lamps each month. To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) while entries are made to the accounting system at standard. Variance analysis is used to analyze the 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 January 5 until the job was completed: 5. Jan Purchased 4,025 Lamp Kits @ $16.60 per kit 9-Jan 4,075 sets of Lamp Kits were requisitioned, 17-Jan Payroll of 600 Direct Labor Hours @ $9.75 per hour. 30-Jan Payroll of 650 Direct Labor Hours a $10.00 per hour. 30-Jan 3,991 lamps were completed and shipped. Al materials requisitioned were used or scrapped Month End Overhead Information Actual Variable Overhead Actual Foxed Overhead $ 1,325.00 $ 40,373.45 How many Lamps were completed? Note : Show favorable variances as negative numbers Round dollars to two places. S### What was the total material price variance for the Lamp Kits purchased? (15.01) What was the material usage variance for Lamp Kits? (15.02) What was the direct labor efficiency variance ? (15.03) What was the direct labor rate variance? (15.04) Note: Show favorable variances as negative numbers What was the variable overhead efficiency variance ? (18.01) What was the variable Oh spending variance ? (16.02) What is the faced OH volume (denominator) variance? (16.03) What is the foued OH spending variance? (16.04)