I would be in heaven if someone could do this pls
Seabright Company has the following production standards: Direct Materials (3 lbs per unit @ $21 $7 per lb) Direct Labor (5 dl hrs per unit @ 60 $12 per dl hr) Variable Overhead (4 machine hrs per unit @ $8 per machine 32 hr) Fixed Overhead (4 machine hrs 24 per unit @ $6 per machine hr*) Total Standard Cost per $137 Finished Unit (*the fixed overhead rate was based on a budgeted production level of 7,000 units) During the current period, 7,500 units were produced. 30,000 pounds of direct materials were purchased on account for $6.80 per pound. 21,800 pounds of direct materials were used in production. 36,400 direct labor hours were used and the actual direct labor rate was $12.20 per direct labor hour. The total actual variable overhead costs (paid in cash) were $246,480 and the actual fixed overhead costs (paid in cash) were $175,000. Actual machine hours used were 31,200. 6,800 units were sold for $250 per unit cash. 1. Compute the 8 production cost variances (2 for direct materials, 2 for direct labor, 2 for variable overhead, and 2 for fixed overhead). 2. Prepare all the required standard costing journal entries for the current period (including the closing of the variance accounts). 3. Compute the gross profit for the period. Direct Materials: AO Amount of Variance Name of Variance Unfortu? GENERAL JOURNAL DR Account Title CR Direct Labor AP AD SO Amount of Variance Name of Varance Unfor Fav! GENERAL BOURNAL DR Acoustic C# Variable Overhead AO AP Amount of Variance Name of Variance Unfor Fay? Account Titles GENERAL JOURNAL DR CR Fixed Overhead Actual Bude Amount of Vrance Name of Variance Unfor Fav? GENERAL JOURNAL DR Account Titles CR Other Journal Entries: GENERAL JOURNAL DR Account Titles CR Gross Profit for the period: Seabright Company has the following production standards: Direct Materials (3 lbs per unit @ $21 $7 per lb) Direct Labor (5 dl hrs per unit @ 60 $12 per dl hr) Variable Overhead (4 machine hrs per unit @ $8 per machine 32 hr) Fixed Overhead (4 machine hrs 24 per unit @ $6 per machine hr*) Total Standard Cost per $137 Finished Unit (*the fixed overhead rate was based on a budgeted production level of 7,000 units) During the current period, 7,500 units were produced. 30,000 pounds of direct materials were purchased on account for $6.80 per pound. 21,800 pounds of direct materials were used in production. 36,400 direct labor hours were used and the actual direct labor rate was $12.20 per direct labor hour. The total actual variable overhead costs (paid in cash) were $246,480 and the actual fixed overhead costs (paid in cash) were $175,000. Actual machine hours used were 31,200. 6,800 units were sold for $250 per unit cash. 1. Compute the 8 production cost variances (2 for direct materials, 2 for direct labor, 2 for variable overhead, and 2 for fixed overhead). 2. Prepare all the required standard costing journal entries for the current period (including the closing of the variance accounts). 3. Compute the gross profit for the period. Direct Materials: AO Amount of Variance Name of Variance Unfortu? GENERAL JOURNAL DR Account Title CR Direct Labor AP AD SO Amount of Variance Name of Varance Unfor Fav! GENERAL BOURNAL DR Acoustic C# Variable Overhead AO AP Amount of Variance Name of Variance Unfor Fay? Account Titles GENERAL JOURNAL DR CR Fixed Overhead Actual Bude Amount of Vrance Name of Variance Unfor Fav? GENERAL JOURNAL DR Account Titles CR Other Journal Entries: GENERAL JOURNAL DR Account Titles CR Gross Profit for the period
