Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you could type out the formulas for each cell that would be amazing. Thank you. begin{tabular}{l} B1. hline end{tabular} Required: 1 Createa new

image text in transcribed

If you could type out the formulas for each cell that would be amazing. Thank you.

\begin{tabular}{l} B1. \\ \hline \end{tabular} Required: 1 Createa new standard cost card that separates thevariable manufacturing overhead per unit and thefbed manufacturing overhead per unit. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Description } & Quantity & Price & \multicolumn{1}{|c|}{ Total } \\ \hline Direct materials (yards) & & & \\ \hline Direct labor hours & & & \\ \hline Variable manufacturing overhead & & & \\ \hline Fbed manufacturingoverhead & Standard cost per unit & & \\ \hline \end{tabular} 2 Compute thematerials and labor variances for theyear Calculation of materials costs: Actual quantity of DM purchased at actual unit price Actual quantity of DM purchased at standard unit price Actual quantityof DMused at standard price Standard quantity of DMallowed for output at standard unit price Calculation of materials variances: Unfavorable (Favorable) Pricevariance Quantity variance Totals materials variance Calculation of labor costs: Actual hours of labor at actual rate Actual hours of labor at standard rate Standard quantity of DL allowed for output at standard unit price Calculation of labor variances: Unfavorable Rate(Price) variance Efficiency (Quantity) variance Total labor variance 3 Computetheoverhead controllable and volumevariances for theyear. Calculation of overhead costs: Actual overhead Flexible budgetoverhead Overhead costapplied to work-in-process Calculation of overhead variances: Unfavorable Overhead controllablevariance Overhead volumevariance Total overhead variance 4 Please explain below the fbed overhead volumevariance

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

Ethics And Auditing

Authors: Tom Campbell, Keith Houghton

1st Edition

1920942254, 978-1920942250

More Books

Students also viewed these Accounting questions

Question

What is the effect of word war second?

Answered: 1 week ago