ind Del For Home Insert Draw Page Layout Formulas Data Review View Tell me Times New Roman 12 ' General Conditional Formatting Format as Table B I U AA $ %) Call Styles 28 oxfx D E F tandard Costing (38 marks - 45 minutes) After graduation from the Business Accounting program at Algonquin college, you proudly accepted a well paying position as a cost accountant for lazing Manufacturing located in Toronto, Ontario. The following is the standard card for the company's only product: G per Unit Manufacturing Costs Direct materials (metres) Direct labour (DL Hrs) Variable overhead (DL Hrs) Fixed overhead (DL Hrs) Standard cost per unit Standard Qty or Standard Price Standard Cost Hrs or Rate 4,0 $ 4.00 $ 16.00 1.5 s 10.00 15.00 1.5 S 3.00 4.50 1.5 S 7.00 10.50 $ 46.00 157.500 Budgeted Denominator activity level monthly (DL. Hrs) 22,500 Budgeted Fixed overhead costs monthly s or the past month of February 2021, the company proudly manufactured and sold 18,005 units. Variable and fixed manufacturing verhead costs are applied to products on the basis of direct labour hours. All raw materials are direct materials, there are no indirect naterials. Additional actual manufacturing results, provided from the Controller, Dylan Conway, include: $ 4.20 per metre Direct materials purchased (metres) Beginning inventory of direct materials (metres) Ending inventory of direct materials (metres) Direct labour Fixed overhead costs Variable overhead costs Standard Costing Reporting for Control - Part A Metresor Hous 70,198 $ 22,100 22,000 29,252 $ S s 9.75 per hour 155,955 90,000 INSTRUCTIONS Reporting for Control - Part B + Ready Home Insert Draw Page Layout Formulas Data Review View Tell me Times New Roman 12 - A A 2 th General Paste Inser B I $ % ) 38 -28 Conditional Formatting Format as Table Cell Styles Delo D28 Form F H 19 20 1 2 3 4 4.20 per metre Direct materials purchased (metres) Beginning inventory of direct materials (metres) Ending inventory of direct materials (metres) Direct labour Fixed overhead costs Variable overhead costs Metess or Hous 70,198 $ 22,100 22,000 29,252 5 $ $ 9.75 per hour 155,955 90,000 Required: ME Conway has asked you to determine the following results for February 2021: 1. For direct materials Price and quantity variances Price Variance Quantity Variance b. Joumal entries to record activity Accounts Joumal Entries D INSTRUCTIONS Te record the purchase of raw materials Standard Costing Reporting for Control - Part A Reporting for Control - Part B . D28 > fx D E B A Journal Entries Accounts Dr 37 38 39 40 41 42 To record the purchase of raw materials 43 46 47 To record the usage of raw materials in production 48 49 50 51 2. For direct labour 52 1. Rate and efficiency variances 53 Rate Variance Efficiency Variance b. Joumal entry to record labour activity 54 55 56 57 58 59 60 Joumal Entry Accounts DI 61 62 63 INSTRUCTIONS Standard Costing Reporting for Control - Part A Ready Reporting for Control - Part B Paste 000 BIU fx D E B A Journal Entries Accounts Dr 37 38 39 40 41 42 To record the purchase of raw materials 43 46 47 To record the usage of raw materials in production 48 49 50 51 2. For direct labour 52 1. Rate and efficiency variances 53 Rate Variance Efficiency Variance b. Joumal entry to record labour activity 54 55 56 57 58 59 60 Joumal Entry Accounts DI 61 62 63 INSTRUCTIONS Standard Costing Reporting for Control - Part A Ready Reporting for Control - Part B Paste 000 BIU
