Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

J&W Corporation manufactures a new electronic game console. The current standard cost sheet for a game console follows. Direct materials, ? kilograms at $8 per

J&W Corporation manufactures a new electronic game console. The current standard cost sheet for a game console follows.

Direct materials, ? kilograms at $8 per kilogram $ ? per game
Direct labor, 0.75 hours at ? per hour ? per game
Overhead, 0.75 hours at ? per hour ? per game
Total costs $ 41 per game

Assume that the following data appeared in J&Ws records at the end of the past month.

Actual production 60,000 units
Actual sales 57,000 units
Materials (130,000 kilograms) ?
Materials price variance 57,000 U
Materials efficiency variance 56,000 U
Direct labor price variance 48,000 U
Direct labor (40,000 hours) 728,000
Underapplied overhead (total) 19,800 U

There are no materials inventories.

Required:

a-1. Complete the standard cost sheet for a game console given below. a-2. Prepare a variance analysis for direct materials and direct labor. b. Assume that all production overhead is fixed and that the $19,800 underapplied is the only overhead variance that can be computed. What are the actual and applied overhead amounts?

image text in transcribedimage text in transcribedimage text in transcribed

Complete this question by entering your answers in the tabs below. Reg A1 Req A2 Req B Complete the standard cost sheet for a game console given below. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Direct materials Direct labor, 0.75 hours at Overhead, 0.75 hours at Total costs kilograms at $8 per kilogram per hour per hour per game per game per game 41 per game Reg A1 Reg A2 Reg B Prepare a variance analysis for direct materials and direct labor. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either optio Direct materials: Price variance Efficiency variance Direct labor: Price variance Efficiency variance Complete this question by entering your answers in the tabs below. Reg A1 Req A2 Reg B Assume that all production overhead is fixed and that the $19,800 underapplied is the only overhead variance that can be computed. What are the actual and applied overhead amounts? Overhead Actual Applied Complete this question by entering your answers in the tabs below. Reg A1 Req A2 Req B Complete the standard cost sheet for a game console given below. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Direct materials Direct labor, 0.75 hours at Overhead, 0.75 hours at Total costs kilograms at $8 per kilogram per hour per hour per game per game per game 41 per game Reg A1 Reg A2 Reg B Prepare a variance analysis for direct materials and direct labor. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either optio Direct materials: Price variance Efficiency variance Direct labor: Price variance Efficiency variance Complete this question by entering your answers in the tabs below. Reg A1 Req A2 Reg B Assume that all production overhead is fixed and that the $19,800 underapplied is the only overhead variance that can be computed. What are the actual and applied overhead amounts? Overhead Actual Applied

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_2

Step: 3

blur-text-image_3

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

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

7th Edition

978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018

More Books

Students also viewed these Accounting questions