Looking for help with Part C and D as A and B are already completed. please show work and provide the steps to the answer.
The check mark indicates the answer is correct, the X is where I am looking for help. Thank you for your guidance.
3/16/2019 QUESTION4Not complet Mark 78.00 out of 89.00 Variances, Entries, and Income Statement A summary of Blake Company's manufacturing variance report for June 2016 follows. Total Standard Costs (7,600 units) Actual Costs (7,600 units) Variances $65,100 $780 F 52,800 5,280 U Direct material Direct labur ariable ovcrhcad rixed overhead 1,520 31,200 102,600 5281,200 33000 1,200 $283,500 $2,300 U Standard material cost per unit of product is 4 pounds at $2.20 per pound, and standard direct labor cost is 0.75 hours at $13.60 per hour. Total actual material cost represents 31,000 pounds purchased at $2.10 per pound. Total actual labor cost represents 6,000 hours at $13.80 per hour. According to standards, variable overhead rate is applied at $6 per direct labor hour (based on a normal capacity of 6,000 direct labor hours or 8,000 units of product). Assume that all fixed overhead is applied to work in progress inventory a. Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either F" for Favorable or "U" for Unfavorable Materials Variances ctual crst: $ 55,100 Split cost: 58.200 landard cast 6883 V Materias price 310 Materials efficency 320VUu Labor Variances Actual tast $82,900 Split cost: $81,600 Labar rate Iabor efficiency S00U Variable Overhead Variances Actual cost S 33,000 Split cost $ 35.000 Srandard cost: 34.200 Variable uerhead spendine3F 2/4 316/2019 Varlable Overhead Varianccs Variable averhead efficiency100U b. Prepare general journal entries to record standard costs, actual costs, and related variances for material, labor, and overhead. General Journal Debit Credit Materials iveury Mater als price variance 3,100 Accounts payahle 65,100 To recard the purchases of direct materials Work in process inventory 66,480 Materials effiriyvarlance ,320 Materials inventary 68,200 To record the use of direct materials Mork in process inventary 7,520 Labor rate arianc 1,200 Labur efficieny veriance ,08 V Wages payable 82.800 To record direct latbar cosis and related cost variances Work in prots inveritery 4200 Vatiable overhcad efficlenay varlance 1,800 anable e-head spending variarceV 3000 Manutatruing owerhead 33,000 To apply variabla oerhead to work in progress and ecord reluted cast ariances Wark iri process inventory 02.600 Manufacturing overhead 02,600 To apply fored averhead to work in progress C. Prepare journal entries to record the transfer of all completed units to Finished Goods Inventory and the subsequent sale of 6,400 units on account at $60 each (assume no beginning finished goods inventory). General Journal Description Debit Credit Finished goods innwetary Work in process inentory To rerard compot on of units Ssles 384000 3/4 3/16 04n General Journal Description Debit Credit Sales 54,000 Tolecord sale Qunits Cost of goods sold inished goads inventory To record cost of units d. Prepare a partial income statement (through gross profit on sales) showing gross profit based on standard costs, the incorporation of variances, and gross profit based on actual costs. Do not use negative signs with any of your answers below Blake Company Partial Income Statement For the Month Ended Junve 30, 2016 Sales 384,000 Cast af goxis at standard cost Gimss prafit at standard cast Net cast varianc Material Labor Varlable overhear Gross profitatcul coe Check Partially correct Marks for this submission: 78.00/89.00 4/4
