Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. Maple Leaf produced and sold 90,000 tires for $46 each. Budgeted production was 94,000 tires. Standard variable costs per tire follow. Direct materialst 4 pounds at $3.00 Direct labor 0.55 hours at $19.00 Variable production overhead: 0.23 machine-hours at $15 per hour Total variable costs $12.00 10.45 3.45 $25.90 Fixed production overhead costs: Monthly budget $1,410,000 Fixed overhead is applied at the rate of $16.00 per tire. Actual production costs: Direct materials purchased and used: 385,000 pounds at $1.80 Direct labor: 45,000 hours at $19.30 Variable overhead 22,000 machine-hours at $15.30 per hour Fixed overhead 693,000 868,500 336,600 1,411,000 Required: a. Prepare a cost variance analysis for each variable cost for Maple Leaf Productions b. Prepare a fixed overhead cost variance analysis. c. (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to cost of goods sold at the end of the operating period Required: a. Prepare a cost variance analysis for each variable cost for Maple Leaf Productions. b. Prepare a fixed overhead cost variance analysis. C. (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to cost of goods sold at the end of the operating period. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare a cost variance analysis for each variable cost for Maple Leaf Productions. (Indicate the effect of each variance by selecting "F* for favorable, or "U" for unfavorable. If there is no effect, do not select either option) Direct Materials Direct Labor Variable Overhond Actual costs $ 693,000 $ 868,500 $ 336,600 Actual inputs at standard price $ 1,155,000 $ 855,000 $ 330,000 Flexible budget $ 1,080,000 $ 940,500 $ 310,500 Price variance $ 462,000 $ 13,500 $ 6,60010 Efficiency variance $ 75.000 $ 85,500 $ 19,500 Cost variance $ 387,000 $ 72,000 $ 26,100U Required B > Required: a. Prepare a cost variance analysis for each variable cost for Maple Leaf Productions. b. Prepare a fixed overhead cost variance analysis. c. (Appendix) Prepare the Journal entries to record the activity for the last period using standard costing. Assume that all variances are closed to cost of goods sold at the end of the operating period. Complete this question by entering your answers in the tabs below. Required A Required Required Prepare a fixed overhead cost variance analysis, (Indicate the effect of each varlance by selecting "** for favorable, or "U" for unfavorable. If there is no effect, do not select either option) Total fondoverhead cost variance
