Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. Maple Leaf produced and sold 92,000 tires for $40 each. Budgeted production was 96,000 tires. Standard variable costs per tire follow. Direct materials: 4 pounds at $3.00 Direct labor: 0.30 hours at $15.50 Variable production overhead: 0.20 machine-hours at $18 per hour Total variable costs $12.00 4.65 3.60 $20.25 . Fixed production overhead costs: Monthly budget $1,442,000 Fixed overhead is applied at the rate of $16.00 per tire. Actual production costs: Direct materials purchased and used 391,000 pounds at $2.70 Direct labor: 21,500 hours at $15.00 Variable overhead: 19,000 machine-hours at $18.30 per hour Fixed overhead $1,055, 700 339, 700 347, 700 1, 443,000 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 overhead Actual costs Actual inputs at standard price Flexible budget Price variance Efficiency variance Cost variance 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. nces Required A Required 8 Required Prepare a fixed overhead cost variance analysis, (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) Total fixed overhead cost variance Required A Required B Required C (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. A closed to cost of goods sold at the end of the operating period. (If no entry is required for a transaction/ required" in the first account field.) View transaction list Journal entry worksheet ..... Record entry for direct material costs payable and material variances. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal Required A Required B Required C (Appendix) Prepare the journal entries to record the activity for the last period using standard costin closed to cost of goods sold at the end of the operating period. (If no entry is required for a transact required" in the first account field.) View transaction list Journal entry worksheet A B C D E F G H L > Record entry for direct labor costs payable and labor variances. Note: Enter debits before credits. General Journal Debit Credit Event 2 Record entry Clear entry View general journal Required A Required B Required C (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume closed to cost of goods sold at the end of the operating period. (If no entry is required for a transaction/event, required" in the first account field.) View transaction list Journal entry worksheet Record the entry for variable overhead applied. Note: Enter debits before credits Event General Journal Debit Credit 3 Record entry Clear entry View general journal Required A Required B Required C (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. As closed to cost of goods sold at the end of the operating period. (If no entry is required for a transaction/e required" in the first account field.) View transaction list Journal entry worksheet Record the entry for variable overhead payable. Note: Enter debits before credits. Event General Journal Debit Credit 4 Record entry Clear entry View general journal Required A Required B Required C (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Ass closed to cost of goods sold at the end of the operating period. (If no entry is required for a transaction/eve required" in the first account field.) View transaction list Journal entry worksheet A B C D E F G H H .. L Record the variable overhead variances. Note: Enter debits before credits. Event General Journal Debit Credit 5 Record entry Clear entry View general journal Required A Required B Required C (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. closed to cost of goods sold at the end of the operating period. (If no entry is required for a transaction required" in the first account field.) View transaction list Journal entry worksheet Record the entry for fixed overhead applied. Note: Enter debits before credits. General Journal Event 6 Debit Credit Record entry Clear entry View general journal Required A Required B Required C (Appendix) Prepare the journal entries to record the activity for the last period using standard costir closed to cost of goods sold at the end of the operating period. (If no entry is required for a transact required" in the first account field.) View transaction list Journal entry worksheet Record entry to transfer finished goods to inventory. Note: Enter debits before credits. General Journal Debit Credit Event 9 Record entry Clear entry View general journal Required A Required B Required C (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. closed to cost of goods sold at the end of the operating period. (If no entry is required for a transaction required" in the first account field.) View transaction list Journal entry worksheet A E F G H 1 ..... J .... L > Record sales on accounts. Note: Enter debits before credits Event General Journal Debit Credit 10 Record entry Clear entry View general journal Required A Required B Required C (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. As closed to cost of goods sold at the end of the operating period. (If no entry is required for a transaction/e required" in the first account field.) View transaction list Journal entry worksheet Record cost of goods sold. Note: Enter debits before credits. Event General Journal Debit Credit 11 Record entry Clear entry View general journal Required A Required B Required C (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. A closed to cost of goods sold at the end of the operating period. (If no entry is required for a transaction/ required" in the first account field.) View transaction list Journal entry worksheet
