Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. . Maple Leaf produced and sold 95,000 tires for $50 each. Budgeted production was 99,000 tires. Standard variable costs per tire follow. Direct materials: 4 pounds at $2.00 Direct labor: 0.45 hours at $17.00 Variable production overhead 0.30 machine-hours at $16 per hour Total variable costs $ 8.00 7.65 4.80 $20.45 . es Fixed production overhead costs: Monthly budget $1,395,000 . Fixed overhead is applied at the rate of $15.00 per tire. Actual production costs: Direct materials purchased and used: 389,000 pounds at $1.70 Direct labor: 41,500 hours at $17.30 Variable overhead 29,000 machine-hours at $16.30 per hour Pixed overhead $ 661,300 717,950 472,700 1,396,000 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. Fixed overhead is applied at the rate of $15.00 per tire. Actual production costs: Direct materials purchased and used: 389,000 pounds at $1.70 Direct labor: 41,500 hours at $17.30 Variable overhead: 29,000 machine-hours at $16.30 per hour Fixed overhead $ 661,300 717,950 472,700 1,396,000 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C 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 Achual costs Actual inputs at standard price Flexible budget Price variance Efficiency variance Cost variance Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. Maple Leaf produced and sold 95,000 tires for $50 each. Budgeted production was 99,000 tires. Standard variable costs per tire follow. Direct materials: 4 pounds at $2.00 Direct labort 0.45 hours at $17.00 Variable production overhead: 0.30 machine-hours at $16 per hour Total variable coats $ 8.00 7.65 4.80 $20.45 Fixed production overhead costs: Monthly budget $1,395,000 Fixed overhead is applied at the rate of $15.00 per tire. Actual production costs: Direct materials purchased and used 389,000 pounds at $1.70 Direct labori 41,500 hours at $17.30 Variable overhead 29,000 machine-hours at $16.30 per hour Fixed overhead $ 661,300 717,950 472,700 1,396,000 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 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.) ces Direct Materials Direct Labor Variable Overhead Actual costs Actual inputs at standard price Flexible budget Price variance Efficiency variance Cost variance Regu Required B > Chapter 16 & Appendix i Saved $ Direct materials purchased and used: 389,000 pounds at $1.70 Direct labor: 41,500 hours at $17.30 Variable overhead: 29,000 machine-hours at $16.30 per hour Fixed overhead 661,300 717,950 472,700 1,396,000 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 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 C 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. Assume that all variances are closed to cost of goods sold at the end of the operating period. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet G H ... .... H G BE B G EF
