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THIS IS A ONE QUESTION ONLY!! formula sheet

formula sheet

QUESTION 11

STANDARD COSTING FORMULA SHEET 1. Material/Labor Variances: Actual Costs Incurred: Flexible Flexible Budget: Budget: Standard Input Allowed for Actual Input x Actual Output x Actual Input Standard Price/Rate Standard Price/Rate Actual Price/Rate Price/Rate Variance Efficiency Variance Flexible Budget Variance 1. Factory Overhead Variances: 1. Factory Overhead Variances: Flexible Budget: Applied: Flexible Budget Standard Input Allowed for Actual Standard Input Allowed for Actual Output x Actual Costs Actual Input x Output x Standard Rate Incurred Standard Rate Standard Rate Production Volume Spending Variance Efficiency Variance Variance Flexible Budget Variance Production Volume Variance Total Overhead Variance Question 11 15 pts EFG Corporation's packaging department for the month of December has the following data: Units Completion 40% WIP as of Dec. 1 Started to Process WIP as of Dec. 31 No. of Units 250 3.500 500 65% Costs WIP as of Dec. 1 Material Conversion Cost Costs added to Production Material Conversion Cost 9.000 6.750 525,600 619,800 strist at the heining of the process. 30% at 75% of the process and the rest at EFG Corporation Cost of Production Report For the month ended December Department WDM EPM WDC EPC Finished and transferred to Units the next department Total Units transferred WIP. End Total Units as Accounted for Unit Cost Cost Analysis Amount Cost incurred during the month Material Labor Overhead Total cost to be Accounted for Amount Finished and transferred to the next department Total Cost of Transfer Cost incurred during the month Material Labor Overhead Total cost to be Accounted for Amount Finished and transferred to the next department Total Cost of Transfer WIP. Ending Cost from previous department Cost this month Total Cost as Accounted for STANDARD COSTING FORMULA SHEET 1. Material/Labor Variances: Actual Costs Incurred: Flexible Flexible Budget: Budget: Standard Input Allowed for Actual Input x Actual Output x Actual Input Standard Price/Rate Standard Price/Rate Actual Price/Rate Price/Rate Variance Efficiency Variance Flexible Budget Variance 1. Factory Overhead Variances: 1. Factory Overhead Variances: Flexible Budget: Applied: Flexible Budget Standard Input Allowed for Actual Standard Input Allowed for Actual Output x Actual Costs Actual Input x Output x Standard Rate Incurred Standard Rate Standard Rate Production Volume Spending Variance Efficiency Variance Variance Flexible Budget Variance Production Volume Variance Total Overhead Variance Question 11 15 pts EFG Corporation's packaging department for the month of December has the following data: Units Completion 40% WIP as of Dec. 1 Started to Process WIP as of Dec. 31 No. of Units 250 3.500 500 65% Costs WIP as of Dec. 1 Material Conversion Cost Costs added to Production Material Conversion Cost 9.000 6.750 525,600 619,800 strist at the heining of the process. 30% at 75% of the process and the rest at EFG Corporation Cost of Production Report For the month ended December Department WDM EPM WDC EPC Finished and transferred to Units the next department Total Units transferred WIP. End Total Units as Accounted for Unit Cost Cost Analysis Amount Cost incurred during the month Material Labor Overhead Total cost to be Accounted for Amount Finished and transferred to the next department Total Cost of Transfer Cost incurred during the month Material Labor Overhead Total cost to be Accounted for Amount Finished and transferred to the next department Total Cost of Transfer WIP. Ending Cost from previous department Cost this month Total Cost as Accounted for