nufactures embroidered jackets. The company uses a standard cost system to control manufac e standard unit cost of a jacket the cost data.) i Requirements Is vor 1. Compute the price and quantity variances for direct materials 2. Compute the rate and efficiency variances for direct labor 3. Compute the rate and efficiency variances for variable overhead 4. Compute the fixed overhead budget variance and the fixed overhead volume Inice variance my uant 5. Company management intentionally purchased superior materials for November production How did this decision affect the other cost variances? Overall, was the decision wise? Explain 6. Journalize the usage of direct materials and the assignment of direct labor, including the related variances Inter Vorat td LE Print Done fol ) = DL rate ve 11 mention Data Table i X $ 12.45 ut Direct materials (3.0 sq. ft $4.15 per sq. ft) Direct labor (20 hours x $9 70 per hour) Manufacturing overhead 19.40 VO hel Variable (20 hours * $068 per hour) $ $ 1.36 4.40 5.76 Fixed (2.0 hours * $2.20 per hour) Irice $ 37.61 Total standard cost per jacket my Fixed overhead in total was budgeted to be $62,820 for each month uar mput mesto DL Actual data for November of the current year include the following a. Actual production was 14,000 jackets b. Actual direct materials used was 2.60 square feet per jacket at an actual cost of $4.30 per square foot (Assume the direct materials purchased is the same as the direct materials used.) c. Actual direct labor usage of 25,800 hours for a total cost of $252,840 d. Actual fixed overhead cost was $57,508, while actual variable overhead cost was $19,350 Inter vora ula fol fate Print Done Ist or Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket B Click the icon to view the cost data) Read the requirements Requirement 1. Compute the price and quantity variances for direct materials (Enter the variances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole dollar Label the variances as favorable (F) or unfavorable (U) Abbreviations used. DM = Direct materials) Begin by determining the formula for the price variance, then compute the price variance for direct materials DM price variance x Now determine the formula for the quantity variance and compute the quantity variance for direct materials > = DM quantity variance Requirement 2. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U) Abbreviations used: DL = Direct labor) Determine the formula for the rate vanance, then compute the rate variance for direct labor DL rale variance x Choose from any list or enter any number in the input fields and then continue to the next question Click the icon to view the cost data.) Read the requirements Requirement 2. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole dollar Label the variances as favorable (F) or unfavorable (U) Abbreviations used DL = Direct labor) Determine the formula for the rate variance, then compute the rate variance for direct labor DL rate variance Determine the formula for the efficiency variance, then compute the efficiency variance for direct labor DL efficiency variance Requirement 3. Compute the rate and efficiency vanances for variable overhead. (Enter the variances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole dollar Label the variances as favorable (F) or unfavorable (U)) Determine the formula for the rate variance, then compute the variable manufacturing overhead rate variance Variable overhead rate variance Choose from any list or enter any number in the input fields and then continue to the next question 2 Ruduo generis Variable overhead ) = fate variance Determine the formula for the efficiency vanance, then compute the variable overhead efficiency variance Vanable overhead * efficiency variance Requirement 4. Compute the fixed overhead budget variance and the fixed overhead volume variance (Enter the variances as positive numbers Label the variances as favorable (F) or unfavorable (U) Abbreviations used MOH = Manufacturing overhead) Determine the formula for the fixed overhead budget vartance, then compute the budget variance for fixed overhead Fixed MOH budget vanance Choose from any list or enter any number in the input fields and then continue to the next question. Read the requirements Fixed MOH = budget variance Determine the formula for the fixed overhead volume variance, then compute the volume variance for fixed overhead Fixed MOH volume variance Requirement 6. Company management intentionally purchased superior materials for November production How did this decision affect the other cost variances? Overall, was the decision wise? Explain The favorable Variances more than offset the unfavorablo variances. If the superior materials purchased for the November production decreased materials and labor usage, then management's decision was Requirement 6. Journalize the usage of direct materials and the assignment of direct labor, including the rolated variances (Record debits first, then credits Exclude explanations from any journal entrios) Read the requirements The favorable variances more than offset the unfavorable variances. If the superior materials purchased for the November production decreased materials and labor usage, then management's decision was Requirement 6. Journalize the usage of direct materials and the assignment of direct labor, including the related variances (Record debits first, then credits. Exclude explanations from any journal entries.) First, journalize the purchase of direct materials, including the related variance Journal Entry Accounts Debit Credit Journalize the usage of direct materials, including the related variance Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question hemen JOTUN M way or CCETTIGUNG, CUM FIO vurance Journal Entry Accounts Debit Credit Joumalize the direct labor costs, including the related variances (Record both direct labor variances by preparing as compound entry) Journal Entry Date Accounts Debit Credit nufactures embroidered jackets. The company uses a standard cost system to control manufac e standard unit cost of a jacket the cost data.) i Requirements Is vor 1. Compute the price and quantity variances for direct materials 2. Compute the rate and efficiency variances for direct labor 3. Compute the rate and efficiency variances for variable overhead 4. Compute the fixed overhead budget variance and the fixed overhead volume Inice variance my uant 5. Company management intentionally purchased superior materials for November production How did this decision affect the other cost variances? Overall, was the decision wise? Explain 6. Journalize the usage of direct materials and the assignment of direct labor, including the related variances Inter Vorat td LE Print Done fol ) = DL rate ve 11 mention Data Table i X $ 12.45 ut Direct materials (3.0 sq. ft $4.15 per sq. ft) Direct labor (20 hours x $9 70 per hour) Manufacturing overhead 19.40 VO hel Variable (20 hours * $068 per hour) $ $ 1.36 4.40 5.76 Fixed (2.0 hours * $2.20 per hour) Irice $ 37.61 Total standard cost per jacket my Fixed overhead in total was budgeted to be $62,820 for each month uar mput mesto DL Actual data for November of the current year include the following a. Actual production was 14,000 jackets b. Actual direct materials used was 2.60 square feet per jacket at an actual cost of $4.30 per square foot (Assume the direct materials purchased is the same as the direct materials used.) c. Actual direct labor usage of 25,800 hours for a total cost of $252,840 d. Actual fixed overhead cost was $57,508, while actual variable overhead cost was $19,350 Inter vora ula fol fate Print Done Ist or Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket B Click the icon to view the cost data) Read the requirements Requirement 1. Compute the price and quantity variances for direct materials (Enter the variances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole dollar Label the variances as favorable (F) or unfavorable (U) Abbreviations used. DM = Direct materials) Begin by determining the formula for the price variance, then compute the price variance for direct materials DM price variance x Now determine the formula for the quantity variance and compute the quantity variance for direct materials > = DM quantity variance Requirement 2. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U) Abbreviations used: DL = Direct labor) Determine the formula for the rate vanance, then compute the rate variance for direct labor DL rale variance x Choose from any list or enter any number in the input fields and then continue to the next question Click the icon to view the cost data.) Read the requirements Requirement 2. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole dollar Label the variances as favorable (F) or unfavorable (U) Abbreviations used DL = Direct labor) Determine the formula for the rate variance, then compute the rate variance for direct labor DL rate variance Determine the formula for the efficiency variance, then compute the efficiency variance for direct labor DL efficiency variance Requirement 3. Compute the rate and efficiency vanances for variable overhead. (Enter the variances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole dollar Label the variances as favorable (F) or unfavorable (U)) Determine the formula for the rate variance, then compute the variable manufacturing overhead rate variance Variable overhead rate variance Choose from any list or enter any number in the input fields and then continue to the next question 2 Ruduo generis Variable overhead ) = fate variance Determine the formula for the efficiency vanance, then compute the variable overhead efficiency variance Vanable overhead * efficiency variance Requirement 4. Compute the fixed overhead budget variance and the fixed overhead volume variance (Enter the variances as positive numbers Label the variances as favorable (F) or unfavorable (U) Abbreviations used MOH = Manufacturing overhead) Determine the formula for the fixed overhead budget vartance, then compute the budget variance for fixed overhead Fixed MOH budget vanance Choose from any list or enter any number in the input fields and then continue to the next question. Read the requirements Fixed MOH = budget variance Determine the formula for the fixed overhead volume variance, then compute the volume variance for fixed overhead Fixed MOH volume variance Requirement 6. Company management intentionally purchased superior materials for November production How did this decision affect the other cost variances? Overall, was the decision wise? Explain The favorable Variances more than offset the unfavorablo variances. If the superior materials purchased for the November production decreased materials and labor usage, then management's decision was Requirement 6. Journalize the usage of direct materials and the assignment of direct labor, including the rolated variances (Record debits first, then credits Exclude explanations from any journal entrios) Read the requirements The favorable variances more than offset the unfavorable variances. If the superior materials purchased for the November production decreased materials and labor usage, then management's decision was Requirement 6. Journalize the usage of direct materials and the assignment of direct labor, including the related variances (Record debits first, then credits. Exclude explanations from any journal entries.) First, journalize the purchase of direct materials, including the related variance Journal Entry Accounts Debit Credit Journalize the usage of direct materials, including the related variance Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question hemen JOTUN M way or CCETTIGUNG, CUM FIO vurance Journal Entry Accounts Debit Credit Joumalize the direct labor costs, including the related variances (Record both direct labor variances by preparing as compound entry) Journal Entry Date Accounts Debit Credit