PART 7 Standard Job Order Costing-Variance Analysis Special order lamps are manufactured in division B. Because of the precise nature of the process, a standard cost system has been developed. The following standards are used for the special orders. ** Fixed overhead is based on expected production of 4013 customized lamps each month. To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) while entries are made to the accounting system at standard. Variance analysis is used to analyze the differences. Job Order Costing Section On January 1, 2023, Division B began Job 1101 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions cccurred from January 5 until the job was completed. Ref\# How many lamps were completed? Note: Show favorable variances as $##.#F and unfavorable variance as $####. (Round dollars to two places, \$\#\#.\#\#) \begin{tabular}{l} How much was actually paid for the \\ figurines purchased? \\ \hline How much should they have paid for number of \\ figurines purchased? \\ \hline What was the total material price variance for the \\ figurines purchased? \end{tabular} {15.01} \begin{tabular}{l} How many extra figurines did they use? \\ What was the material usage variances \\ for figurines? \\ \hline \end{tabular} \begin{tabular}{l} \hline How much was actually paid for the \\ electrical componets purchased? \\ \hline What was the standard price for the number of \\ electrical componets purchased? \\ \hline What was the material price variance for the \\ electrical componets? \\ \hline \end{tabular} units {15.02} $ {15.03} How many extra electrical components did they use? What was the material usage variance for electrical components? How many hours did it take to produce the the units produced? How many hours should it have taken to produce the units produced? How many extra hours did it take? What was the direct labor efficiency variance? {15.05} How much did the company pay for the hours worked? $ How much should the company pay for the hours Part 7 Ref. \# \begin{tabular}{l} How many extra hours did it take to produce the \\ 3,987 units? \\ \hline What was the variable overhead efficiency variance? \\ \hline \end{tabular} {16.01} \begin{tabular}{|l|} \hline How many hours did it actually take to make the products? \\ \hline How much did the company pay for the variable overhead? \\ \hline At the standard rate, what should the variable \\ overhead have cost? \\ \hline What was the variable overhead spending variance? \\ \hline \end{tabular} {16.02} \begin{tabular}{|l|} \hline What was the expected number of units to be produced? \\ \hline How many units were produced? \\ \hline How many units were under produced? \\ \hline What was the fixed overhead rate per unit? \\ \hline What is the fixed overhead volume (denominator) variance? \\ \hline \end{tabular} \begin{tabular}{|l|l} \hline & units \\ \hline & units \\ \hline & \\ \hline \end{tabular} {16.03} \begin{tabular}{|l|} \hline How much did the company pay for the fixed overhead? \\ \hline What was the fixed overhead budget? \\ \hline What was the fixed overhead spending variance? \\ \hline \end{tabular} $ $ {16.04} PART 7 Standard Job Order Costing-Variance Analysis Special order lamps are manufactured in division B. Because of the precise nature of the process, a standard cost system has been developed. The following standards are used for the special orders. ** Fixed overhead is based on expected production of 4013 customized lamps each month. To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) while entries are made to the accounting system at standard. Variance analysis is used to analyze the differences. Job Order Costing Section On January 1, 2023, Division B began Job 1101 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions cccurred from January 5 until the job was completed. Ref\# How many lamps were completed? Note: Show favorable variances as $##.#F and unfavorable variance as $####. (Round dollars to two places, \$\#\#.\#\#) \begin{tabular}{l} How much was actually paid for the \\ figurines purchased? \\ \hline How much should they have paid for number of \\ figurines purchased? \\ \hline What was the total material price variance for the \\ figurines purchased? \end{tabular} {15.01} \begin{tabular}{l} How many extra figurines did they use? \\ What was the material usage variances \\ for figurines? \\ \hline \end{tabular} \begin{tabular}{l} \hline How much was actually paid for the \\ electrical componets purchased? \\ \hline What was the standard price for the number of \\ electrical componets purchased? \\ \hline What was the material price variance for the \\ electrical componets? \\ \hline \end{tabular} units {15.02} $ {15.03} How many extra electrical components did they use? What was the material usage variance for electrical components? How many hours did it take to produce the the units produced? How many hours should it have taken to produce the units produced? How many extra hours did it take? What was the direct labor efficiency variance? {15.05} How much did the company pay for the hours worked? $ How much should the company pay for the hours Part 7 Ref. \# \begin{tabular}{l} How many extra hours did it take to produce the \\ 3,987 units? \\ \hline What was the variable overhead efficiency variance? \\ \hline \end{tabular} {16.01} \begin{tabular}{|l|} \hline How many hours did it actually take to make the products? \\ \hline How much did the company pay for the variable overhead? \\ \hline At the standard rate, what should the variable \\ overhead have cost? \\ \hline What was the variable overhead spending variance? \\ \hline \end{tabular} {16.02} \begin{tabular}{|l|} \hline What was the expected number of units to be produced? \\ \hline How many units were produced? \\ \hline How many units were under produced? \\ \hline What was the fixed overhead rate per unit? \\ \hline What is the fixed overhead volume (denominator) variance? \\ \hline \end{tabular} \begin{tabular}{|l|l} \hline & units \\ \hline & units \\ \hline & \\ \hline \end{tabular} {16.03} \begin{tabular}{|l|} \hline How much did the company pay for the fixed overhead? \\ \hline What was the fixed overhead budget? \\ \hline What was the fixed overhead spending variance? \\ \hline \end{tabular} $ $ {16.04}