please double check my multiple choice at the bottom as well. Thanks!
The Monroe Corporation manufactures tamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor Click the loon to view the standards) The number of finished units budgeted for January 2017 was 9,980, 0.000 units were actually produced Click the icon to view actual data) Assume that there was no beginning inventory of other direct materials or finished units. During the month, materials purchased amounted to 99,800 b., at a total cost of $489,020 Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Read the requirements Requirement 1. Compute the January 2017 price and efficiency variance of direct materials and direct manufacturing labor. Let's begin by calculating the actual input at the budgeted price (Round your answers to the nearest whole dollar) Actual Input * Budgeted price Cost Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Next determine the formula and calculate the costs for the fexble budget - Fete budget cost Direct materials Direct manufacturing labor Now compute the price and efficiency variances for direct materials and direct manufacturing labor Labelcach variance as favorable For unfavorable (U) Eman Drine Choose from any ist or enter any number in the input fields and then continue to the next question Save for later direct materials and direct manufacturing labor. materials purchased amounted to 99,800 lb., at a total costo (Click the icon to view the standards.) upon purchase. Input-efficiency variances are isolated at the The number of finished units budgeted for January 2017 was 9,980; 9,900 units were actually produced. Read the requirements Click the icon to view actual data.) Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price Efficiency variances variances Direct materials Direct manufacturing labor Requirement 2. Prepare journal entries to record the variances in requirement 1. Prepare the journal entry for the direct materials price variance. (Record dobits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Save for Later MacBook Pro FI 30 F3 direct materials and direct manufacturing labor. (Click the icon to view the standards.) The number of finished units budgeted for January 2017 was 9,980; 9,900 units were actually produced. Click the icon to view actual data.) materials purchased amounted to upon purchase. Input-efficiency v Read the requirements. Date Accounts Debit Credit Next prepare the journal entry for direct materials efficiency variance. Journal Entry Date Accounts Debit Credit Now prepare the journal entry for direct manufacturing labor price and efficiency variances Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later MacBook Pro Now prepare the journal entry for direct manufacturing labor price and efficiency ances Journal Entry Accounts Date Debit Credit Requirement Comment on the January 2017 price and efficiency variances of Monroe Corporation A key point is that all of these efficiency variances are kely to be insigtcart They are so small as to be nearly meaninglese Puctutions about standards are bound to occurha random fashion Practically from a control viewpoint a standard is a band or range of comptable performance rather than a single figure measure Choose from any or enter any number in the input fields and then continue to the next question Save for Lator MacBook Pro F # 3 $ 4 % 5 & 7 6 8 9 2 T Q O P E R W YU ob . S D F G H Rock N M c 7 . Journal Entry Accounts Date Debit Credit Requirement 3. Comment or the January 2017 price and efficiency variances of Monroe Corporation A key point is that all of these efficiency variances are likely to be insignificant They are so small as to be nearly meaningless Fluctuations about standards are bound to occur in a random Gashion Practically, from a control viewpoint, a standard is a band or range of acceptable performance rather than a single figure measure Requirement 4. Why might Morro calculate direct materias prie variances and direct materials offers variances with reference to different points in time? The purchasing point is where responsibility for price varios is found most ofan. The production point is where responsibility for efficiency variance is found most often Monroe Corporation may calculate varias different points in time to do in with the different responsibility was Choose from any store any number in the inputs and then continue to the next to Save for at MacBook Pro 11 $ 7 2 3 % 5 6 7 8 9 O W E R T Y U O P S G I J K L N C V B N . 18 Journal Entry Date Accounts i Standards - Actual Data Direct materials: 10 lb. at $4.80 perib Direct manufacturing labor: 0,5 hour at $29 per hour $ 48.00 14.50 Actual results in January 2017 were as follows: Direct materials: 98,000 lb. used Direct manufacturing labor: 4,900 hours $ 150,675 Print Done Fluctuation bsure. Print Done ariances and direct materials efficiency variances with reference to different points in time? The purchasing point is where responsibility for price variances is found most often. The production point is where responsibility for efficiency variances is variances at different points in time to tie in with the different responsibility areas Choose from any list or enter any number in the input fields and then continue to the next question Save for Later MacBook Pro esc FI 30 F3 F 11 $ % & 2 3
