please help me with the requirments of this question. i'm really stuck
Anderson 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: (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.) Requirements - Xirect materials DM price variance - fect materials DM quantity variance 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 variance 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 oh es as positive numbers. Enter currency s as favorable (F) or unfavorable (U). ) = DL rate variance Print Done kt question O a Tlowing data represent the standard unit cost of a jacket (Click the icon to view the cost data) ead the require - X Data Table equirement mounts to the Abbreviations e numbers F) or unfav Begin by deterd ( DM pr $ Now determine 11 DM qU Direct materials 3.0 sq ft x $4.15 per sq. ft.) $ 12.45 Direct labor 2.0 hours x $9.70 per hour) 19.40 Manufacturing overhead: Variable ( 20 hours x $0.68 per hour) 1.36 4.40 5.76 Fixed ( 20 hours x $2.20 per hour) $ 37.61 Total standard cost per jacket Fixed overhead in total was budgeted to be $62,820 for each month 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 Requirement amounts to the Abbreviations y umbers. Ent F) or unfavor Determine the DL rat Choose from a Print Done i e a a hp Anderson 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 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 X DM quantity variance X 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. x DL rate variance x Choose from any list or enter any number in the input fields and then continue to the next question. o BI a (hp) Anderson 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 (Click the icon to view the cost data) Read the requirements Determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. X ) = DL efficiency variance x Requirement 3. Compute the rate and efficiency variances 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 x Determine the formula for the efficiency variance, then compute the variable overhead efficiency variance. Variable overhead efficiency variance x x Requirement 4. Compute the fixed overhead budget variance and the fixed overhead volume vanance. (Enter the variances as positive Rau say yu ta #t N 4 4 4 mien Huuudule #1 | A When U- Choose from any list or enter any number in the input fields and then continue to the next question. a Anderson 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: Click the icon to view the cost data) Read the requirements 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 variance, then compute the budget variance for fixed overhead. 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 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 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 Choose from any list or enter any number in the input fields and then continue to the next question. BI O e a 8 9 o Anderson 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 Click the icon to view the cost data) Read the requirements 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 Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question ORI e a 54 o Anderson 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 (Click the icon to view the cost data) Read the requirements Joumalize the usage or direct materials, including the related variance Journal Entry Accounts Debit Credit Journalize the direct labor costs, including the related variances. (Record both direct labor variances by preparing a single compound entry) 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. OBA oo
