Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE HELP With everything that has a X next to it!!! Thank you in advance!!!! 3. Compute the fixed overhead spending and volume variances. begin{tabular}{lll}

PLEASE HELP With everything that has a X next to it!!! Thank you in advance!!!!

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

3. Compute the fixed overhead spending and volume variances. \begin{tabular}{lll} Spending Variance & $ & \\ Volume Variance & $ & \end{tabular} 4. Compute the variable overhead spending and efficiency variances. Spending Variance $ Efficiency Variance $ If an amount box does not require an entry, leave it blank. a. b. Work in Process Direct Materials Usage Variance Materials 530,400 c. Work in Process Direct Labor Efficiency Variance Direct Labor Rate Variance Wages Payable 183,600 ,4,400 d. \begin{tabular}{|c|c|c|} \hline 47,930 & x & \\ \hline & & 17,430 \\ \hline & & 30 \\ \hline \end{tabular} e. f. Prepare journal entries for the closing out of variances to Cost of Goods Sold. Post amounts from highest to lowest. If an amount box does not require an entry, leave it blank. First, close direct materials and direct labor variances: Feedback Check My Work 5. f. The variances are closed to Cost of Goods Sold. Then FOH and VOH are recognized. Last, the Control variances are closed to COGS. Second, recognize the overhead variances: Post amounts from highest to lowest. If an amount box does not require an entry, leave it blank

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

2. Use a point system or model papers when grading essays.

Answered: 1 week ago