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Wailis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relles on direct labor hours as the allocation base. All of the company's manufacturing overhead costs are fixed-it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2.892.000 of fixed manufacturing overhead for an estimated allocation base of 289,200 direct labor-hours. Walis does not maintain any beginning or ending work in process inventory The company's beginning balance sheet is as follows: Wallis Company Balance Sheet 1/1/XX (dollars. In thousands) Assets Cash $ 820 Riw materials inventory 270 Finished goods inventory 398 Property, plant, and equipment, net 9.780 Total assets $11,180 Liabilities and Equity Retained earnings $11.180 Total Liabilities and equity 511.180 The company's standard cost card for its only product is as follows: (1) (2) Standard Standard Quantity Price Inputs or Hoursor Rate Direct baterials 2 pounds $ 32. 4e per pound Direct labor 3.00 hours $15.00 per hour Fixed manufacturing overhead 3.00 hours $10.00 per hour Total standard cost per unit Standard Cost (1) (2) $64.80 45.00 30.00 5139. During the year Wallis completed the following transactions During the year Walls completed the following transactions: a. Purchased (with cash) 236,000 pounds of raw material at a price of $30.70 per pound. b. Added 218,000 pounds of raw material to work in process to produce 96,200 units. c. Assigned direct labor costs to work in process. The direct laborers (who were paid in cash) worked 247,400 hours at an average cost of $16.00 per hour to manufacture 96,200 units d. Applied fixed overhead to work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed to manufacture 96,200 units. Actual fixed overhead costs for the year were $2,746,000 of this total, $1,352,000 related to items such as insurance, utilities, and salaried indirect laborers that were all paid in cash and $1,394,000 related to depreciation of equipment. e. Transferred 96,200 units from work in process to finished goods. f. Sold (for cash) 93,200 units to customers at a price of $170 per unit 9. Transferred the standard cost associated with the 93,200 units sold from finished goods to cost of goods sold. h. Pald $2,126,000 of selling and administrative expenses. 1. Closed all standard cost variances to cost of goods sold. Required: 1. Compute all direct materials, direct lobor, and fixed overhead variances for the year. 2. Record transactions a through Ifor Walls Company, 3. Compute the ending balances for Wallis Company's balance sheet. 4. Prepare Wallis Company's income statement for the year. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Bowen Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. Its predetermined overhead rate includes $1,000,000 of fixed overhead in the numerator and 50,000 direct labor-hours in the denominator. The company purchased (with cash) and used 53,000 yards of raw materials at a cost of $11.40 per yard. Its direct laborers worked 20,800 hours and were paid a total of $291,600. The company started and completed 9,700 units of finished goods during the period. Bowen's standard cost card for its only product is as follows: (1) (2) Standard Standard Standard Quantity or Price Cost Inputs Hours or Rate (1) X 2) Direct materials 4.6 yards $18.00 per yard Direct labor 4.0 hours $14.00 per hour Fixed manufacturing overhead 4.0 hours $20.00 per hour 80.00 Total standard cost per unit $ 82.80 56.00 $218.80 Required: 1. When recording the raw material purchases: a. The Raw Materials inventory will increase (decrease) by how much? b. The Cash will increase (decrease) by how much? 2. When recording the raw materials used in production: The Raw Materials inventory will increase (decrease) by how much? b. The Work in Process inventory will increase (decrease) by how much? 3. When recording the direct labor costs added to production: a. The Work in Process inventory will increase (decrease) by how much? b. The Cash will increase (decrease) by how much? 4. When applying fixed manufacturing overhead to production, the Work in Process inventory will increase (decrease) by how much? 5. When transferring manufacturing costs from Work in Process to Finished Goods, the Finished Goods inventory will increase (decrease) by how much? Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $2.20 per direct labor-hour and the budgeted fixed manufacturing overhead is $279,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $3,50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $12.10 per hour. The company planned to operate at a denominator activity level of 45,000 direct labor-hours and to produce 30,000 units of product during the most recent year. Actual activity and costs for the year were as follows: Actual number of units produced Actual direct labor-hours worked Actual variable manufacturing overhead cost incurred Actual fixed manufacturing overhead cost incurred 36,000 58.580 $ 87,750 $ 321,750 Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements, 2. Prepare a standard cost card for the company's product 3a. Compute the standard direct labor hours allowed for the year's production 3b. Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances Complete this question by entering your answers in the tabs below. Reg 4 Regi Reg 2 Reg 35 ReQ 3A Complete the following Manufacturing Overhead T-account for the year Primara Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below. Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours (denominator level of activity) Actual direct labor-hours Standard direct labor-hours allowed for the actual output $ 481,600 $ 472,000 56,000 57,000 54,800 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round Fixed portion of the predetermined overhead rate to 2 decimal places.) 2. Compute the fixed overhead budget variance and volume variance (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance.), Input all amounts as positive values.) per DLH 1. Found portion of the predetermined overhead rate 2. Budget variance Volume variance Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy: Direct materials: 7 microns per toy at $0.32 per micron Direct labor: 11 hours per toy at $6.80 per hour During July, the company produced 4,600 Maze toys. The toy's production data for the month are as follows: Direct materials: 80,000 microns were purchased at a cost of $0.30 per micron. 39,750 of these microns were still in inventory at the end of the month Direct labor. 5,460 direct labor-hours were worked at a cost of $39,312 Required: 1. Compute the following variances for July: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Round final answer to the nearest whole dollar amount.) a. The materials price and quantity variances b. The labor rate and efficiency variances. nchs 1a. Material price variance Material quantity variance 1b. Laborrate variance Labor efficiency valanon Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a customer, the order is forwarded to Logistics Solutions, which pulls the item from storage, packs it, and ships it to the customer. The company uses a predetermined variable overhead rate based on direct labor-hours. In the most recent month, 170,000 items were shipped to customers using 7,100 direct labor-hours. The company incurred a total of $23,430 in variable overhead costs. According to the company's standards, 0.03 direct labor-hours are required to fulfill an order for one item and the variable overhead rate is $3,35 per direct labor-hour. Required: 1. What is the standard labor hours allowed (SH) to ship 170,000 items to customers? 2. What is the standard variable overhead cost allowed (SH SR) to ship 170,000 items to customers? 3. What is the variable overhead spending variance? 4. What is the variable overhead rate variance and the variable overhead efficiency variance? (For requirements 3 and 4, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie. zero variance). Input all amounts as, positive values. Do not round intermediate calculations.) 1 Standard quantity of labor hours allowed 2 Standard variable overhead cost allowed 3. Variable overhead spending variance 4. Variable overhead rate variance Variable overhead efficiency variance Required: 1. When recording the raw material purchases: a. The Raw Materials inventory will increase (decrease) by how much? b. The Cash will increase (decrease) by how much? 2. When recording the raw materials used in production: a. The Raw Materials inventory will increase (decrease) by how much? b. The Work in Process inventory will increase (decrease) by how much? 3. When recording the direct labor costs added to production: a. The Work in Process inventory will increase (decrease) by how much b. The Cash will increase (decrease) by how much? 4. When applying fixed manufacturing overhead to production, the Work in Process inventory will increase (decrease) by how much? 5. When transferring manufacturing costs from Work in Process to Finished Goods, the Finished Goods inventory will increase (decrease) by how much? Ta The raw materials will 1b. The cash will 20. The raw materials will 2b. The work in process will 3a The work in process will 3b. The cash will 4 The work in process will 5 The finished goods will by by by by by by by by