Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Slick Corperation is a small producer of synthetic motor oil. During May, the company produced 5 , 0 0 0 cases of lubricant. Each case

image text in transcribed
Slick Corperation is a small producer of synthetic motor oil. During May, the company produced 5,000 cases of lubricant. Each case contains 12 quarts of synthetic oil. To achieve this level of production. Sllek purchased and used 16,500 gallons of direct materials at a cost of $20.292. It also incurred average direct labor costs of $15 per hour for the 4,082 hours worked in May by its production personnel. Manufacturing overhead for the month totaled $9,421, of which $2,200 was considered flxed. Slick's standard cost information for each case of synthetic motor oil is as follows:$2.00 per caseRequired:a. Compute the materials price and quantity variances.b. Compute the lebor rate and efficiency variances.c. Compute the manufacturing overhead spending and volume variances.d. Prepare the journal entries to:
Charge materials (as standard) to Work in Process.
Charge direct labor (at standard) to Work in Process.
Charge manufacturing overhead (at standard) to Work in Prkyass.
Transfer the cost of the 5,000 cases of synthetic motor oil pitduced in May to Finished Goods.
Close any over- or underapplied overhead to cost of goods sold.
Complete this question by entering your answers in the tabs below.
Required A
Required E
Requires D
Compute the matesials price and quantity variances.
Rote: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (1.e., zero variance), Do not round intermedlate calculations and round your final answers to the nearest whole dollar amount.
\table[[Aalerlals price verilance,$,1.158,Favorable],[Materinale quantity variasuce,$,(325),Unfayorable]]
please help with a,b,c,d
image text in transcribed

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

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

9th Edition

125972266X, 9781259722660

More Books

Students also viewed these Accounting questions

Question

What drives the actions of local first responders?

Answered: 1 week ago