Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

solve for yellow boxes in first 2 pics (15.01 -15.04, what was the variable overhead efficiency variance, what was the variable OH spending variance, what

solve for yellow boxes in first 2 pics (15.01 -15.04, what was the variable overhead efficiency variance, what was the variable OH spending variance, what is the fixed OH volume variance, what is the fixed OH spending variance) rest of the pics are other relevant info, not too sure what is needed

image text in transcribed

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Standard Job Order Costing - Variance Analysis Special order lamps are manufactured in division S. Because of the precise nature of the process a standard cost system has been developed. The following standards are used for the special orders: $16.000000 per lamp Lamp Kits Direct Labor Variable Overhead 2.400000 per lamp (4 lamps/hr.) 0.250000 per lamp (4 lamps/hr.) *Fixed Overhead 10.000000per lamp 28.650000 Total "Fixed overhead is based on expected production of 4,007 customized lamps each month. To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) while entries are made to the accounting system at standard. Variance analysis is used to analyze the differences Job Order Costing Section On January 1, 20x2, Division S began Job 1101 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,125 Lamp Kits$16.30 per kit. 9-Jan 4,200 sets of Lamp Kits were requisitioned. 17-Jan Payroll of 590 Direct Labor Hours $9.55 per hour. 30-Jan Payroll of 640 Direct Labor Hours $9.80 per hour. 30-Jan 3,993 lamps were completed and shipped. All materials requisitioned were used or scrapped. Actual Variable Overhead Actual Fixed Overhead $ 1,107.00 $ 40,123.45

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

Accounting For Decision Making And Control

Authors: Jerold Zimmerman

5th Edition

0072975865, 978-0072975864

More Books

Students also viewed these Accounting questions