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STANDARD JOB ORDER COSTING - VARIANCE Please help me with this problem with variance, I have the questions posted in the order you refer to
STANDARD JOB ORDER COSTING - VARIANCE
Please help me with this problem with variance, I have the questions posted in the order you refer to the numbers.
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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: Standards $9.500000 per lamp 1.300000 per lamp per lamp Figurines Electrical Sets Lamp Shade Direct Labor Variable Overhead 2 400000 per lamp (4 lamps/hr.) per lamp (4 lampslhr.) "Fised Overhead per lamp Total .. Fixed overhead is based on expected production of ##### customized lamps each month. To keep records of the actual cost of ajob, a Job Order Cost System has been developed. Entries are made to the Job Order System at actual cost loverhead 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 1,20H2, Division S began Job 1101for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5until the job w as completed: 5-Jan Purchased 4,075 figurines $9.70 per figurine 6-Jan Purchased 4,275 sets of electical components $1.30 per set. 7-Jan Purchased 4,000 lamp shades $6.75per set. 8-Jan 4,075 figurines were requisitico 9-Jan 4,250 sets of electrical components were requisitioned. 17-Jan Payroll of 600 Direct Labor Hours@ $3.60 per hour isitioned. 28-Jan 3,990 lamp shades were requisitioned 30-Jan Payroll of 650 Direct Labor Hours@ $9.85 per hour 30-Jan 3,930 lamps were completed and shipped. All materials requisitioned were used or scrapped Actual Variable Overhead Actual Fiked Overhead $1,225.00 $40,373.45 How many Lamps were completed? Note: Show favorable variances as negative numbers Round dollars to two places, 20.01 What was the total material price variance for the figurines purchased? 20.02 What was the material usage variance for figurines? (20.03) What was the material price variance for the electrical components? 20.04) What was the material usage variance for electrical components? (20.05) What was the direct labor efficiency variance? (20.06) What was the direct labor rate variance? Mary correctly completed the material variances for the lamp shades and the overhead variences. Her work is correct however, in reviewing her work the standards were crossed out. $840.00 Unfavorable $ 282.80 Unfavorable $175.00 Favorable $ 200.40 Unfavorable $193.25 Unfavorable The total material price variance for the lamp shades purchased: The variable overhead efficiency variance: The variable OH spending variance: The fixed OH volume (denominator) variance: The fixed OH spending variance: what was the standard cost of a Lamp Shade? 21.01 21.02 What was the standard cost per lamp for the variable overhead? What was the budgeted fixed overhead? 21.03 What was the standard cost per lamp for the fied overhead? 121.04 What was the monthly expected production of customizedlamps that was used to determine the standard fised overhead rate? 21.05 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: Standards $9.500000 per lamp 1.300000 per lamp per lamp Figurines Electrical Sets Lamp Shade Direct Labor Variable Overhead 2 400000 per lamp (4 lamps/hr.) per lamp (4 lampslhr.) "Fised Overhead per lamp Total .. Fixed overhead is based on expected production of ##### customized lamps each month. To keep records of the actual cost of ajob, a Job Order Cost System has been developed. Entries are made to the Job Order System at actual cost loverhead 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 1,20H2, Division S began Job 1101for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5until the job w as completed: 5-Jan Purchased 4,075 figurines $9.70 per figurine 6-Jan Purchased 4,275 sets of electical components $1.30 per set. 7-Jan Purchased 4,000 lamp shades $6.75per set. 8-Jan 4,075 figurines were requisitico 9-Jan 4,250 sets of electrical components were requisitioned. 17-Jan Payroll of 600 Direct Labor Hours@ $3.60 per hour isitioned. 28-Jan 3,990 lamp shades were requisitioned 30-Jan Payroll of 650 Direct Labor Hours@ $9.85 per hour 30-Jan 3,930 lamps were completed and shipped. All materials requisitioned were used or scrapped Actual Variable Overhead Actual Fiked Overhead $1,225.00 $40,373.45 How many Lamps were completed? Note: Show favorable variances as negative numbers Round dollars to two places, 20.01 What was the total material price variance for the figurines purchased? 20.02 What was the material usage variance for figurines? (20.03) What was the material price variance for the electrical components? 20.04) What was the material usage variance for electrical components? (20.05) What was the direct labor efficiency variance? (20.06) What was the direct labor rate variance? Mary correctly completed the material variances for the lamp shades and the overhead variences. Her work is correct however, in reviewing her work the standards were crossed out. $840.00 Unfavorable $ 282.80 Unfavorable $175.00 Favorable $ 200.40 Unfavorable $193.25 Unfavorable The total material price variance for the lamp shades purchased: The variable overhead efficiency variance: The variable OH spending variance: The fixed OH volume (denominator) variance: The fixed OH spending variance: what was the standard cost of a Lamp Shade? 21.01 21.02 What was the standard cost per lamp for the variable overhead? What was the budgeted fixed overhead? 21.03 What was the standard cost per lamp for the fied overhead? 121.04 What was the monthly expected production of customizedlamps that was used to determine the standard fised overhead rate? 21.05Step by Step Solution
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