The Lopez Company uses standard costing in its manufacturing plant for auto parts. The standard cost of a particular auto part, based on a denominator level of 4,500 output units per year, included 5 machine-hours of variable manufacturing overhead at $9 per hour and 5 machine-hours of fixed manufacturing overhead at $15 per hour. Actual output produced was 5,100 units. Variable manufacturing overhead incurred was $260,000. Fixed manufacturing overhead incurred was $375,000. Actual machine-hours were 28,400. Read the requirements. Actual Input i Requirements - X Actual Costs Incurred Flexible Budget Allocated Overhead Budgeted Rate Variable OH 1. Now complete the table below for the fixed manufacturing overhead. 2. 3. Same Budgeted Lump Sum Regardless of Output Level Prepare an analysis of all variable manufacturing overhead and fixed manufacturing overhead variances, using the 4-variance analysis. Prepare journal entries using the 4-variance analysis. Describe how individual fixed manufacturing overhead items are controlled from day to day. Discuss possible causes of the fixed manufacturing overhead variances 4. Actual Costs Incurred Flexible Budget Allocated Overhead Fixed OH Print Print Done Now complete the 4-variance analysis using the amounts you calculated above. (If no variance exists, leave the dollar value blank. Label the variance as favorable (F), unfavorable (U) or never a variance (N).) 4-Variance Production-Volume Spending Variance Efficiency Variance Analysis Variance Variable OH Fixed OH Requirement 2. Prepare journal entries using the 4-variance analysis. Record the actual variable manufacturing overhead incurred. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. The Lopez Company uses standard costing in its manufacturing plant for auto parts. The standard cost of a particular auto part, based on a denominator level of 4,500 output units per year, included 5 machine-hours of variable manufacturing overhead at $9 per hour and 5 machine-hours of fixed manufacturing overhead at $15 per hour. Actual output produced was 5,100 units. Variable manufacturing overhead incurred was $260,000. Fixed manufacturing overhead incurred was $375,000. Actual machine-hours were 28,400. Read the requirements. Actual Input i Requirements - X Actual Costs Incurred Flexible Budget Allocated Overhead Budgeted Rate Variable OH 1. Now complete the table below for the fixed manufacturing overhead. 2. 3. Same Budgeted Lump Sum Regardless of Output Level Prepare an analysis of all variable manufacturing overhead and fixed manufacturing overhead variances, using the 4-variance analysis. Prepare journal entries using the 4-variance analysis. Describe how individual fixed manufacturing overhead items are controlled from day to day. Discuss possible causes of the fixed manufacturing overhead variances 4. Actual Costs Incurred Flexible Budget Allocated Overhead Fixed OH Print Print Done Now complete the 4-variance analysis using the amounts you calculated above. (If no variance exists, leave the dollar value blank. Label the variance as favorable (F), unfavorable (U) or never a variance (N).) 4-Variance Production-Volume Spending Variance Efficiency Variance Analysis Variance Variable OH Fixed OH Requirement 2. Prepare journal entries using the 4-variance analysis. Record the actual variable manufacturing overhead incurred. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. The Lopez Company uses standard costing in its manufacturing plant for auto parts. The standard cost of a particular auto part, based on a denominator level of 4,500 output units per year, included 5 machine-hours of variable manufacturing overhead at $9 per hour and 5 machine-hours of fixed manufacturing overhead at $15 per hour. Actual output produced was 5,100 units. Variable manufacturing overhead incurred was $260,000. Fixed manufacturing overhead incurred was $375,000. Actual machine-hours were 28,400. Read the requirements. Actual Input i Requirements - X Actual Costs Incurred Flexible Budget Allocated Overhead Budgeted Rate Variable OH 1. Now complete the table below for the fixed manufacturing overhead. 2. 3. Same Budgeted Lump Sum Regardless of Output Level Prepare an analysis of all variable manufacturing overhead and fixed manufacturing overhead variances, using the 4-variance analysis. Prepare journal entries using the 4-variance analysis. Describe how individual fixed manufacturing overhead items are controlled from day to day. Discuss possible causes of the fixed manufacturing overhead variances 4. Actual Costs Incurred Flexible Budget Allocated Overhead Fixed OH Print Print Done Now complete the 4-variance analysis using the amounts you calculated above. (If no variance exists, leave the dollar value blank. Label the variance as favorable (F), unfavorable (U) or never a variance (N).) 4-Variance Production-Volume Spending Variance Efficiency Variance Analysis Variance Variable OH Fixed OH Requirement 2. Prepare journal entries using the 4-variance analysis. Record the actual variable manufacturing overhead incurred. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. The Lopez Company uses standard costing in its manufacturing plant for auto parts. The standard cost of a particular auto part, based on a denominator level of 4,500 output units per year, included 5 machine-hours of variable manufacturing overhead at $9 per hour and 5 machine-hours of fixed manufacturing overhead at $15 per hour. Actual output produced was 5,100 units. Variable manufacturing overhead incurred was $260,000. Fixed manufacturing overhead incurred was $375,000. Actual machine-hours were 28,400. Read the requirements. Actual Input i Requirements - X Actual Costs Incurred Flexible Budget Allocated Overhead Budgeted Rate Variable OH 1. Now complete the table below for the fixed manufacturing overhead. 2. 3. Same Budgeted Lump Sum Regardless of Output Level Prepare an analysis of all variable manufacturing overhead and fixed manufacturing overhead variances, using the 4-variance analysis. Prepare journal entries using the 4-variance analysis. Describe how individual fixed manufacturing overhead items are controlled from day to day. Discuss possible causes of the fixed manufacturing overhead variances 4. Actual Costs Incurred Flexible Budget Allocated Overhead Fixed OH Print Print Done Now complete the 4-variance analysis using the amounts you calculated above. (If no variance exists, leave the dollar value blank. Label the variance as favorable (F), unfavorable (U) or never a variance (N).) 4-Variance Production-Volume Spending Variance Efficiency Variance Analysis Variance Variable OH Fixed OH Requirement 2. Prepare journal entries using the 4-variance analysis. Record the actual variable manufacturing overhead incurred. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next
