This Question: 5 pts 1 of 5 (0 complete) This Quiz: 15 pts possible Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: (Click the icon to view the cost data.) Read the requirements: Requirement 1. Compute the price and quantity variances for direct materials. (Enter the variances as positive numbers. Enter currency amounts to the nearest cont and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorablo (U). Abbreviations used: DM Direct materials.) Begin by determining the formula for the price variance, then compute the price variance for direct materials. - DM price variance Now determine the formula for the quantity variance and compute the quantity variance for direct materials DM quantity variance Requirement 2. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers. Enter currency amounts to the nearest cont and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U) Abbreviations used: DL Direct labor) Determine the formula for the rate variance, then compute the rate variance for direct labor DL rate variance Requirement 2. Compute the rate and efficiency variances for direct labor. (Enter the varianoes as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor.) Determine the formula for the rate variance, then compute the rate variance for direct labor. DL rate variance Determine the formula for the officiency variance, then compute the efficiency variance for direct labor DL efficiency variance Requirement 3. Compute the rate and efficiency variances for variable overhond. (Enter the varianoes as positive numbers. Enter currency amounts to the nearest cont and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) Determine the formula for the rate variance, then compute the variable manufacturing overhead rate variance Variable overhead rate variance Choose from any list or enter any number in the input fields and then continue to the next question A 25 MacBook Air Conquistador Clothing manufactures embroidered jackets. The company uses a standard cont system to control manufacturing costs. The following data represent the standard unit cost of a jacket: (Click the icon to view the cost data) Read the requirements Requirement 3. Compute the rate and efficiency variances for variable overhead (Enter the variances as positiva numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) Determine the formula for the rate variance, then compute the variable manufacturing overhead rate variance Variable overhead rate variance Determine the formula for the efficiency variance, then compute the variable overhead efficiency variance, Variable overhead efficiency variance Donquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the tandard unit cost of a jacket: (Click the icon to view the cost data.) Read the requirements. Requirement 4. Compute the fixed overhead budget variance and the fixed overhead volume variance. (Enter the variances as positive numbers. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: MOH - Manufacturing overhead) Determine the formula for the fixed overhead budget variance, then compute the budget variance for fixed overhead, Fixed MOH budget variance Determine the formula for the fixed overhead volume variance, then compute the volume variance for fixed overhead, Fixed MOH volume variance Requirement 5. Company management intentionally purchased superior materials for November production How did this decision affect the other cost variances? Overall, wan the decision wito? Explain The favorable varannan man than offent the univrha varas If the sunero Choose from any last or enter any number in the input fields and then continue to the next question Conquistador Clothing manufacturen embroidered jackets. The company uses a standard cost system to control manufacturing conts. The following data represent the standard unit cost of a jacket (Click the loon to view the cost data) Read the requirements Requirement 5. Company management intentionally purchased superior materials for November production. How did this decision affect the other cont variances? Overall, was the decision wiso? Explain. The favorable variances more than offset the unfavorable variances. If the superior materials purchased for the November production decreased materials and inbar usage, then manngermont's decision was Requirement. Joumalize the usage of direct materials and the assignment of direct labor, indluding the related variances (Record debita first, then cradita. Exclude explorations from any journal entries) First, journaize the purchase of direct materials, including the related variance. Journal Entry Credit Accounts Debit Imate the non fciret materials including the related varianne Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The followit standard unit cost of a jacket Click the icon to view the cost data.) ules Read the requirements als ce Joumalize the usage of direct materials, including the related variance. Journal Entry Accounts Debit Credit Journalize the direct labor posts, including the related variances. (Record both direct labor variances by preparing a single compound entry) 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. 25 MacBook Air 20. 000 non 11 Quiz 1 of 5 (0 complete) ares Data Table st dl Ece who for x xe e 94 Direct materials (3.0 sq. ft* $3.60 per sq. ft) $ 10.80 Direct labor (2.0 hours * $9.10 per hour) 18.20 Manufacturing overhead: Variable (2.0 hours * $0.62 per hour) $ 1.24 4.20 5.44 Fixed (2.0 hours * $2.10 per hour) $34.44 Total standard cost per jacket Fixed overhead in total was budgeted to be $63,420 for each month. Actual data for November of the current year include the following: a. Actual production was 13.900 jackets. b. Actual direct materials used was 2.40 square feet per jacket at an actual cost of $3.80 per square foot. (Assume the direct materials purchased is the same as the direct materials used.) c. Actual direct labor usage of 25,600 hours for a total cost of $235,520. d. Actual fixed overhead cost was $54,474, while actual variable overhead cost was $19,200. ate ai ste de Be va x Print Done any This Question: 5 pts 1 of 5 (0 complete) This Quiz: 15 pts possible Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: (Click the icon to view the cost data.) Read the requirements: Requirement 1. Compute the price and quantity variances for direct materials. (Enter the variances as positive numbers. Enter currency amounts to the nearest cont and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorablo (U). Abbreviations used: DM Direct materials.) Begin by determining the formula for the price variance, then compute the price variance for direct materials. - DM price variance Now determine the formula for the quantity variance and compute the quantity variance for direct materials DM quantity variance Requirement 2. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers. Enter currency amounts to the nearest cont and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U) Abbreviations used: DL Direct labor) Determine the formula for the rate variance, then compute the rate variance for direct labor DL rate variance Requirement 2. Compute the rate and efficiency variances for direct labor. (Enter the varianoes as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor.) Determine the formula for the rate variance, then compute the rate variance for direct labor. DL rate variance Determine the formula for the officiency variance, then compute the efficiency variance for direct labor DL efficiency variance Requirement 3. Compute the rate and efficiency variances for variable overhond. (Enter the varianoes as positive numbers. Enter currency amounts to the nearest cont and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) Determine the formula for the rate variance, then compute the variable manufacturing overhead rate variance Variable overhead rate variance Choose from any list or enter any number in the input fields and then continue to the next question A 25 MacBook Air Conquistador Clothing manufactures embroidered jackets. The company uses a standard cont system to control manufacturing costs. The following data represent the standard unit cost of a jacket: (Click the icon to view the cost data) Read the requirements Requirement 3. Compute the rate and efficiency variances for variable overhead (Enter the variances as positiva numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) Determine the formula for the rate variance, then compute the variable manufacturing overhead rate variance Variable overhead rate variance Determine the formula for the efficiency variance, then compute the variable overhead efficiency variance, Variable overhead efficiency variance Donquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the tandard unit cost of a jacket: (Click the icon to view the cost data.) Read the requirements. Requirement 4. Compute the fixed overhead budget variance and the fixed overhead volume variance. (Enter the variances as positive numbers. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: MOH - Manufacturing overhead) Determine the formula for the fixed overhead budget variance, then compute the budget variance for fixed overhead, Fixed MOH budget variance Determine the formula for the fixed overhead volume variance, then compute the volume variance for fixed overhead, Fixed MOH volume variance Requirement 5. Company management intentionally purchased superior materials for November production How did this decision affect the other cost variances? Overall, wan the decision wito? Explain The favorable varannan man than offent the univrha varas If the sunero Choose from any last or enter any number in the input fields and then continue to the next question Conquistador Clothing manufacturen embroidered jackets. The company uses a standard cost system to control manufacturing conts. The following data represent the standard unit cost of a jacket (Click the loon to view the cost data) Read the requirements Requirement 5. Company management intentionally purchased superior materials for November production. How did this decision affect the other cont variances? Overall, was the decision wiso? Explain. The favorable variances more than offset the unfavorable variances. If the superior materials purchased for the November production decreased materials and inbar usage, then manngermont's decision was Requirement. Joumalize the usage of direct materials and the assignment of direct labor, indluding the related variances (Record debita first, then cradita. Exclude explorations from any journal entries) First, journaize the purchase of direct materials, including the related variance. Journal Entry Credit Accounts Debit Imate the non fciret materials including the related varianne Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The followit standard unit cost of a jacket Click the icon to view the cost data.) ules Read the requirements als ce Joumalize the usage of direct materials, including the related variance. Journal Entry Accounts Debit Credit Journalize the direct labor posts, including the related variances. (Record both direct labor variances by preparing a single compound entry) 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. 25 MacBook Air 20. 000 non 11 Quiz 1 of 5 (0 complete) ares Data Table st dl Ece who for x xe e 94 Direct materials (3.0 sq. ft* $3.60 per sq. ft) $ 10.80 Direct labor (2.0 hours * $9.10 per hour) 18.20 Manufacturing overhead: Variable (2.0 hours * $0.62 per hour) $ 1.24 4.20 5.44 Fixed (2.0 hours * $2.10 per hour) $34.44 Total standard cost per jacket Fixed overhead in total was budgeted to be $63,420 for each month. Actual data for November of the current year include the following: a. Actual production was 13.900 jackets. b. Actual direct materials used was 2.40 square feet per jacket at an actual cost of $3.80 per square foot. (Assume the direct materials purchased is the same as the direct materials used.) c. Actual direct labor usage of 25,600 hours for a total cost of $235,520. d. Actual fixed overhead cost was $54,474, while actual variable overhead cost was $19,200. ate ai ste de Be va x Print Done any