variance analysis

off 0 TEXAS hSTRUMENTS (Round totwoplaces, s###,###,##) PART 7 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 Standards $ 9.500000 per lamp Figurines Electrical Sets Lamp Shade Direct Labor Variable Overhead 1.300000 per lamp 6.500000 per lamp 2.400000 per lamp (4 lamps/hr) 0250000 per lamp (4 lamps/hr.) 10.000000 per lamp *Fixed Overhead $29.950000 Total "Fixed overhead is based on expected production of 4,013 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) tries are made to the accounting system at standard. Variance analysis is used to analyze the Job Order Costing Section On January 1, 2017, 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, 150 figurines @ $9.40 per figurine. 6-Jan Purchased 4,150 sets of electical components $1.60 per set 7-Jan Purchased 4,000 lamp shades $6 65 per set 8-Jan 4,150 figurines were requisitioned. 9-Jan 4,125 sets of electrical components were requisitioned. 17-Jan Payroll of 580 Direct Labor Hours@ $9 45 per hour 28-Jan 3,987 lamp shades were requisitioned 30-Jan Payroll of 630 Direct Labor Hours@ $9.70 per hour 30-Jan 3,987 lamps were completed and shipped. All materials requisitioned were used or scrapped. Actual Variable Overhead Actual Fixed Overhead s 1,476.20 $ 39,873.45 How many lamps were completed? 7 Page 13 of 16