6 Burco Manufacturing Corporation uses a standard cost system, records materiais price variances when direct matenas...

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6 Burco Manufacturing Corporation uses a standard cost system, records materiais price variances when direct matenas are purchased, and prorates all variances at year-end Vamances associated with direct materials are prorated based on the balances of direct materials in the appropriate accounts, and variances associated with direct labor and manufacturing overhead are prorated Finished Goods Inventory and to Cost of Goods Sold (COGS) on the basis of the relative direct labor cost in these accounts at year end The following information is for the year ended December 31 The company had no beginning inventories and no ending Work-in-Process (WIP) inventory, it applies manufacturing overhead at 80% of standard direct labor cost Finished goods inventory at 12/31 Direct materials Direct labor Applied manufacturing overhead Direct materials inventory at 12/31 Cest of goods sold for the year ended 12/31 Direct saterials Direct tabor Applied manufacturing overhead Direct materials price variance (unfavorable) Direct materials usage variance (favorable Direct labor rate variance (unfavorable) Direct labor efficiency variance (favorable) Actual manufacturing overhead incurred Required: 183,530 155,295 124,236 65,900 $434,120 11,500 17,850 23, 1. Compute the amount of Direct Materials Price Variance to be prorated to Finished Goods Inventory at December 31 2. Compute the total amount of direct materials cost in the Finished Goods Inventory at December 31, after all materials variances have been prorated 3. Compute the total amount of direct labor cost in the Finished Goods Inventory at December 31, after all variances have been prorated Compute the total Cost of Goods Sold (COGS) for the year ended December 31, after all variances have been pronated (For all requirements, round your final answers to the nearest whole dollar amount) 1 Dret matanals pr Directmana 3 Drect labor cost Custod 6 Burco Manufacturing Corporation uses a standard cost system, records materiais price variances when direct matenas are purchased, and prorates all variances at year-end Vamances associated with direct materials are prorated based on the balances of direct materials in the appropriate accounts, and variances associated with direct labor and manufacturing overhead are prorated Finished Goods Inventory and to Cost of Goods Sold (COGS) on the basis of the relative direct labor cost in these accounts at year end The following information is for the year ended December 31 The company had no beginning inventories and no ending Work-in-Process (WIP) inventory, it applies manufacturing overhead at 80% of standard direct labor cost Finished goods inventory at 12/31 Direct materials Direct labor Applied manufacturing overhead Direct materials inventory at 12/31 Cest of goods sold for the year ended 12/31 Direct saterials Direct tabor Applied manufacturing overhead Direct materials price variance (unfavorable) Direct materials usage variance (favorable Direct labor rate variance (unfavorable) Direct labor efficiency variance (favorable) Actual manufacturing overhead incurred Required: 183,530 155,295 124,236 65,900 $434,120 11,500 17,850 23, 1. Compute the amount of Direct Materials Price Variance to be prorated to Finished Goods Inventory at December 31 2. Compute the total amount of direct materials cost in the Finished Goods Inventory at December 31, after all materials variances have been prorated 3. Compute the total amount of direct labor cost in the Finished Goods Inventory at December 31, after all variances have been prorated Compute the total Cost of Goods Sold (COGS) for the year ended December 31, after all variances have been pronated (For all requirements, round your final answers to the nearest whole dollar amount) 1 Dret matanals pr Directmana 3 Drect labor cost Custod