Question: i need help with the yellow boxes, thank u! I See The Llght Projected Income Statement For the Poriod Ending Docomber 31, 20x1 I See



I See The Llght Projected Income Statement For the Poriod Ending Docomber 31, 20x1 I See The Light Projectod Balances Sheot As of December 31, 20x1 Currert Assets Cash Accounts Recolvable invertory Raw Material Figurines Electrical Sets Work in Procoss Firished Goods Todal Current Assets 34.710.0067,500.004,600.00625,0086,275.00$194,210.00 Fixed Assets Equipment Aocumulated Doprociation Towil Fixed Assets Total Assets Current Lablilities Accounts Payable Tonn Labilitios Stockholder's Equity Common Stock Rotained Earrings Total Stockholdor's Equity Towl Liabilities and Stockholder's Equity Special order lamps are manufactured in division S. Because of the precise nature of the process a tandard cost system has been developed. The following standards are used for the special orders: "Fixed overhead is based on expected production of \#tt\#\#\# 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) 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, 20x2, 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 4,050 figurines @ $9.40 per figurine. 6.Jan Purchased 4.225 sets of electical components @ $1.40 per set. 7.Jan Purchased 4,000 lamp shades @ $6.65 per set. 8 Jan 4,050 figurines were requisitioned. 9 -Jan 4,200 sets of electrical components were requisitioned. 17.Jan Payroll of 640 Direct Labor Hours @ $9.80 per hour. 28-Jan 3,987 lamp shades were requisitioned 30-Jan Payroll of 690 Direct Labor Hours @ \$10.05 per hour. 30 Jan 3,987 lamps were completed and shipped. All materials requisitioned were used or scrapped. How many Lamps were completed? Note: Show favorable variances as negative numbers What was the total material price variance for the figurines purchased? What was the material usage variance for figurines? What was the material price variance for the electrical components? What was the material usage variance for electrical components? What was the direct labor efficiency variance? What was the direct labor rate variance? Mary correctly completed the materlal variances for the lamp shades and the overhead variences. Her work is correct howovor, in reviewing her work the standards were crossed out. The total material price variance for the lamp shades purchased: The variable overhead efficiency variance: The variable OH spending variance: The fixod OH volume (denominator) variance: The fixed OH spending variance: What was the standard cost of a Lamp Shade? What was the standard cost per lamp for the variable overhead? What was the budgeted fixed overhead? What was the standard cost per lamp for the fixed overhead? What was the monthly expected production of customized lamps that was used to determine the standard fixed overhead rate? I See The Llght Projected Income Statement For the Poriod Ending Docomber 31, 20x1 I See The Light Projectod Balances Sheot As of December 31, 20x1 Currert Assets Cash Accounts Recolvable invertory Raw Material Figurines Electrical Sets Work in Procoss Firished Goods Todal Current Assets 34.710.0067,500.004,600.00625,0086,275.00$194,210.00 Fixed Assets Equipment Aocumulated Doprociation Towil Fixed Assets Total Assets Current Lablilities Accounts Payable Tonn Labilitios Stockholder's Equity Common Stock Rotained Earrings Total Stockholdor's Equity Towl Liabilities and Stockholder's Equity Special order lamps are manufactured in division S. Because of the precise nature of the process a tandard cost system has been developed. The following standards are used for the special orders: "Fixed overhead is based on expected production of \#tt\#\#\# 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) 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, 20x2, 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 4,050 figurines @ $9.40 per figurine. 6.Jan Purchased 4.225 sets of electical components @ $1.40 per set. 7.Jan Purchased 4,000 lamp shades @ $6.65 per set. 8 Jan 4,050 figurines were requisitioned. 9 -Jan 4,200 sets of electrical components were requisitioned. 17.Jan Payroll of 640 Direct Labor Hours @ $9.80 per hour. 28-Jan 3,987 lamp shades were requisitioned 30-Jan Payroll of 690 Direct Labor Hours @ \$10.05 per hour. 30 Jan 3,987 lamps were completed and shipped. All materials requisitioned were used or scrapped. How many Lamps were completed? Note: Show favorable variances as negative numbers What was the total material price variance for the figurines purchased? What was the material usage variance for figurines? What was the material price variance for the electrical components? What was the material usage variance for electrical components? What was the direct labor efficiency variance? What was the direct labor rate variance? Mary correctly completed the materlal variances for the lamp shades and the overhead variences. Her work is correct howovor, in reviewing her work the standards were crossed out. The total material price variance for the lamp shades purchased: The variable overhead efficiency variance: The variable OH spending variance: The fixod OH volume (denominator) variance: The fixed OH spending variance: What was the standard cost of a Lamp Shade? What was the standard cost per lamp for the variable overhead? What was the budgeted fixed overhead? What was the standard cost per lamp for the fixed overhead? What was the monthly expected production of customized lamps that was used to determine the standard fixed overhead rate
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
