Journal entry worksheet > A B Rec-D Record the closure of variable overhead cost variances. Note:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Journal entry worksheet > A B Rec-D Record the closure of variable overhead cost variances. Note: Enter debits before credits. Event 2 General Journal Debit Credit Journal entry worksheet < A B Rec-D Record the purchase and use of variable overhead resources at an actual cost of $122,500 and the transfer to work in process at a standard cost of $3.10 per direct labor-hour. Note: Enter debits before credits. Event 1 General Journal Debit Credit < A B Record the closure of variable overhead cost variances to Cost of Goods Sold. Note: Enter debits before credits. Rec-c Event 2 General Journal Debit Credit View gone Record entru Cloor Journal entry worksheet < A B Rec-c Record the purchase and use of variable overhead resources at an actual cost of $122,500 and the transfer to work in process at a standard cost of $3.10 per direct labor-hour. Note: Enter debits before credits. Event 1 General Journal Debit Credit > Complete this question by entering your answers in the tabs below. Req A and B Req C Req D What was the variable overhead price variance and the variable overhead efficiency variance for the period? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Variable overhead price variance Variable overhead efficiency variance < Req A and B Req C > 6 Check my work 18.75 1 points eBook Print References Mc Exercise 17-20 (Aigo) Prorating variapie Overnead Cost variances (LU 17-1) Volte Corporation produces small electric appliances. The following information is available for the most recent period of operations: Standard variable overhead rate Actual output Actual direct labor-hours used Standard direct labor-hours Actual direct labor cost incurred Standard direct labor-hour rate Actual variable overhead incurred Actual units sold $ 3.10 per direct labor-hour 26,800 units 35,700 1.5 per unit $ 939,000 $ 46 $ 122,500 21,680 units Volte never has any work-in-process inventories and began the year with no finished goods inventory. Required: a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the period? c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close out the variances. d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to record and close out the variances. Activate Windows Go to Settings to activate Graw Prev 1 of 4 Next Journal entry worksheet > A B Rec-D Record the closure of variable overhead cost variances. Note: Enter debits before credits. Event 2 General Journal Debit Credit Journal entry worksheet < A B Rec-D Record the purchase and use of variable overhead resources at an actual cost of $122,500 and the transfer to work in process at a standard cost of $3.10 per direct labor-hour. Note: Enter debits before credits. Event 1 General Journal Debit Credit < A B Record the closure of variable overhead cost variances to Cost of Goods Sold. Note: Enter debits before credits. Rec-c Event 2 General Journal Debit Credit View gone Record entru Cloor Journal entry worksheet < A B Rec-c Record the purchase and use of variable overhead resources at an actual cost of $122,500 and the transfer to work in process at a standard cost of $3.10 per direct labor-hour. Note: Enter debits before credits. Event 1 General Journal Debit Credit > Complete this question by entering your answers in the tabs below. Req A and B Req C Req D What was the variable overhead price variance and the variable overhead efficiency variance for the period? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Variable overhead price variance Variable overhead efficiency variance < Req A and B Req C > 6 Check my work 18.75 1 points eBook Print References Mc Exercise 17-20 (Aigo) Prorating variapie Overnead Cost variances (LU 17-1) Volte Corporation produces small electric appliances. The following information is available for the most recent period of operations: Standard variable overhead rate Actual output Actual direct labor-hours used Standard direct labor-hours Actual direct labor cost incurred Standard direct labor-hour rate Actual variable overhead incurred Actual units sold $ 3.10 per direct labor-hour 26,800 units 35,700 1.5 per unit $ 939,000 $ 46 $ 122,500 21,680 units Volte never has any work-in-process inventories and began the year with no finished goods inventory. Required: a. and b. What was the variable overhead price variance and the variable overhead efficiency variance for the period? c. Assume that Volte writes off all variances to Cost of Goods Sold. Prepare the entries Volte would make to record and close out the variances. d. Assume that Volte prorates all variances to appropriate accounts. Prepare the entries Volte would make to record and close out the variances. Activate Windows Go to Settings to activate Graw Prev 1 of 4 Next
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Raylene and her brother Walter live in the same city as their aging mother, Elsie. When Elsie could no longer live independently, Raylene took primary responsibility for her care. What factors...
-
Suppose the following chart illustrates the domestic prices of three items (shoes, watches, and electric motors) of similar quality in the United States and Mexico. If one dollar exchanges for five...
-
A binomial random variable B with p = 0.4 and n = 2. Use the formula for the binomial probability distribution to find and graph the probability distribution in the above case.
-
Current federal student loan rates are about 3.75%. Use a $9000 principal and a 25-year repayment plan. Keep it simple and do not worry about deferments or delayed payments. What is the monthly...
-
Constrained least squares. Suppose we wish to find the least-squares estimator of $\boldsymbol{\beta}$ in the model $\mathbf{y}=\mathbf{X} \boldsymbol{\beta}+\boldsymbol{\varepsilon}$ subject to a...
-
McDonnell Douglas Aircraft Corporation manufactures the C-17, the newest jet transport used by the U.S. Air Force. The company sells the C-17 for a flyaway cost of $175 million per jet. The variable...
-
The accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs Direct materials inventory, January 1 Direct materials inventory, March 31...
-
5) Select the correct dimensioned drawing in 1 point the figures given in options 5.00 2.00 3.25 3.25 2.00 1.25 1.25 2.25 2.25
-
Calculate the amount of magnetic potential energy stored in a \(0.60-\mathrm{H}\) inductor when the current in the inductor is \(6.0 \mathrm{~A}\).
-
The induced emf in an inductor of inductance \(L\) varies with time according to \(\mathscr{E}_{\text {ind }}(t)=-2 C t\), where \(C\) is a positive constant. (a) If there is no current through the...
-
Determine the winner, if any, using the voting methods in Problems \(45-50\). Seventeen people serve on a board and are considering three alternatives: A, B, and C. Here are the choices followed by...
-
The radius of a toroid is \(R_{\mathrm{t}}=0.10 \mathrm{~m}\), and the windings have a circular cross section. The radius of each winding is \(R_{\mathrm{w}}=10 \mathrm{~mm}\), and the number of...
-
When the current through an inductor is decreasing at a rate of \(2.0 \mathrm{~A} / \mathrm{s}\), the magnitude of the induced emf is \(6.0 \mathrm{~V}\). What is the inductance of the inductor?
-
Read the case study Richter: Information Technology at Hungarys Largest Pharma and answer the following question: Defined the Customer Profile of this organization and IT Vision and Mission
-
Respond to the ethical judgments required based on the following scenarios. Scenario 1. Assume you have collected a sample using MUS and that you have evaluated that sample to calculate a total...
-
Using a financial calculator, solve for the unknowns in each of the following situations. a. On June 1, 2024, Holly Golightly purchases lakefront property from her neighbor, George Peppard, and...
-
Ed owns Oak Knoll Apartments. During the year, Fred, a tenant, moved to another state. Fred paid Ed \($1,000\) to cancel the two-year lease he had signed. Ed subsequently began renting the unit to...
-
In 2017, Harry and Mary purchased Series EE bonds, and in 2023 redeemed the bonds, receiving \($500\) of interest and \($1,500\) of principal. Their income from other sources totaled \($30,000.\)...
Study smarter with the SolutionInn App