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Standard Job Order Costing - Variance Analysis 9 10 16 17 Special order lamps are manufactured in division S. Because of the precise nature of the process a 18 standard cost system has been developed. The following standards are used for the special orders 19 20 26 27 Standards 28 Lamp Kits $ 16.000000 per lamp 29 Direct Labor 30 Variable Overhead 2400000 per lamp (4 lamps/hr.) 0.250000 per lamp (4 lamps/hr) 10 000000 per lamp $28.650000 36 Fixed Overhead 37 Total 38 39 **Fixed overhead is based on expected production of 4,010 customized lamps each month 40 46 To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries 47 are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) 48 while entries are made to the accounting system at standard. Variance analysis is used to analyze the 49 differences. 50 56 57 58 Job Order Costing Section 59 60 On January 1, 20x2, Division S began Job 1101 for the Client, THE BIG CHILDREN STORE The 66 job called for 4,000 customized lamps The following set of transactions occurred from 67 January 5 until the job was completed 68 69 70 5-Jan Purchased 4,175 Lamp Kits @ $16.30 per kit 76 77 9-Jan 4,125 sets of Lamp Kits were requisitioned 17-Jan Payroll of 610 Direct Labor Hours @ $9.80 per hour 30-Jan Payroll of 660 Direct Labor Hours @ $10.05 per hour. 78 79 30-Jan 3,990 lamps were completed and shipped. All materials requisitioned were used or scrapped 80 86 87 88 89 90 96 Month End Overhead Information 97 Actual Variable Overhead Actual Fixed Overhead $ 1,295.40 98 $ 40,623.45 99 100 6 7 8 DOBLAS 7 How many Lamps were completed? 9 Note: Show favorable variances as negative numbers 10 20 What was the total material price variance for the Lamp Kits purchased? 30 What was the material usage variance for Lamp Kits? 43 What was the direct labor efficiency variance ? 52 53 What was the direct labor rate variance? 54 55 62 63 64 65 66 73 74 75 76 1 18 19 20 21 22 29 30 31 32 33 40 41 42 43 4 5 11 8888TH 44 51 77 " Round dollars to two places, $## ## $ 2,600.00 (15.01) 976.00 (15.02) 2,042.40 (15.03) 419.10 (15.04) $ $ $ Note: Show favorable variances as negative numbers What was the variable overhead efficiency variance? 3 24 32 33 What was the variable OH spending variance? 34 35 36 44 45 46 57 What is the fixed OH volume (denominator) variance? 72 What is the fixed OH spending variance? 80 #888888RINS58838 47 48 56 59 60 68 69 70 71 81 82 84 92 $ $ 267.50 (16.011 (25 40) (16.02) 623.45 (16.03) 523 45 (16.04) Sales Cost of Goods Sold Gross Profit Selling Expenses Fixed Variable Administrative Expenses Fixed Variable Total Selling and Administrative Expenses Net Profit Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets Fixed Assets Projected Income Statement For the Period Ending December 31, 20x1 25,000 lamps@ $45.00 @$30.00 $23,000.00 (Commission per unit) $3.00 75,000.00 $ 98,000 00 $42,000 00 @$2.00 50,000.00 92,000 00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock I See The Light Projected Balance Sheet As of December 31, 20x1 500 $16.00 0 3000 @ $30.00 Retained Earrings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 20,000.00 6,800.00 $ 12,000.00 147,410.00 $1,125,000.00 750,000.00 $ 375,000.00 190,000.00 $ 185,000 00 $ 34,710.00 67,500.00 8,000.00 90,000.00 $ 200,210.00 13,200.00 213.410.00 54,000.00 54,000.00 $ 159.410.00 $213.410 00 Standard Job Order Costing - Variance Analysis 9 10 16 17 Special order lamps are manufactured in division S. Because of the precise nature of the process a 18 standard cost system has been developed. The following standards are used for the special orders 19 20 26 27 Standards 28 Lamp Kits $ 16.000000 per lamp 29 Direct Labor 30 Variable Overhead 2400000 per lamp (4 lamps/hr.) 0.250000 per lamp (4 lamps/hr) 10 000000 per lamp $28.650000 36 Fixed Overhead 37 Total 38 39 **Fixed overhead is based on expected production of 4,010 customized lamps each month 40 46 To keep records of the actual cost of a job, a Job Order Cost System has been developed. Entries 47 are made to the Job Order System at actual cost (overhead is applied based on actual labor hours) 48 while entries are made to the accounting system at standard. Variance analysis is used to analyze the 49 differences. 50 56 57 58 Job Order Costing Section 59 60 On January 1, 20x2, Division S began Job 1101 for the Client, THE BIG CHILDREN STORE The 66 job called for 4,000 customized lamps The following set of transactions occurred from 67 January 5 until the job was completed 68 69 70 5-Jan Purchased 4,175 Lamp Kits @ $16.30 per kit 76 77 9-Jan 4,125 sets of Lamp Kits were requisitioned 17-Jan Payroll of 610 Direct Labor Hours @ $9.80 per hour 30-Jan Payroll of 660 Direct Labor Hours @ $10.05 per hour. 78 79 30-Jan 3,990 lamps were completed and shipped. All materials requisitioned were used or scrapped 80 86 87 88 89 90 96 Month End Overhead Information 97 Actual Variable Overhead Actual Fixed Overhead $ 1,295.40 98 $ 40,623.45 99 100 6 7 8 DOBLAS 7 How many Lamps were completed? 9 Note: Show favorable variances as negative numbers 10 20 What was the total material price variance for the Lamp Kits purchased? 30 What was the material usage variance for Lamp Kits? 43 What was the direct labor efficiency variance ? 52 53 What was the direct labor rate variance? 54 55 62 63 64 65 66 73 74 75 76 1 18 19 20 21 22 29 30 31 32 33 40 41 42 43 4 5 11 8888TH 44 51 77 " Round dollars to two places, $## ## $ 2,600.00 (15.01) 976.00 (15.02) 2,042.40 (15.03) 419.10 (15.04) $ $ $ Note: Show favorable variances as negative numbers What was the variable overhead efficiency variance? 3 24 32 33 What was the variable OH spending variance? 34 35 36 44 45 46 57 What is the fixed OH volume (denominator) variance? 72 What is the fixed OH spending variance? 80 #888888RINS58838 47 48 56 59 60 68 69 70 71 81 82 84 92 $ $ 267.50 (16.011 (25 40) (16.02) 623.45 (16.03) 523 45 (16.04) Sales Cost of Goods Sold Gross Profit Selling Expenses Fixed Variable Administrative Expenses Fixed Variable Total Selling and Administrative Expenses Net Profit Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets Fixed Assets Projected Income Statement For the Period Ending December 31, 20x1 25,000 lamps@ $45.00 @$30.00 $23,000.00 (Commission per unit) $3.00 75,000.00 $ 98,000 00 $42,000 00 @$2.00 50,000.00 92,000 00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock I See The Light Projected Balance Sheet As of December 31, 20x1 500 $16.00 0 3000 @ $30.00 Retained Earrings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 20,000.00 6,800.00 $ 12,000.00 147,410.00 $1,125,000.00 750,000.00 $ 375,000.00 190,000.00 $ 185,000 00 $ 34,710.00 67,500.00 8,000.00 90,000.00 $ 200,210.00 13,200.00 213.410.00 54,000.00 54,000.00 $ 159.410.00 $213.410 00