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= Quiz: Chapter M:8 Quiz Question 1 of 3 This que porti Dot This question Submit quiz Juba manufacture contre mugs that it bets to cher companies to coming will ownlogos Jade prepared exble budget anders dar con wym ocorro autore cott The standartunt cont of a come sed on atas badget volume of 5.800 com per month Actul cu pricion intonate to say 2004 flow conto del contro Read the Requirement Compue contardecite van direct and direct Begin with the con variance feet the more forme, complete con est direct and in any with variance Perustiedot ACAQFoto: Cardoso Formula Selected from completene for det med director and dently what was one MAC AGFOHBO Dywane Requirement 2. Jurmalize the purchase and usage of direct materiale dhe set of Gract ab including the advance Records Sede expone of the journey Begin by maling the purchase of direct mandluding the deale compound many Account and aparution Dell Crede Now you the age of direct material doing the related variante. Propodomety Die Account and Explanation Dube Cred Jom the moment of director de compound Date Account and plantin De Credit Requirement. For manufacturing and compete wie etwas con and clicy ances de contando wa Begin with the variatie overhead condicione non Select the required to put the variables con ency wines, Identify whereachines forbehorfavorite und dem XXX and the narstwhole ore ed Accot A FOSed head scord cont Stord, VON VO Vony w Now compute the fund evtood cost and incre Select the required for complete and overtad cont and we wiances and it whether each variance in fable Fountable (U) ( Avion Act Forward sesta FOH For volumewe Requirement Joule The change and the doctring ved Jumal the movement of protection contro Work in Process Inventory oumain the ing of the Manufacturing Overhead stress from the printere Requirement 4. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process Inventory Journalize the adjusting of the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last tine of the journal entry table.) Begin by journalizing the entry to show the actual manufacturing overhead costs incurred Date Accounts and Explanation Debit Credit Jul Journalize the applied manufacturing overhead Date Accounts and Explanation Jul Debit Credit Journalize the movement of all production from Work-in-Process Inventory Accounts and Explanation Date Debit Credit Journalize the adjusting of the Manufacturing Overhead account. (Prepare a single compound journal entry) Date Accounts and Explanation Credit Debit Requirements. Juda intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? Hiring more-skilled, higher-paid labor led to direct labor cost variance. Given the direct labor efficiency variance, it appear that these more-skilled workers performed officiently. The overall net effect is thus management's decision was - X Data table $ 0.05 0.36 Direct Materials (0.2 lbs @ $0.25 per lb) Direct Labor (3 minutes @ $0.12 per minute) Manufacturing Overhead: Variable (3 minutes @ $0.04 per minute) Fixed (3 minutes @ $0.14 per minute) Total Cost per Coffee Mug $ 0.12 0.42 0.54 $ 0.95 Print Done - - X More info an ca a. There were no beginning or ending inventory balances. All expenditures were on account b. Actual production and sales were 62,500 coffee mugs. c. Actual direct materials usage was 10,000 lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 198,000 minutes at a total cost of $29,700 e. Actual overhead cost was $6,930 variable and $33,570 fixed. f. Selling and administrative costs were $98,000. Print Done to cd - X Requirements fa ur 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. 3. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 4. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process Inventory, Journalize the adjusting of the Manufacturing Overhead account 5. Juda intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? all Print Done = Quiz: Chapter M:8 Quiz Question 1 of 3 This que porti Dot This question Submit quiz Juba manufacture contre mugs that it bets to cher companies to coming will ownlogos Jade prepared exble budget anders dar con wym ocorro autore cott The standartunt cont of a come sed on atas badget volume of 5.800 com per month Actul cu pricion intonate to say 2004 flow conto del contro Read the Requirement Compue contardecite van direct and direct Begin with the con variance feet the more forme, complete con est direct and in any with variance Perustiedot ACAQFoto: Cardoso Formula Selected from completene for det med director and dently what was one MAC AGFOHBO Dywane Requirement 2. Jurmalize the purchase and usage of direct materiale dhe set of Gract ab including the advance Records Sede expone of the journey Begin by maling the purchase of direct mandluding the deale compound many Account and aparution Dell Crede Now you the age of direct material doing the related variante. Propodomety Die Account and Explanation Dube Cred Jom the moment of director de compound Date Account and plantin De Credit Requirement. For manufacturing and compete wie etwas con and clicy ances de contando wa Begin with the variatie overhead condicione non Select the required to put the variables con ency wines, Identify whereachines forbehorfavorite und dem XXX and the narstwhole ore ed Accot A FOSed head scord cont Stord, VON VO Vony w Now compute the fund evtood cost and incre Select the required for complete and overtad cont and we wiances and it whether each variance in fable Fountable (U) ( Avion Act Forward sesta FOH For volumewe Requirement Joule The change and the doctring ved Jumal the movement of protection contro Work in Process Inventory oumain the ing of the Manufacturing Overhead stress from the printere Requirement 4. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process Inventory Journalize the adjusting of the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last tine of the journal entry table.) Begin by journalizing the entry to show the actual manufacturing overhead costs incurred Date Accounts and Explanation Debit Credit Jul Journalize the applied manufacturing overhead Date Accounts and Explanation Jul Debit Credit Journalize the movement of all production from Work-in-Process Inventory Accounts and Explanation Date Debit Credit Journalize the adjusting of the Manufacturing Overhead account. (Prepare a single compound journal entry) Date Accounts and Explanation Credit Debit Requirements. Juda intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? Hiring more-skilled, higher-paid labor led to direct labor cost variance. Given the direct labor efficiency variance, it appear that these more-skilled workers performed officiently. The overall net effect is thus management's decision was - X Data table $ 0.05 0.36 Direct Materials (0.2 lbs @ $0.25 per lb) Direct Labor (3 minutes @ $0.12 per minute) Manufacturing Overhead: Variable (3 minutes @ $0.04 per minute) Fixed (3 minutes @ $0.14 per minute) Total Cost per Coffee Mug $ 0.12 0.42 0.54 $ 0.95 Print Done - - X More info an ca a. There were no beginning or ending inventory balances. All expenditures were on account b. Actual production and sales were 62,500 coffee mugs. c. Actual direct materials usage was 10,000 lbs. at an actual cost of $0.17 per lb. d. Actual direct labor usage was 198,000 minutes at a total cost of $29,700 e. Actual overhead cost was $6,930 variable and $33,570 fixed. f. Selling and administrative costs were $98,000. Print Done to cd - X Requirements fa ur 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. 3. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 4. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process Inventory, Journalize the adjusting of the Manufacturing Overhead account 5. Juda intentionally hired more highly skilled workers during July. How did this decision affect the cost variances? Overall, was the decision wise? all Print Done