REQUIRED C

A. Record entry for direct material costs payable and material variances.

B. Record entry for direct labor costs payable and labor variances.

C. Record the entry for variable overhead applied.

D. Record the entry for variable overhead payable.

E. Record the variable overhead variances.

F. Record the entry for fixed overhead applied.

G. Record the entry for fixed overhead payable.

H. Record the fixed overhead variances.

I. Record entry to transfer finished goods to inventory.

J. Record sales on accounts.

K. Record cost of goods sold.

L. Record the disposition of variances to cost of goods sold.

Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. Maple Leaf produced and sold 93,000 tires for $36 each. Budgeted production was 97,000 tires. Standard variable costs per tire follow. Direct materials: 4 pounds at $2.00 Direct labor: 0.35 hours at $15.00 Variable production overhead: 0.10 machine-hours at $15 per hour Total variable costs $ 8.00 5.25 1.50 $14.75 Fixed production overhead costs: Monthly budget $1,458,000 Fixed overhead is applied at the rate of $16.00 per tire. Actual production costs: Direct materials purchased and used: 397,000 pounds at $1.70 Direct labor: 28,500 hours at $15.30 Variable overhead: 11,000 machine-hours at $15.70 per hour Fixed overhead $ 674,900 436,050 172,700 1,459,000 Required: a. Prepare a cost variance analysis for each variable cost for Maple Leaf Productions. b. Prepare a fixed overhead cost variance analysis. c. (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances are .. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a cost variance analysis for each variable cost for Maple Leaf Productions. (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.) Actual costs Actual inputs at standard price Flexible budget Direct Materials $ 674,900 $ $ 794,000 $ $ 776,000 $ $ (119,100) $ $ 18,000 X US S 69,100 $ Direct Labor Variable Overhead 436,050 $ 172,700 427,500 $ 165,000 509,250 X $ 145,500 X 8,550U IS 7,700 U (81,750) X F $ 19,500 U 52,200 S 33,200 U Price variance Efficiency variance Cost variance 4 - 4 * Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a fixed overhead cost variance analysis. (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.) Total fixed overhead cost variance $ (61,124) X F