Starlight Glassware Company has the following flexible budget data and standards. Standard Variable Overhead Rate ps 6.00
Fantastic news! We've Found the answer you've been seeking!
Question:
Starlight Glassware Company has the following flexible budget data and standards. |
Standard Variable Overhead Rate | ps | 6.00 | per direct labor hour |
Standard amount of direct labor | 3 | hours per unit of production | |
Budgeted Fixed Overhead | ps | 150.000 | |
budgeted output | 25,000 | units | |
The actual results for February are as follows: |
actual output | 16,000 | units | |
Actual Variable Overhead | ps | 378,000 | |
Actual Fixed Overhead | ps | 141.000 | |
Actual direct labor | 55,000 | hours | |
Required: |
Prepare journal entries for the following transactions. |
• Record the occurrence of actual variable overhead costs and actual fixed overhead costs. |
• Add variable and fixed overhead to work-in-process inventory. |
• Close out overhead or underapplied expenses in Cost of Goods Sold. |
Related Book For
Managerial Accounting
ISBN: 9781260247787
17th Edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date: