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Score: 0 of 7 pts 3 of 5 (3 complete) ▼ HW Score: 40%, 14 of 35 pts Help Data Table 1 Data Table Direct materials price variance Direct materials quantity variance ng the erhead 3,352 U $3,300 U Direct materials (resin) 14 pounds per pot at a cost of $5.00 Direct labor rate variance Direct labor efficiency variance per pound 2.0 hours at a cost of $20.00 per hour assuming 0 each $7,920 F Direct labor $8,800 U $1,584 U $500 F Standard variable manufacturing Variable overhead rate variance Variable overhead efficiency variance $1,320 U Fixed overhead budget variance Fixed overhead volume variance overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate S3.00 per direct labor hour S22,400 $12.00 per direct labor hour (DLH) eviations $4,000 F PrintDone Data Table Date Accounts Purchased 16,760 pounds at a cost of $5.20 per pound; Used 16,060 pounds to produce 1,100 pots Worked 2.4 hours per ower pot (2,640 total DLH) at a cost of $17.00 per hour $3.60 per direct labor hour for total actual variable manufacturing overhead of $9,504 $21,900 Raw Materials Inventory DM Price Variance Accounts Payable Direct materials Direct labor Actual variable manufacturing overhead Actual fixed manufacturing overhead Standard fixed manufacturing overhead allocated based on actual production $26,400 Print Done
Expert Answer
| Date | Accounts | Debit | Credit | |||
| 1 | Raw materials inventory (16760*5) | 83800 | ||||
| DM Price variance | 3352 | |||||
| Accounts payable (16760*5.20) | 87152 | |||||
| (Entry for the purchase of raw materials) | ||||||
| Work in process inventory (1100*14*5) | 77000 | |||||
| DM Quantity variance | 3300 | |||||
| Raw materials inventory (16060*5) | 80300 | |||||
| (Entry for the use of raw materials) | ||||||
| Work in process inventory (2*1100*20) | 44000 | |||||
| DL Efficiency variance | 8800 | |||||
| DL Rate variance | 7920 | |||||
| Wage payable (2640*17) | 44800 | |||||
| (Recording labor cost) | ||||||
| 2 | Variable manufacturing overhead | 9504 | ||||
| Fixed manufacturing overhead | 21900 | |||||
| Various accounts | 31404 | |||||
| (Actual overhead cost incurred) | ||||||
| Work in process inventory | 29000 | |||||
| Variable manufacturing overhead (1100*2*3) | 6600 | |||||
| Fixed manufacturing overhead | 22400 | |||||
| (Standard cost of overhead transferred to | ||||||
| Work in process) | ||||||
| Variable overhead rate variance | 1584 | |||||
| Variable overhead efficiency variance | 1320 | |||||
| Variable manufacturing overhead | 2904 | |||||
| (Recording variable overhead variances) | ||||||
| Fixed manufacturing overhead | 4500 | |||||
| Fixed overhead budget variance | 500 | |||||
| Fixed overhead volume variance | 4000 | |||||
| (Recording fixed overhead variances) | ||||||
| 3 | Finished goods invenory | 150000 | ||||
| Work in process inventory | 150000 | |||||
| (Note:1) | ||||||
| (Entry for completion of flower pots) | ||||||
| Cost of goods sold | 150000 | |||||
| Finished goods invenory | 150000 | |||||
| (Transfer of cost to cost of goods sold) | ||||||
| Accounts receivable (1100*520) | 572000 | |||||
| Sales revenue | 572000 | |||||
| Notes: | ||||||
| 1. Computation of total standard cost of pots | ||||||
| Direct material | 77000 | |||||
| Direct labor | 44000 | |||||
| Variable overhead | 6600 | |||||
| Fixed overhead | 22400 | |||||
| 150000 | ||||||
