Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions: Question Content Area a. Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit. If an amount box does not require an entry, leave it blank. a.
Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions: Question Content Area a. Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit. If an amount box does not require an entry, leave it blank. a.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the
manufacturing costs are incurred. Journalize the entries to record the following transactions: Question Content Area a.
Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit. If an amount
box does not require an entry, leave it blank. a.
Productive capacity for the month 25,000 hrs.
Actual productive capacity used for the month 22,000 hrs.
Variable factory overhead costs:
Indirect factory labor
Power and light
Indirect materials
Total variable factory overhead cost
Fixed factory overhead costs:
Supervisory salaries
Depreciation of plant and equipment
Insurance and property taxes
Total fixed factory overhead cost
Total factory overhead cost
Total controllable variances
Tannin Products Inc.
Factory Overhead Cost Variance Report-Trim Department
For the Month Ended July 31
Idle hours at the standard rate for fixed factory overhead:
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$
s
S
Actual
Budget (at actual production) Unfavorable Variances Favorable Variances
E
50,600 X $
13,200 X
49,700 X
00000000
00 00
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