$151,000 were incurred and paid. Of this amount, $134,700 was for direct labor uring overhead costs of $125,700 were incurred and paid. head of $123,000 was applied to production using the company's predetermine cess at the end of the month were completed.
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
- The books of Petry Products Co. revealed that the following general journal entry had been made at the end of the current accounting period: The total direct materials cost for the period was $40,000. The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,200 in raw materials were purchased for cash. b. $71,100 in raw materials were used in production. Of this amount, $65,200 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,800 were incurred and paid. Of this amount, $134,800 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,600 were incurred and paid. e. Manufacturing overhead of $126,500 was applied to production using the company's predetermined overhead rate. t. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the…Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,500 in raw materials were purchased for cash. b. $72,200 in raw materials were used in production. Of this amount, $66.700 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,300 were incurred and paid. Of this amount, $133,500 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $127.000 were incurred and paid. e. Manufacturing overhead of $122,300 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the…
- Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $75,600 in raw materials were purchased for cash. b. $72,800 in raw materials were used in production. Of this amount, $66,500 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,600 were incurred and paid. Of this amount, $133,100 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,500 were incurred and paid. e. Manufacturing overhead of $125,300 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the…Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,800 in raw materials were purchased for cash. b. $71,200 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,700 were incurred and paid. Of this amount, $134,200 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,500 were incurred and paid. e. Manufacturing overhead of $121,200 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the…Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,700 in raw materials were purchased for cash. b. $71,300 in raw materials were used in production. Of this amount, $65,900 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $151,700 were incurred and paid. Of this amount, $133,100 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,800 were incurred and paid. e. Manufacturing overhead of $129,800 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the…
- Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,700 in raw materials were purchased for cash. b. $72,000 in raw materials were used in production. Of this amount, $66,300 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,200 were incurred and paid. Of this amount, $134,500 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,400 were incurred and paid. e. Manufacturing overhead of $118,800 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the…Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during arecent month is shown below. a.$75,300 in raw materials were purchased for cashb. $72,300 in raw materials were used in production. Of this amount, $66,400 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,200 were incurred and paid. Of this amount, $133,400 was for direct labor and the remainder was for indirect labor.d. Additional manufacturing overhead costs of $125,200 were incurred and paid.e. Manufacturing overhead of $123,900 was applied to production using the company’s predetermined overhead rate.f. All of the jobs in process at the end of the month were completed.g. All of the completed jobs were shipped to customers.h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required:1. Post the above transactions to T-accounts.(6 cash, raw material, work in…Jurvin Enterprises is a manufacturing company that had no beginning Inventories. A subset of the transactions that It recorded during a recent month Is shown below. a. $94,000 in raw materials were purchased for cash. b. $89,000 in raw materlals were used in production. Of this amount, $78,000 was for direct materlals and the remalnder was for Indirect materials. c. Total labor wages of $132,000 were Incurred and pald. Of this amount, $112,000 was for direct labor and the remalnder was for Indirect labor. d. Additlonal manufacturing overhead costs of $143,000 were Incurred and pald. e. Manufacturing overhead of $152,000 was appled to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Requlred: 1. Post the above transactions to T-accounts. 2. Determine the…