Sheridan Manufacturing incurs $81,500 of direct labour costs. Supporting records show that the assembly department used $44,100 of the direct labour and the finishing department used the remainder. Manufacturing overhead is assigned to departments on the basis of 186% of direct labour costs. Journalize the assignment of overhead to the assembly and finishing departments. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Work in Process Inventory-Assembly Department Work in Process Inventory-Finishing Department Manufacturing Overhead: Textbook and Media Debit 82026 69,564 Credit
Sheridan Manufacturing incurs $81,500 of direct labour costs. Supporting records show that the assembly department used $44,100 of the direct labour and the finishing department used the remainder. Manufacturing overhead is assigned to departments on the basis of 186% of direct labour costs. Journalize the assignment of overhead to the assembly and finishing departments. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Work in Process Inventory-Assembly Department Work in Process Inventory-Finishing Department Manufacturing Overhead: Textbook and Media Debit 82026 69,564 Credit
Chapter1: Financial Statements And Business Decisions
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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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