I need the answers to the following E23-20 & CP23-36: 1. Consider the following additional information: Static budget variable overhead $ 5,500 Static budget fixed overhead $ 22,000 Static budget direct labor hours 550 hours Static budget number of units 22,000 units Great Fender allocates manufacturing overhead to production based on standard direct labor hours. Great Fender reported the following actual results for 2014: actual variable overhead, $4,950; actual fixed overhead, $23,000. Requirements 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. FOH Vol. Var. $2,000 U ________________________________________________________________________________________ 2. Assume Davis has created a standard cost card for each job. Standard direct materials include 14 software packages at a cost os $900 per package. Standard direct labor costs per job include 90 hours at $120 per hour. Davis plans on completing 12 jobs during March 2013. Actual direct materials costs for March include 90 software packages at a total cost of $81,450. Actual direct costs included 100 hours per job at an average rate of $125 per hour. Davis completed all 12 jobs in March. Requirements 1. Calculate direct materials cost and efficiency variances. 2. Calculate direct labor cost and efficiency variances. 3. Prepare journal entries to record the use of both materials and labor for March for the company.
Paper#9492 | Written in 18-Jul-2015Price : $25