Prepare an income statement for the year ended December 31 through the gross profit for Baxter Company using the following information. Baxter Company sold 9,000 units at $130 per unit. Normal production is 9,400 units. (Do not round the fixed overhead rate computation when determining the fixed factory overhead volume variance. Enter favorable variances as negative numbers.)
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- Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured 115,000 units. The standard cost sheet indicates that the standard direct labor cost per unit is $1.50. The performance report for the period includes an unfavorable direct labor rate variance of $3,700 and a favorable direct labor time variance of $10,275. What was the total actual cost of direct labor incurred during the period?Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid $32 per hour for labor, for a total of $718,848. The standard hours per unit are 6.4, and the standard labor wage rate is $38.40 per hour. A. What are the actual hours worked? B. What are the standard hours for the units made? C. What is the direct labor rate variance for April? D. What Is the direct labor time variance for April? E. What is the total direct labor variance for April?Ellis Companys labor information for September is as follows: A. Compute the standard direct labor rate per hour. B. Compute the direct labor time variance. C. Compute the standard direct labor rate if the direct labor rate variance was $2,712.30 (unfavorable).
- Prepare an income statement (through income before income tax) for presentation to management, using the following data from the records of Greenway Manufacturing Company for November of the current year: Administrative expenses $73,500 Cost of goods sold (at standard) 470,000 Direct materials quantity variance—favorable 1,200 Direct materials price variance—favorable 2,400 Direct labor time variance—unfavorable 900 Direct labor rate variance—favorable 500 Factory overhead volume variance—unfavorable 10,000 Factory overhead controllable variance—favorable 1,500 Sales 950,000 Selling expenses 165,800 If an amount box does not require an entry, leave it blank. Greenway Manufacturing Company Income Statement For Month Ended November 30 Sales $fill in the blank 1 Cost of goods sold - at standard fill in the blank 2 Gross profit - at standard $fill in the blank 3 Less variances from standard cost: Favorable Unfavorable…Prepare an income statement through gross profit for Bellingham Company for the month ending March 31. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank: Income statement with variances The following data is provided for Bellingham Company: DATA Standard pounds per unit 2.5 Standard price per pound $3.90 Actual quantity of pounds used 34,000 Units produced (sold) 19,000 Actual price per pound $4.15 Standard direct labor hours per unit 3.0 Standard hourly rate $19.55 Actual labor hours used 63,200 Actual hourly rate $19.40 Standard variable overhead cost per unit per direct labor hour $0.80 Actual variable factory overhead $36,790 Standard fixed overhead cost per unit per direct labor hour $1.05 Practical capacity 45,000 Selling price $168 Please avoid solution in handwritten thank youPrepare an income statement for the year ended December 31 through the gross profit for Baxter Company using the following information. Baxter Company sold 8,800 units at $130 per unit. Normal production is 9,200 units. (Do not round the fixed overhead rate computation when determining the fixed factory overhead volume variance. Enter favorable variances as negative numbers.) Standard: 5 yards per unit at $6.30 per yard Actual yards used: 44,500 yards at $6.25 per yard Standard: 2.25 hours per unit at $16.00 Actual hours worked: 19,550 at $15.90 per hour Standard: variable overhead $1.05 per unit Standard: fixed overhead $207,000 (budgeted and actual amount) Actual total factory overhead: $237,000 Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales Cost of goods sold—at standard Gross profit—at standard Unfavorable Favorable Less variance adjustments to gross profit—at standard:…
- Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information: Baxter Company sold 8,800 units at $135 per unit. Normal production is 9,200 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.) Enter favorable variances as negative numbers. Standard: 5 yards per unit at $6.30 per yard Actual yards used: 44,500 yards at $6.25 per yard Standard: 2.25 hours per unit at $16.00 Actual hours worked: 19,550 at $15.90 per hour Standard: variable overhead $1.05 per unit Standard: fixed overhead $202,400 (budgeted and actual amount) Actual total factory overhead: $237,500At the beginning of the year, Forest Corporation estimates overhead to be $175,000. If the actual overhead for the year is $165,000 and the applied overhead for the year is $120,000, what is the journal entry needed to reconcile the overhead variance? Assume that the overhead variance is immaterial. a. Cost of Goods Sold 45,000 Overhead Control 45,000 b. Overhead Control 45,000 Cost of Goods Sold 45,000 c. Cost of Goods Sold 15,000 Overhead Control 15,000 d. Overhead Control 15,000 Cost of Goods Sold 15,000 e. None of thesePrepare an income statement for management for the month ended January 31, 2020 with the given information: Neo industries uses a standard costing accounting system. During August, it reported the following manufacturing variances. Materials price Labor quantity variance 1,220 variance 840 U Materials quantity variance 760 F Overhead variance 740 U Labor price variance 450 In addition, 8,100 units of product were sold at 7 per unit. Each unit sold had a standard cost of 4. Selling and administrative expenses were 7,890 for the month.
- Cotton On Manufacturing Company had remaining credit balance of P10,000 in its factory overhead account at year end. It also had the year-end balances in the following accounts: Work in Process P250,000 150,000 850,000 Finishehd Goods Cost of goods sold 17. Assuming the credit balance of factory overhead is closed to cost of goods sold, what is the balance of cost of goods sold after closing the variance?Prepare an income statement through gross profit for Bellingham Company for the month ending March 31 using the variance data from Brief Exercises 1, 2, 3, and 4. Assume Bellingham sold 15,000 units at $172 per unit.A company's standard is 2 hours of direct labor per unit at a rate of $45 per hour. The company shows the following for the year. Actual units produced Actual direct labor used 5,120 units 10,040 hours Actual cost of direct labor used AH = Actual Hours SH=Standard Hours AR= Actual Rate SR Standard Rate Complete this question by entering your answers in the tabs below. Required A Required B Compute the direct labor rate variance, direct labor efficiency variance, and the total direct labor variance. For each variance, indicate whether it is favorable or unfavorable. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost $ $ 471,880 0 $ 0 0 Standard Cost