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kiruha [24]
3 years ago
10

Channing Corporation makes two products (A1 and B2) that require direct materials, direct labor, and overhead. The following dat

a refer to operations expected for next month. A1 B2 Total Revenue $ 190,000 $ 570,000 $ 760,000 Direct material 75,000 150,000 225,000 Direct labor 58,000 137,750 195,750 Overhead: Direct-material related 54,000 Direct-labor related 50,895 Required: Channing uses a two-stage cost allocation system, It uses direct-material costs to allocate direct-materials related overhead and direct-labor costs to allocate direct-labor related overhead costs. a. Compute the direct-material related overhead rate for next month. b. Compute the direct-labor related overhead rate for next month. c. What is the total overhead allocated to product A1 next month? d. What is the total overhead allocated to product B2 next month?
Business
1 answer:
vitfil [10]3 years ago
7 0

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Channing uses a two-stage cost allocation system, It uses direct-material costs to allocate direct-materials related overhead and direct labor costs to allocate direct-labor related overhead costs.

A1

Direct material 75,000

Direct labor 58,000

B2

Direct material 150,000

Direct labor 137,750

Overhead:

Direct-material related 54,000

Direct-labor related 50,895

A) Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 225,000/54000= 4.17 per direct material

B) Estimated manufacturing overhead rate= 195,750/50895= 3.85 per direct labor

C) Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH (A1)= 4.17*75000 + 3.85*1377550= 843,087.5

D) Allocated MOH (B2)= 4.17*54000 + 3.85*50895= 421,125.75

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Cook Company processes and packages frozen seafood. The year just ended was Cook's first year of business and they are preparing
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Answer:

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a. The direct labor price variance and the direct labor efficiency variance for the year:

Direct labor price variance =  (Actual rate - Standard rate) * Actual hours

= $247,000 Favorable

Efficiency variance = (Actual hours - Standard hours) * Standard rate

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b. If all variances are written off to the Cost of Goods Sold:

Journal Entries:

Debit Work in Process $247,000

Credit Direct labor variance $247,000

To record the favorable direct labor price variance.

Debit Direct labor variance $94,500

Credit Work in Process $94,500

To record the unfavorable direct labor efficiency variance.

Debit Direct labor variance $152,500

Credit Cost of Goods Sold $152,500

To close the direct labor price variance.

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Explanation:

a) Data and Calculations:

Standard direct labor hours per unit = 2

Standard rate per direct labor hour = $27

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Cost of goods sold units = 55,200

Actual direct labor hours used = 123,500

Standard hours = 120,000 (2 * 60,000)

Actual direct labor costs = $3,087,500

Actual direct labor price = $25 ($3,087,500/123,500)

Standard direct labor costs = $3,240,000 (120,000 * $27)

a. The direct labor price variance and the direct labor efficiency variance for the year:

Direct labor price variance =  (Actual rate - Standard rate) * Actual hours

= ($25 - $27) * 123,500

= $247,000 Favorable

Efficiency variance = (Actual hours - Standard hours) * Standard rate

= (123,500 - 120,000) * $27

= $94,500 Unfavorable

b. If all variances are written off to the Cost of Goods Sold:

Analysis of Journal Entries:

Work in Process $247,000 Direct labor variance $247,000

Direct labor variance $94,500 Work in Process $94,500

Direct labor variance $152,500 Cost of Goods Sold $152,500

($247,000 - $94,500)

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Select the correct answer.
scZoUnD [109]
B i hope it work tho
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