User Account

All Pages

What are the actual and applied overhead amounts

Assignment Help Financial Accounting
Reference no: EM13339337

Assume that Timekiller, Inc., manufactures a new electronic game console. The current standard costs sheet for a game console follows:

Direct materials, ? kilograms at $4 per kilogram . . . . $ ? per game
Direct labor, 0.75 hours at ? per hour . . . . . . . . . . . . . . ? per game
Overhead, 0.75 hours at ? per hour. . . . . . . . . . . . . . . . ? per game
Total costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $39 per game
Assume that the following data appeared in Timekiller's records at the end of the past month:
Actual production . . . . . . . . . . . . . . . . . . . . . . . . . 24,000 units
Actual sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000 units
Materials (112,500 kilograms). . . . . . . . . . . . . $472,500
Materials price variance . . . . . . . . . . . . . . . . . . . . 22,500 U
Materials efficiency variance. . . . . . . . . . . . . . . . .18,000 U
Direct labor price variance . . . . . . . . . . . . . . . . . . 13,680 U
Direct labor (17,100 hours) . . . . . . . . . . . . . . . . .287,280
Underapplied overhead (total) . . . . . . . . . . . . . . . . 9,000 U
There are no materials inventories.

Required

a. Prepare a variance analysis for direct materials and direct labor and complete the standard cost sheet.

b. Assume that all production overhead is fixed and that the $9,000 underapplied is the only overhead variance that can be computed. What are the actual and applied overhead amounts?

Reference no: EM13339337

Questions Cloud

What applied potential difference is necessary to produce : A capacitor is made from two hollow, coaxial, iron cylinders, one inside the other. The inner cylinder is negatively charged and the outer is positively charged; the magnitude of the charge on each is 10.0pCpC .
Write a program to solve rsa : Write a program to solve RSA, Use either Java or "VERY DETAILED" pseudocode. Take input for p, q, e, the number to encrypt and the number to decrypt.
Calculate the original frequency of the untuned string : A piano tuner sounds two strings simultaneously. One has been previously tuned to vibrate at 301.0 Hz. The tuner hears 2.0 beats per second. What was the original frequency of the untuned string
Find the thermal efficiency and the specific work of rankine : Find the thermal efficiency and the specific work of a simple Rankine cycle if the maxium temperature and pressure are 1050oC and 5.0 MPa and the minimum pressure is 20 kPa.
What are the actual and applied overhead amounts : Prepare a variance analysis for direct materials and direct labor and complete the standard cost sheet and all production overhead is fixed and that the $9,000 underapplied is the only overhead variance that can be computed. What are the actual and ..
What is the new angular speed of the ball : A 1.3-kg 16-cm-diameter solid sphere is rotating about its diameter at 69 rev/min. what is the new angular speed of the ball
Write statements that assign random integers to the variable : Write statements that assign Random integers to the variable n in the following ranges.
Determine what is the power of the laser beam : A 13.9-mW vertically polarized laser beam passes through a polarizer whose polarizing angle is 26.7° from the horizontal. What is the power of the laser beam when it emerges from the polarizer
What is the highest angular frequency : A 0.24-kg block rests on a table, and a 012-kg is placed on top of it. What is the highest angular frequency for which the upper block will not slip with respect to the lower block

Reviews

Write a Review

Financial Accounting Questions & Answers

  Should opal comprise in her gross income if last year

This year she received a state income tax refund of $170. What amount of the refund, if any, should Opal comprise in her gross income if last year her total itemized deductions exceeded the standard deduction by $350?

  Discuss the pros and cons of this structure

Do you believe that it is in the best interest of the nation to allow such a powerful organization to be INDEPENDENT from voters and policymakers? Discuss the pros and cons of this structure.

  Difficulties associated with allocating overhead costs

Discuss the difficulties associated with allocating overhead costs in the contemporary manufacturing environment and identify strategies that firms can adopt to help make their overhead allocations more accurate and reliable.

  Record the transactions in t accounts

Record the transactions in T accounts and prepare a trial balance for the end of the month.

  What proceeds does wells fargo receive from the investors

Wells Fargo sells $200,000 of bonds to private investors. The bonds are due in five years, have an 8% coupon rate, and interest is paid semi-annually. The bonds were sold to yield 6%. What proceeds does Wells Fargo receive from the investors?

  Does this mean company should even waste time trying

Each company has to plan for a certain amount of spoilage because companies will not always make their product perfectly without any errors or spoilage. Does this mean a company shouldn't even waste time trying to reduce/eliminate it?

  What is the nature of these gains and losses

Straight-line depreciation was used to depreciate the rental real estate. The rental properties will be sold at a substantial gain. What is the nature of these gains and losses?

  How is it used to achieve the company goals

Since each company’s strategy and operating environment is different, each company’s balanced scorecard will be unique. However, they will have some common characteristics. What are some of them? How is it used to achieve the company's goals?

  Evaluate a few ratios and compare reed''s results

Evaluate a few ratios and compare Reed's results with industry averages. (Some industry averages are shown in Exhibit.) What do these ratios indicate?

  Identify and comment on two supply-side initiatives included

Based upon your own Internet research, identify and comment on two supply-side initiatives included in the current U.S. stimulus package. Ensure your response includes one strength and one weakness in each of these initiatives.

  Methods of inventory costing

Why do you believe we have four? Do we need four? What are the advantages and disadvantages of having four methods?

  Determine sue''s variable costs

Determine Sue's variable costs

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd