GRAND CANYON ACC350 WEEK 4 Topic 4 Assignment

GRAND CANYON ACC350 WEEK 4 Topic 4 Assignment

Question # 00042862 Posted By: spqr Updated on: 01/23/2015 04:32 AM Due on: 02/21/2015
Subject Accounting Topic Accounting Tutorials:
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Please complete the following exercises and/or problems from the textbook:

  • E23-16
  • E23-19
  • E23-20
  • CP23-36

Prepare your answers in an Excel workbook, using one worksheet per exercise or problem.

Save your workbook using the filename LastnameFirstinitial.ACC350.T# where the # represents the topic number. For example, John Doe would submit assignment #5 using the following name: DoeJ.ACC350.T5.

You are not required to submit this assignment to Turnitin.


Note: Exercise E23-19 should be completed before attempting Exercise E23-20.
E23-20 Computing overhead variances
Review the data from Great Fender given in Exercise E23-19. 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.















E23-19 Calculating materials and labor variances
Great Fender, which uses a standard cost accounting system, manufactured 20,000
boat fenders during 2014, using 144,000 square feet of extruded vinyl purchased at
$1.05 per square foot. Production required 420 direct labor hours that cost $13.50
per hour. The direct materials standard was 7 square feet of vinyl per fender, at a
standard cost of $1.10 per square foot. The labor standard was 0.025 direct labor
hour per fender, at a standard cost of $12.50 per hour.
Compute the cost and efficiency variances for direct materials and direct labor.
Does the pattern of variances suggest Great Fender's managers have been making
trade-offs? Explain
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  1. spqr
    Tutorial # 00041802 Posted By: spqr Posted on: 01/23/2015 04:33 AM
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