Can someone please help me with this problem?
There is only one problem this week on manufacturing variance. Apollo Sports manufacturers fabric tents. The poles are purchased from a vendor, so the only part manufactured is the actual
The company uses a standard cost system based on manufacturing 5,000 tents per month. Overhead is applied on a per-unit b
4,840 tents were produced. Management has a policy that all variances greater than 3% from standard should be investigated
actual costs are listed below: Direct material
Overhead applied Standard
18 yards at $3.25 per yard
6.5 hours at $15.00 per hour
$12.00 per tent Direct material
Actual overhead Actual
86,550 yards at $3.50 per yard
32,100 hours at $15.75 per hour
1. Compute the total, price, and quantity variances for both materials and labor.
State if each variance is favorable or unfavorable.
2. Compute the total, volume, and budget overhead variances. State if favorable
3. Prepare journal entries for the application of overhead, the actual overhead,
and to record variances and close the overhead account. Note that on the actual
overhead, you will not have individual expense account amount, so just list
"various" for the expense accounts.
4. Always label all of your work.
SOLUTION: y part manufactured is the actual fabric tent.
Overhead is applied on a per-unit basis. In May,
m standard should be investigated. Standard and
This question was answered on: Jan 30, 2021
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