Crystal Glassware Company has the following standards and flexible - budget data. Standard variable - overhead rate $ 6.00 per direct - labor hour Standard quantity of direct labor 2 hours per unit of output Budgeted fixed overhead $ 100,000 Budgeted output 25, 000 units Actual results for April are as follows: Actual output 20,000 units Actual variable overhead $ 320,000 Actual fixed overhead $ 97,000 Actual direct labor 50,000 hours Required: Prepare journal entries for the following transactions. Note: If no entry is required for a transaction /event, select "No journal entry required" in the first account field. Record the incurrence of actual variable overhead and actual fixed overhead. Add variable and fixed overhead to Work - in - Process Inventory. Close underapplied or overapplied overhead into Cost of Goods Sold.
Crystal Glassware Company has the following standards and flexible - budget data. Standard variable - overhead rate $ 6.00 per direct - labor hour Standard quantity of direct labor 2 hours per unit of output Budgeted fixed overhead $ 100,000 Budgeted output 25, 000 units Actual results for April are as follows: Actual output 20,000 units Actual variable overhead $ 320,000 Actual fixed overhead $ 97,000 Actual direct labor 50,000 hours Required: Prepare journal entries for the following transactions. Note: If no entry is required for a transaction /event, select "No journal entry required" in the first account field. Record the incurrence of actual variable overhead and actual fixed overhead. Add variable and fixed overhead to Work - in - Process Inventory. Close underapplied or overapplied overhead into Cost of Goods Sold.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter9: Evaluating Variances From Standard Costs
Section: Chapter Questions
Problem 16E: Thomas Textiles Corporation began November with a budget for 60,000 hours of production in the...
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:Crystal Glassware Company has the following standards and flexible - budget
data. Standard variable - overhead rate $ 6.00 per direct - labor hour Standard
quantity of direct labor 2 hours per unit of output Budgeted fixed overhead $
100,000 Budgeted output 25,000 units Actual results for April are as follows:
Actual output 20,000 units Actual variable overhead $ 320,000 Actual fixed
overhead $ 97,000 Actual direct labor 50,000 hours Required: Prepare journal
entries for the following transactions. Note: If no entry is required for a transaction
/event, select "No journal entry required" in the first account field. Record the
incurrence of actual variable overhead and actual fixed overhead. Add variable
and fixed overhead to Work-in-Process Inventory. Close underapplied or
overapplied overhead into Cost of Goods Sold.
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