02 Jan Assignment 1 Prepare a schedule of raw materials
Assignment 1 Prepare a schedule of raw materials used in production, a schedule of cost of goods manufactured, an absorption costing income statement, and a balance sheet for Boz Boxes for 2019.Wyatt and Sofia are crushed at the results of their business in 2019. They cannot figure out where they went wrong. They hired you to perform an accounting analysis as of the end of the year. You first asked them what production standards they had set and they responded by giving you a blank stare. You decided to refine your question. You asked them how much paper they expect that they should use in each container. They said 300 pounds. You asked them how much they expect to pay for each pound of paper. They said 45 cents. You asked them how many direct labor hours they expect to make a container. They said 1. They also said that they expected their direct labor cost to be an average of Martin and Paul’s rates, which is $17.50, plus benefits. You ask them how many machine hours it should take to make a container. They said .5. You ask them how much utilities expense they should incur per machine hour. They say $6. They had expected $84,000 of fixed overhead ($7k of rent expenses * 12 months) as they hadn’t expected machine rent to increase. They had expected to produce and sell 4,000 units in 2019.Assignment 2 Prepare a standard cost card to manufacture 1 container. Compute expected total manufacturing cost at actual production (3,000 units), and compare this expected cost to actual costs to compute a total variance.Assignment 3 Compute the 8 Materials, Labor, VOH, and FOH variances. List a possible reason for each variance.
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