Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard cost sheet:
Direct materials lbs @ $ $
Direct labor hr @ $
Fixed overhead hr @ $
Variable overhead hr @ $
Standard cost per unit $
Overhead rates are computed using practical volume, which is units. The actual results for the year are as follows:
a Units produced:
b Direct materials purchased: pounds @ $ per pound
c Direct materials used: pounds
d Direct labor: hours at $ per hour
e Fixed overhead: $
f Variable overhead: $
Required:
Prepare journal entries for the following:
d The addition of overhead to Work in Process.
f Prepare journal entries for the closing out of variances to Cost of Goods Sold. Second, recognize the overhead variances:
PLEASE GIVE the CORRECT value for Fixed Overhead Control and Variable Overhead Control for problem d AND the Problem f Second recognize the overhead variances THANKS!!!!!
