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Topper Toys has developed a new toy called the Brain buster. The company has a standard cost system to help control costs and has established the following standards for the Brain buster toy.
Direct material: 8 diodes per day at $ 0.30 per diodeDirect labor: 0.6 hours per toy at $14 per hour
During the august, the company produced 5,000 Brain buster toys. Production data on the toy for August follow.
Direct material: 7,000 diodes were purchased at cost of $0.28 per diode. 20,000 of these diodes were still in inventory at the end of month.Direct labor: 3,200 direct labor hours were worked at a cost $48,000
Required:
Problem 1. Demonstrate the following variances for August
Problem 2. Discuss brief explanation of the possible causes of each variance.
Prepare the journal entry or entries, with explanations, that should be recorded on December 31, 2011, by Ludwick. (Prepare the lease amortization schedule for all five payments.)
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Production was 24 units per year in 2018-2020. Sales were 24 units in 2018, 20 units in 2019, and 28 units in 2020. Income under absorption costing for 2019 is
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