Better Blankets, Inc. makes a SnuggieBlank using flannel material and trim binding. They have instituted a successful JIT system and thus no longer have to stock inventory prior to their production need. The Standard Cost Card for The SnuggieBlank model is shown.
STANDARD COST CARD
The company reported the following results concerning January:
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The variable overhead efficiency variance in January is:
Definitions:
Work in Process Inventory
The account that tracks the costs associated with partially completed goods that are still in the process of being manufactured.
Unadjusted Cost of Goods Sold
Unadjusted Cost of Goods Sold (COGS) is the initial calculation of all costs directly associated with the production of goods before any adjustments for inventory changes or other factors.
Journal Entry
A record in the accounting journal that represents a business transaction and its effect on the accounts.
Manufacturing Overhead
All indirect costs associated with the production process, from maintenance expenses of the production facility to the supplies needed for operation.
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