Standard Products Company Recognizes Variances from Standards at the Earliest

question 18

Essay

Standard Products Company recognizes variances from standards at the earliest opportunity,and the quantity of direct materials purchased is equal to the quantity used.The following information is available for the most recent month.Assume the allocation base for fixed overhead costs is the number of units.
Journalize the allocation of overhead costs to Work in Process Inventory and closing manufacturing overhead costs to overhead variances.

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Definitions:

Pleistocene

An epoch of the geological time scale, lasting from about 2.6 million to 11,700 years ago, marked by repeated glacial cycles.

Cretaceous

A geological period of the Mesozoic Era, occurring around 145 to 66 million years ago, known for the dominance of dinosaurs and ending with their mass extinction.

Triassic

The first period of the Mesozoic Era, occurring approximately 252 to 201 million years ago, noted for the rise of reptiles and the first dinosaurs.

Carboniferous

A geologic period and system that spans 60 million years from the end of the Devonian Period about 358.9 million years ago to the beginning of the Permian Period, known for its vast coal beds.