Sam's Furniture uses variance analysis to evaluate manufacturing overhead in its' factory.The information for the June overhead expenditures is as follows:
Required:
a.Calculate the variable manufacturing overhead rate and efficiency variances; and, the fixed manufacturing overhead rate and production-volume variances.
b.Prepare all necessary journal entries to record the actual costs, allocated costs, and variances.Keep variable and fixed entries separate.
Definitions:
Coupon Rate
The yearly interest rate a bond issuer pays to its holders, usually shown as a percent of the bond's nominal value.
Par Value
The nominal or face value of a bond, share of stock, or coupon as stated by the issuer, which is not related to its market value.
Moody's
A credit rating agency that evaluates the creditworthiness of borrowers, ranging from governments to private enterprises, and assigns ratings that reflect the risk of default.
Junk Bonds
High-risk, high-yield bonds rated below investment grade by credit rating agencies, often issued by companies with poorer credit ratings.
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