Sam's Furniture Uses Variance Analysis to Evaluate Manufacturing Overhead in Its

question 59

Essay

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.

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Definitions:

Check Kiting

A fraudulent banking practice involving the use of non-existent funds or delays in the banking system to artificially inflate the balance of a bank account.

Check Defalcation

The misappropriation or embezzlement of funds involving a check, either by altering the check or by unauthorized issuance.

Insider-Trading Scheming

Insider-trading scheming involves the illegal practice of trading a public company's stock or other securities based on material, non-public information about the company.

Computer Program

A set of instructions written in a programming language that is executed by a computer to perform a specific task.