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Tyler Fisher

Tyler Fisher. Accounting Presentation 4/29/2014. Problem 16-59. Assume that Timekiller , Inc., manufactures a new electronic game console. The current standard costs sheet for a game console follows.

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Tyler Fisher

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  1. Tyler Fisher Accounting Presentation 4/29/2014

  2. Problem 16-59 Assume that Timekiller, Inc., manufactures a new electronic game console. The current standard costs sheet for a game console follows. Assume that the following data appeared in Timekiller’s records at the end of the past month: Please Note: There are no materials inventories.

  3. Required: • A) Prepare a variance analysis for direct materials and direct labor and complete the standard cost sheet. • B) Assume that all production overhead is fixed and that the $3,000 underapplied is the only overhead variance that can be computed. What are the actual and applied overhead amounts? (CPA adopted)

  4. A) Setting up our chart Actual inputs at Standard Price Flexible Production Budget Actual Costs Price Variance Efficiency Variance (Actual Price X Actual Quantity) (= 157,500) (Standard Price X Actual Quantity) ($4 X 37,500 = 150,000) (Standard Price X Standard Quantity) ($4 X )

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