please need correct and complete answer for all with all working Maple Leaf Production manufactures truck tires. The following information is available for the last operating period.• Maple Leaf produced and sold 93,000 tires for $36 each. Budgeted production was 97,000 tires.• Standard variable costs per tire follow.Direct materials: 4 pounds at $2.00Direct labor: 0.35 hours at $15.00Variable production overhead: 0.10 machine-hours at $15 per hourTotal variable costsFixed production overhead costs:Monthly budget $1,458,000• Fixed overhead is applied at the rate of $16.00 per tire.• Actual production costs:Direct materials purchased and used: 397,000 pounds at $1.70Direct labor: 28,500 hours at $15.30Variable overhead: 11,000 machine-hours at $15.70 per hourFixed overhead$ 8.005.251.50$14.75674,900436,050172,7001,459,000Required:a. Prepare a cost variance analysis for each variable cost for Maple Leaf Productions.b. Prepare a fixed overhead cost variance analysis.c. (Appendix) Prepare the journal entries to record the activity for the last period using standard costing. Assume that all variances areclosed to cost of goods sold at the end of the operating period.

Standard costing is a management accounting technique used to estimate the cost of a company's…

Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. • Maple Leaf produced and sold 93,000 tires for $36 each. Budgeted production was 97,000 tires. • Standard variable costs per tire follow. Direct materials: 4 pounds at $2.00 Direct labor: 0.35 hours at $15.00 Variable production overhead: 0.10 machine-hours at $15 per hour Total variable costs $ 8.00 5.25 1.50 $14.75

Maple Leaf Production manufactures truck tires. The following information is available for the last operating period. • Maple Leaf produced and sold 93,000 tires for $36 each. Budgeted production was 97,000 tires. • Standard variable costs per tire follow. Direct materials: 4 pounds at $2.00 Direct labor: 0.35 hours at $15.00 Variable production overhead: 0.10 machine-hours at $15 per hour Total variable costs $ 8.00 5.25 1.50 $14.75

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 17P: Shinto Corp. uses a standard cost system and manufactures one product. The variable costs per...

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