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    Process Costing Standard Costing

    Uploaded by

    Nikki Garcia
    The document is a cost of production report from Maura Nobile & Company for April 2014. It provides details on materials, labor, and overhead costs for inventory produced both during the current period and inventory carried over from the previous period. Standard costs are compared to actual costs incurred and variances are identified for materials, labor, and overhead costs. Overall, there was a total negative variance of $19,554 when comparing total actual costs to total standard costs.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Process Costing Standard Costing

    Uploaded by

    Nikki Garcia
    176 views4 pages
    The document is a cost of production report from Maura Nobile & Company for April 2014. It provides details on materials, labor, and overhead costs for inventory produced both during the current period and inventory carried over from the previous period. Standard costs are compared to actual costs incurred and variances are identified for materials, labor, and overhead costs. Overall, there was a total negative variance of $19,554 when comparing total actual costs to total standard costs.

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    Process-Costing-Standard-Costing.xlsx

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    The document is a cost of production report from Maura Nobile & Company for April 2014. It provides details on materials, labor, and overhead costs for inventory produced both during the current period and inventory carried over from the previous period. Standard costs are compared to actual costs incurred and variances are identified for materials, labor, and overhead costs. Overall, there was a total negative variance of $19,554 when comparing total actual costs to total standard costs.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    176 views4 pages

    Process Costing Standard Costing

    Uploaded by

    Nikki Garcia
    The document is a cost of production report from Maura Nobile & Company for April 2014. It provides details on materials, labor, and overhead costs for inventory produced both during the current period and inventory carried over from the previous period. Standard costs are compared to actual costs incurred and variances are identified for materials, labor, and overhead costs. Overall, there was a total negative variance of $19,554 when comparing total actual costs to total standard costs.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    Maura Nobile & Company

    Cost of Production Report


    Apr-14

    Qty Schedule Actual Materials Labor


    WD EUP WD
    IP, beg 2,000.00 100% 2,000.00 75%
    Started 10,000.00
    Total 12,000.00

    Started and Completed


    IP, beg 2,000.00 0% - 25%
    Started 7,500.00 100% 7,500.00 100%
    IP, end 1,000.00 100% 1,000.00 70%
    Normal Loss 900.00 0% - 0%
    Abnormal Loss 600.00 100% 600.00 100%
    Total 12,000.00 9,100.00

    Standard Cost Total IP, Beg Current


    Materials 638,250.00 115,000.00 523,250.00
    Labor 108,000.00 15,000.00 93,000.00
    Overhead 261,900.00 36,375.00 225,525.00
    Total 1,008,150.00 166,375.00 841,775.00

    IP, beg
    Cost last month 166,375.00
    Cost to Complete
    Material -
    Labor 5,000.00
    Overhead 12,125.00 17,125.00 183,500.00
    Started 688,125.00
    Total 871,625.00
    IP, end
    Material 57,500.00
    Labor 7,000.00
    Overhead 16,975.00 81,475.00
    Factory Overhead Control 55,050.00
    Costs Accounted For 1,008,150.00

    Actual Cost Total IP, Beg Current


    Materials 610,260.00 113,400.00 496,860.00
    Labor 107,319.00 15,435.00 91,884.00
    Overhead 271,017.00 38,610.00 232,407.00
    Total 988,596.00 167,445.00 821,151.00
    IP, beg
    Cost last month 167,445.00
    Cost to Complete
    Material -
    Labor 4,940.00
    Overhead 12,495.00 17,435.00 184,880.00
    Started 671,025.00
    Total 855,905.00
    IP, end
    Material 54,600.00
    Labor 6,916.00
    Overhead 17,493.00 79,009.00
    Factory Overhead Control 53,682.00
    Costs Accounted For 988,596.00
    Labor Overhead Beg Current
    EUP WD EUP Standard Quantity 4,000.00 18,200.00
    1,500.00 75% 1,500.00 Standard Hours (labor) 300.00 1,860.00
    Standard Hours (overhead) 750.00 4,650.00

    Actual Quantity used 21,945.00


    Actual Material Cost 610,260.00
    500.00 25% 500.00 Actual Hours used (labor) 2,082.00
    7,500.00 100% 7,500.00 Actual Labor Cost 107,319.00
    700.00 70% 700.00 Actual Hours used (overhead) 5,523.00
    - 0% - Actual Overhead Cost 271,017.00
    600.00 100% 600.00
    9,300.00 9,300.00 Material Price Variance (20,658.75)
    Material Quantity Variance (7,331.25)
    EUP Unit Cost Labor Rate Variance 3,219.00
    9,100.00 57.50 Labor Efficiency Variance (3,900.00)
    9,300.00 10.00 Spending Variance 12,827.00
    9,300.00 24.25 Variable Efficiency Variance 3,690.00
    91.75 Volume Variance (7,400.00)
    Total Variance (19,554.00)

    Total Actual Cost - Total Standard Cost


    (19,554.00) Total Variance

    EUP Unit Cost


    9,100.00 54.60
    9,300.00 9.88
    9,300.00 24.99
    89.47
    Total
    22,200.00
    2,160.00
    5,400.00

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