Employee’s Wage and Tax Statement Assignment Help With Solution

Employee’s Wage and Tax Statement Assignment Help

1.Ehrlich Co. began business on January 2, 2015. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 2016, before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees’ earnings records were inadvertently destroyed.
None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5%. Data on dates of employment, salary rates, and employees’ income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records:

Employee Date First Employed Monthly Salary Monthly Income Tax Withheld
Arnett Nov. 16 $5,500 $944
Cruz Jan. 2 4,800 833
Edwards Oct. 1 8,000 1,592
Harvin Dec. 1 6,000 1,070
Nicks Feb. 1 10,000 2,350
Shiancoe Mar. 1 11,600 2,600
Ward Nov. 16 5,220 876

Calculate the amounts to be reported on each employee’s Wage and Tax Statement (Form W-2) for 2015. Enter amounts to the nearest cent if required. Enter all amounts as positive numbers.
2.North Diamond Inc. applies overhead on a direct labor hour basis. Each unit of product requires 12 machine hours. Overhead is applied on a 30 percent variable and 70 percent fixed basis; the overhead application rate is $40 per hour. Standards are based on a normal monthly capacity of 24,000 machine hours. During September 2001, North Diamond produced 2,300 units of product and incurred 25,000 machine hours. Actual overhead cost for the month was $1,00,000.
a. What were standard hours allowed for September?
b. What is total annual budgeted fixed overhead cost?
c. What is the controllable overhead variance?
d. What is the noncontrollable overhead variance?

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3.Laramie Lumber produces picnic tables, swings, and benches and uses direct labor hours to apply overhead .Standard hours allowed for each product are as follows:

Picnic table: 10 standard direct labor hours
Swing: 3 standard direct labor hours
Bench: 12 standard direct labor hours

The standard variable overhead rate is $4 per direct labor hour; the standard fixed overhead application rate at expected annual capacity is $2 per direct labor hour. Expected capacity on a monthly basis is 3,000 direct labor hours. Production for June 2001 was 100 picnic tables, 400 swings, and 60 benches. Actual direct labor hours incurred were 3,020. Actual variable overhead was $11,900, and actual fixed overhead was $6,100 for the month.
a. Prepare a variance analysis using the four-variance approach. (Hint: Convert the production of each type of product into standard hours allowed for all work accomplished for the month.)
b. Calculate overhead variances using the four-variance method.).
c. Evaluate the effectiveness of managers in controlling costs.
3.ATTENTION Products manufactures a neon lamp sign with the following standard conversion costs:

Direct labor (4 hours @ $12 per hour) $ 48
Factory overhead (10,000 DLH expected capacity)
Variable (4 hours @ $16 per hour) 64
Fixed (4 hours @ $8 per hour) 32
Total unit conversion cost $144

The following data are given for December, when 8,000 standard labor hours were used:

Labor rate variance $ 4,500 U
Labor efficiency variance 12,000 U
Actual variable overhead 153,000
Actual fixed overhead 78,000

Calculate the answers for the following unknowns:
a. Total applied factory overhead
b. Volume variance
c. Variable overhead spending variance
d. Variable overhead efficiency variance
e. Total actual overhead
f. Number of units manufactured
4. Overhead information for Danielson Company for October follows:

Total overhead incurred   $28,800
Budgeted fixed overhead $7,200
Total standard overhead rate per machine hour (MH)    $4.50
Standard variable overhead rate per MH    $3.00
Standard MHs allowed for the units manufactured     3,500

a)What is the standard fixed factory overhead rate per machine hour?
b)What is the denominator activity level that was used to establish the fixed overhead application note?
c)Prepare a diagram such as the one in Exhibit 15.7, Panel 3, to calculate the following overhead variances for October:
i)Total flexible-budget variance for factory overhead.
ii)Factory overhead production-volume variance.
iii)Total factory overhead variance.
5.Trico Company set the following standard unit costs for its single product.

 Direct materials (27 Ibs. @ $3.00 per Ib.) $ 81.00
  Direct labor (6 hrs. @ $6.00 per hr.) 36.00
  Factory overheadA1variable (6 hrs. @ $4.00 per hr.) 24.00
  Factory overheadA1fixed (6 hrs. @ $5.00 per hr.) 30.00
  Total standard cost $ 171.00

The predetermined overhead rate is based on a planned operating volume of 50% of the productive capacity of 70,000 units per quarter. The following flexible budget information is available.

Operating Levels
40% 50% 60%
  Production in units 28,000 35,000 42,000
  Standard direct labor hours 168,000 210,000 252,000
  Budgeted overhead
      Fixed factory overhead $ 1,050,000 $ 1,050,000 $ 1,050,000
      Variable factory overhead $ 672,000 $ 840,000 $ 1,008,000

During the current quarter, the company operated at 60% of capacity and produced 42,000 units of product; actual direct labor totaled 245,000 hours. Units produced were assigned the following standard costs:

 Direct materials (1,134,000 Ibs. @ $3.00 per Ib.) $ 3,402,000
  Direct labor (252,000 hrs. @ $6.00 per hr.) 1,512,000
  Factory overhead (252,000 hrs. @ $9.00 per hr.) 2,268,000
  Total standard cost $ 7,182,000

Actual costs incurred during the current quarter follow:

  Direct materials (1,129,000 Ibs. @ $3.10) $ 3,499,900
  Direct labor (245,000 hrs. @ $5.75) 1,408,750
  Fixed factory overhead costs 2,172,642
  Variable factory overhead costs 2,033,962
  Total actual costs $ 9,115,254

a)Compute the direct materials cost variance, including its price and quantity variances.(Round actual price to 2 decimal places.)
b)Compute the direct labor variance, including its rate and efficiency variances.(Round actual rate to 2 decimal places.)
c)Compute the overhead controllable and volume variances.

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