Homework Answers
| Journal Entry- Robin Company | |||
| S. No. | Accounts title | Debit | Credit |
| 1 | Material (500*1.90) | $950.00 | |
| Material Price variance (BF) | $50.00 | ||
| Account Payable (500*2) | $1,000.00 | ||
| TO Record Purchase of Material | |||
| 2 | WIP (520*1.90) | $988.00 | |
| Material Quantity Variance | $38.00 | ||
| Material (500*1.90) | $950.00 | ||
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Robin Company purchased and used 500 pounds of direct materials to produce a product with a...
Direct Labor and Direct Materials Variances, Journal Entries Jameson Company produces paper towels. The company has...
Direct Labor and Direct Materials Variances, Journal Entries Jameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: Paper pulp (3 lbs. @ $0.40) $ 1.20 Labor (2 hrs. @ $12) 24.00 Total prime cost $25.20 During the first quarter of the year, Jameson produced 50,000 cases of paper towels. The company purchased and used 150,700 pounds of paper pulp at $0.38 per pound. Actual direct labor...
Direct Labor and Direct Materials Variances, Journal Entries Jameson Company produces paper towels. The company has...
Direct Labor and Direct Materials Variances, Journal Entries Jameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: Paper pulp (3 lbs. @ $0.40) $ 1.20 Labor (2 hrs. @ $12) 24.00 Total prime cost $25.20 During the first quarter of the year, Jameson produced 55,000 cases of paper towels. The company purchased and used 165,700 pounds of paper pulp at $0.37 per pound. Actual direct labor...
Jameson Company produces paper towels. The company has established the following direct materials and direct labor...
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Standard Cost Journal Entries Dvorak Company produced 4,500 units that require 12 standard pounds per unit...
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21. Standard Cost Journal Entries Bellingham Company produced 3,800 units that require seven standard pounds per...
21.
Standard Cost Journal Entries Bellingham Company produced 3,800 units that require seven standard pounds per unit at a $3.5 standard price per pound. The company actually used 27,100 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.
3) Chemical, Inc., has set the following standards for direct materials and direct labor for each...
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B. Howard Company has established the following standards: Direct materials: 2.0 pounds at $4.10 Direct labor: 1.5 hour...
B. Howard Company has established the following standards: Direct materials: 2.0 pounds at $4.10 Direct labor: 1.5 hours at $7 per hour Additional information was extracted from the accounting records: Actual production: 32,000 completed units Direct materials purchased: 70,000 pounds at $3.82, or $267.400 Direct materials consumed: 65,000 pounds Actual labor incurred: 51,000 hours at $6.30, or $321,300 Direct-labor rate variance: $35,700 favorable Direct-labor efficiency variance: $21,000 unfavorable Assume that the company computes variances at the earliest point in time....
Direct Materials and Direct Labor Variances Zoller Company produces a dark chocolate candy bar. Recently, the...
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Direct Materials and Direct Labor Variances Zoller Company produces a dark chocolate candy bar. Recently, the...
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21.
Standard Cost Journal Entries Bellingham Company produced 3,800 units that require seven standard pounds per unit at a $3.5 standard price per pound. The company actually used 27,100 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.
3) Chemical, Inc., has set the following standards for direct materials and direct labor for each 20-pour bag of Weed-Be-Doom: Per Bag $2.00 Direct materials: 25 pounds XF-2000 a $0.08/1b. = Direct labor: 0.05 hour @ $32/hr. = 1.60 The company manufactured 100,000 bags of Weed-Be-Doom in December and used 2,700,000 pounds of XF-2000 and 5,200 direct labor-hours. During the month the company purchased 3.000.000 lbs. of XF-2000 at $0.075 per pound and incurred a total payroll of $182,000 for...
B. Howard Company has established the following standards: Direct materials: 2.0 pounds at $4.10 Direct labor: 1.5 hours at $7 per hour Additional information was extracted from the accounting records: Actual production: 32,000 completed units Direct materials purchased: 70,000 pounds at $3.82, or $267.400 Direct materials consumed: 65,000 pounds Actual labor incurred: 51,000 hours at $6.30, or $321,300 Direct-labor rate variance: $35,700 favorable Direct-labor efficiency variance: $21,000 unfavorable Assume that the company computes variances at the earliest point in time....
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