0 Required information [The following information applies to the questions displayed below.] Hart Company made 3,360 shelves using 22,360 pounds of wood costing $310,804. The company's direct materials standards for one shelf are 8 pounds of wood at $13.80 per pound. Hart Company uses a standard costing system. Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the direct materials variances. View transaction list Journal entry worksheet A Record direct materials price and quantity variances. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
0 Required information [The following information applies to the questions displayed below.] Hart Company made 3,360 shelves using 22,360 pounds of wood costing $310,804. The company's direct materials standards for one shelf are 8 pounds of wood at $13.80 per pound. Hart Company uses a standard costing system. Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the direct materials variances. View transaction list Journal entry worksheet A Record direct materials price and quantity variances. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Required information
[The following information applies to the questions displayed below.]
Hart Company made 3,360 shelves using 22,360 pounds of wood costing $310,804. The company's direct materials
standards for one shelf are 8 pounds of wood at $13.80 per pound.
Hart Company uses a standard costing system. Prepare the journal entry to charge direct materials costs to Work in Process Inventory
and record the direct materials variances.
View transaction list
Journal entry worksheet
A
Record direct materials price and quantity variances.
Note: Enter debits before credits.
Transaction
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F67c5839d-c687-4c82-bf94-4d75b237f7bf%2Fb5d57053-b0ff-4ba4-8eea-17a5c38cb134%2Fu9iefm_processed.png&w=3840&q=75)
Transcribed Image Text:0
Required information
[The following information applies to the questions displayed below.]
Hart Company made 3,360 shelves using 22,360 pounds of wood costing $310,804. The company's direct materials
standards for one shelf are 8 pounds of wood at $13.80 per pound.
Hart Company uses a standard costing system. Prepare the journal entry to charge direct materials costs to Work in Process Inventory
and record the direct materials variances.
View transaction list
Journal entry worksheet
A
Record direct materials price and quantity variances.
Note: Enter debits before credits.
Transaction
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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