1. The Brownsville plant of Buckman Company produces an industrial chemical. At the beginning of the year, the Brownsville plant had the following standard cost sheet: a. Direct Materials (10lbs. @ $1.60) b. Direct Labor (0.75 hr. @ $18.00) c. Fixed Overhead (0.75 hr. @ $4.00) d. Variable Overhead (0.75 hr. @ $3.00) e. Standard Cost per Unit $34.75 2. The Brownsville plant compute its overhead rates using practical volume, which is 72,000 units. The actual results for the year are as follows: a. Units produced: 70,000 b. Direct materials purchased: 744,000 pounds at $1.50 per pound i. Total: $1,116,000 c. Direct materials used: 736,000 pounds d. Direct labor: 56,000 hours at $17.90 per hour i. Total: $1,002,400 e. Fixed overhead: $214,000 f. Variable Overhead: $175,400 $16.00 $13.50 $3.00 $2.25 Required 1. Prepare journal entries for the following: a. The purchase of direct materials b. The issuance of direct materials to production (Work in Process) c. The addition of direct labor to Work in Process d. The addition of overhead to Work in Process e. The incurrence of actual overhead costs f. Closing out variances to Cost of Goods Sold

1. The Brownsville plant of Buckman Company produces an industrial chemical. At the beginning of the year, the Brownsville plant had the following standard cost sheet: a. Direct Materials (10lbs. @ $1.60) b. Direct Labor (0.75 hr. @ $18.00) c. Fixed Overhead (0.75 hr. @ $4.00) d. Variable Overhead (0.75 hr. @ $3.00) e. Standard Cost per Unit $34.75 2. The Brownsville plant compute its overhead rates using practical volume, which is 72,000 units. The actual results for the year are as follows: a. Units produced: 70,000 b. Direct materials purchased: 744,000 pounds at $1.50 per pound i. Total: $1,116,000 c. Direct materials used: 736,000 pounds d. Direct labor: 56,000 hours at $17.90 per hour i. Total: $1,002,400 e. Fixed overhead: $214,000 f. Variable Overhead: $175,400 $16.00 $13.50 $3.00 $2.25 Required 1. Prepare journal entries for the following: a. The purchase of direct materials b. The issuance of direct materials to production (Work in Process) c. The addition of direct labor to Work in Process d. The addition of overhead to Work in Process e. The incurrence of actual overhead costs f. Closing out variances to Cost of Goods Sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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