56. When the actual amount of a raw material used in production is greater than the standard amount allowed for the actual output, the journal entry would include: Debit A. Materials Qty. Variance B. Materials Qty. Variance Credit Raw Materials Work in Process Credit Credit c. Raw Materials Materials Qty. Variance d. Work in Process Materials Qty. Variance

56. When the actual amount of a raw material used in production is greater than the standard amount allowed for the actual output, the journal entry would include: Debit A. Materials Qty. Variance B. Materials Qty. Variance Credit Raw Materials Work in Process Credit Credit c. Raw Materials Materials Qty. Variance d. Work in Process Materials Qty. Variance

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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I need help with parts B & C please!! REQUIRED C. Record entry for direct material costs payable and material variances. Record entry for direct labor costs payable and labor variances. Record the entry for variable overhead applied. Record the entry for variable overhead payable. Record the variable overhead variances. Record the entry for fixed overhead applied. Record the entry for fixed overhead payable. Record the fixed overhead variances. Record entry to transfer finished goods to inventory. Record sales on accounts. Record cost of goods sold. Record the disposition of variances to cost of goods sold.
Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $4.40 per pound) Direct labor (6 hours @ $14 per hour) Variable overhead (6 hours @ $8 per hour) Fixed overhead (6 hours @ $11 per hour) $ 132.00 84.00 48.00 66.00 $ 330.00 Standard cost per unit Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 50,000 units per quarter. The following additional information is available. Production (in units) Standard direct labor hours (6 DLH per unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead Operating Levels 70% 80% 90% 35,000 210,000 40,000 240,000 45,000 270,000 $ 2,640,000 $ 1,680,000 $ 2,640,000 $ 2,640,000 $ 1,920,000 $ 2,160,000 During the current quarter, the company operated at 90% of capacity and produced 45,000 units; actual direct labor totaled 266,000 hours. Units produced were assigned the following…
Discuss the overarching idea of Asset Liability Management and its key objectives. How does the process of Gap Analysis support Asset Liability Management?
Please look at the questions on the first picture and answer them on secound picture. thanks for your time
If materlals are purchased on account and the the actual price pald for materlals Is less than the standard price, the journal entry would Include: Multiple Choice debit to Work in Process, debit to Material Price Variance, credit to Raw Materials debit to Work in Process, credit to Material Price Variance, credit to Raw Materials debit to Raw Materials, credit to Material Price Variance, credit to Accounts Payable debit to Raw Materials, debit to Material Price Variance, credit to AcCounts Payable
If a company uses predetermined rate for absorption of manufacturing overhead, the volume variance is O The under- or over-applied fixed cost element of overhead. O The difference between budgeted cost and actual cost of variable overhead items. O The difference between budgeted cost and actual cost of fixed overhead items. O The under- or over-applied variable cost element of overhead.
Please do not give solution in image format thanku
The direct labor rate variance is calculated by multiplying the standard hours that should have been worked for the actual output by the difference between the standard labor rate and the actual labor rate. O True O False
Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price tires actual amount of materials used Actual production Standard direct materials costs per unit produced Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,552 units remained in the warehouse. $ 378,300 $361,500 $ 333,500 56,900 units $6 Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to…
Complete the standard cost variance analysis
а. Standard Cost per Unit for Direct Materials and Direct Labor b. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong с. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong

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