INFORMATION llembe Ltd uses two processes to manufacture desks. The following details are applicable to Process 2 for May 2021: Production details Units Units of incomplete work (opening): (100% complete i.r.o. materials; 40% complete i.r.o. conversion costs) 150 000 Units received from the previous process 600 000 750 000 Units completed and transferred (450 000) Units of incomplete work (closing): (100% complete i.r.o. materials; 70% complete i.r.o. conversion costs) 300 000 Details in connection with costs: R Incomplete work (opening): 2 400 000 Costs of previous process 1 890 000 Direct materials 330 000 Conversion costs 180 000 Costs incurred during May 2021: 5 160 000 Transferred from previous process 3 390 000 Direct materials 630 000 Conversion costs 1 140 000 7 560 000

INFORMATION llembe Ltd uses two processes to manufacture desks. The following details are applicable to Process 2 for May 2021: Production details Units Units of incomplete work (opening): (100% complete i.r.o. materials; 40% complete i.r.o. conversion costs) 150 000 Units received from the previous process 600 000 750 000 Units completed and transferred (450 000) Units of incomplete work (closing): (100% complete i.r.o. materials; 70% complete i.r.o. conversion costs) 300 000 Details in connection with costs: R Incomplete work (opening): 2 400 000 Costs of previous process 1 890 000 Direct materials 330 000 Conversion costs 180 000 Costs incurred during May 2021: 5 160 000 Transferred from previous process 3 390 000 Direct materials 630 000 Conversion costs 1 140 000 7 560 000

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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Exercise 16-44 (Algo) (Appendix used in requirement [b]) Variable Cost Variances (LO 16-5, 7) Rankin Fabrication reports the following information with respect to its direct materials: Actual quantities of direct materials used Actual costs of direct materials used. Standard price per unit of direct materials. Flexible budget for direct materials. Rankin Fabrication holds no materials inventories. 35,500 gallons $ 201,680 $ 5.79 $ 213,100 Required: a. Compute the direct material price and efficiency variances. b. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing. Direct materials price variance Direct materials efficiency variance Complete this question by entering your answers in the tabs below. Required A Required B Compute the direct material price and efficiency variances. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either…
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Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
Present the journal entry for (b) manufacturing labor incurred.
In the Excel, or spreadsheet, approach to recording financial transactions, the Manufacturing Overhead account is used to record two things-all actual overhead expenses and the amount of manufacturing overhead applied to production using the predetermined overhead rate. True or False True False
Please show the journal entries in regards to the same question for: g. Overhead appliedh. Goods transferred from Cutting to Stitchingi. Goods transferred from Stitching to finished goods
Which of the following journal entries would be used to record direct labor c cost in a company having two processing departments ( department a and department b)