For the current period, a company shows a $3,550 unfavorable controllable variance, a $1,950 favorable volume variance, and $210,000 of standard overhead applied. The company records standard costs in its accounts. Prepare the entry to record overhead applied to production and overhead variances. View transaction list Journal entry worksheet < A Record overhead applied to production and overhead variances. Note: Enter debits before credits Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

For the current period, a company shows a $3,550 unfavorable controllable variance, a $1,950 favorable volume variance, and $210,000 of standard overhead applied. The company records standard costs in its accounts. Prepare the entry to record overhead applied to production and overhead variances. View transaction list Journal entry worksheet < A Record overhead applied to production and overhead variances. Note: Enter debits before credits Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

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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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 c. Raw Materials d. Work in Process Credit Materials Qty. Variance Materials Qty. Variance
The May 2024 revenue and cost information for Boise Outfitters, Inc. follows: 1(Click the icon to view the revenue and cost information.) Prepare a standard cost income statement for management through gross profit. Report all standard cost variances for management's use. Has management done a good or poor job of controlling costs? Explain. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.) Boise Outfitters, Inc. Standard Cost Income Statement For the Month Ended May 31, 2024 (1) Sales Revenue $540,000 (2) Cost of Goods Sold at standard $344,000 (3) Manufacturing Cost Variances: (4) Direct Materials Cost Variance (5) Direct Materials Efficiency Variance (6) Direct Labor Cost Variance 4,800 (7) Direct Labor Efficiency Variance (8) Variable…
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