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 record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < A B Event 1 C Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. General Journal Debit Credit 7
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 record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < A B Event 1 C Record the standard cost of materials used and the materials efficiency variance. Note: Enter debits before credits. General Journal Debit Credit 7
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 record and close out the
variances.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Transcribed Image Text:Required A Required B
Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the
variances.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
<
A
B
Event
1
C
Record the standard cost of materials used and the materials efficiency
variance.
Note: Enter debits before credits.
General Journal
Debit
Credit
7
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