afloat Corporation manufactures rafts for use in swimming pools. The standard cost for material and labor is $93.00 p This includes 8 kilograms of direct material at a standard cost of $6.00 per kilogram, and 5 hours 00 per hour. The following data pertain to November: direct labor at Vork-in-process inventory on November 1: none. Vork-in-process inentory on November 30: 880 units (75 percent complete as to labor; material is issued at the eginning of processing). Units completed: 6,600 units. Purchases of materials: 51,000 kilograms for $303,450. Total actual labor costs: $327,520. Actual hours of labor: 35,600 hours. Direct-material quantity variance: $2,400 unfavorable. quired: Compute the following amounts. Direct-labor rate variance for November. Direct-labor efficiency variance for November. Actual kilograms of material used in the production process during November. Actual price paid per kilogram of direct material in November. Total amounts of direct-material and direct-labor cost transferred to Finished-Goods Inventory during November. The total amount of direct-material and direct-labor cost in the ending balance of Work-in-Process lnyentont at tho

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO 10-3, 10-6, 10-9)
Aquafloat Corporation manufactures rafts for use in swimming pools. The standard cost for material and labor is $93.00 per
raft. This includes 8 kilograms of direct material at a standard cost of $6.00 per kilogram, and 5 hours of direct labor at
$49.00 per hour. The following data pertain to November:
• Work-in-process inventory on November 1: none.
• Work-in-process in entory on November 30: 880 units (75 percent complete as to labor; material is issued at the
beginning of processing).
• Units completed: 6,600 units.
• Purchases of materials: 51,000 kilograms for $303,450.
• Total actual labor costs: $327,520.
• Actual hours of labor: 35,600 hours.
• Direct-material quantity variance: $2,400 unfavorable.
Required:
1. Compute the following amounts.
a. Direct-labor rate variance for November.
b. Direct-labor efficiency variance for November.
C. Actual kilograms of material used in the production process during November.
d. Actual price paid per kilogram of direct material in November.
e. Total amounts of direct-material and direct-labor cost transferred to Finished-Goods Inventory during November.
f. The total amount of direct-material and direct-labor cost in the ending balance of Work-in-Process Inventory at the end of
November.
2. Prepare journal entries to record the following:
a. Purchase of raw material and rate variance.
Transcribed Image Text:Check my work Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO 10-3, 10-6, 10-9) Aquafloat Corporation manufactures rafts for use in swimming pools. The standard cost for material and labor is $93.00 per raft. This includes 8 kilograms of direct material at a standard cost of $6.00 per kilogram, and 5 hours of direct labor at $49.00 per hour. The following data pertain to November: • Work-in-process inventory on November 1: none. • Work-in-process in entory on November 30: 880 units (75 percent complete as to labor; material is issued at the beginning of processing). • Units completed: 6,600 units. • Purchases of materials: 51,000 kilograms for $303,450. • Total actual labor costs: $327,520. • Actual hours of labor: 35,600 hours. • Direct-material quantity variance: $2,400 unfavorable. Required: 1. Compute the following amounts. a. Direct-labor rate variance for November. b. Direct-labor efficiency variance for November. C. Actual kilograms of material used in the production process during November. d. Actual price paid per kilogram of direct material in November. e. Total amounts of direct-material and direct-labor cost transferred to Finished-Goods Inventory during November. f. The total amount of direct-material and direct-labor cost in the ending balance of Work-in-Process Inventory at the end of November. 2. Prepare journal entries to record the following: a. Purchase of raw material and rate variance.
Check my work
VIICL-IIalei iai yualiLity vaIiaiILe. p4,TUU uIiavuiavie.
Required:
1. Compute the following amounts.
a. Direct-labor rate variance for November.
b. Direct-labor efficiency variance for November.
C. Actual kilograms of material used in the production process during November.
d. Actual price paid per kilogram of direct material in November.
e. Total amounts of direct-material and direct-labor cost transferred to Finished-Goods Inventory during November.
f. The total amount of direct-material and direct-labor cost in the ending balance of Work-in-Process Inventory at the end of
November.
2. Prepare journal entries to record the following:
a. Purchase of raw material and rate variance.
b. Adding direct material to Work-in-Process Inventory and efficiency variance.
C. Adding direct labor to Work-in-Process Inventory and labor variances.
Complete this question by entering your answers in the tabs below.
Req 1A
Req 1B
Req 10
Reg 1D
Req 1E
Req 1F
Reg 2
Compute the actual price paid per kilogram of direct material in November. (Round your answer to 3 decimal places.)
Actual price
per kilogram
< Req 1C
Req 1E >
Transcribed Image Text:Check my work VIICL-IIalei iai yualiLity vaIiaiILe. p4,TUU uIiavuiavie. Required: 1. Compute the following amounts. a. Direct-labor rate variance for November. b. Direct-labor efficiency variance for November. C. Actual kilograms of material used in the production process during November. d. Actual price paid per kilogram of direct material in November. e. Total amounts of direct-material and direct-labor cost transferred to Finished-Goods Inventory during November. f. The total amount of direct-material and direct-labor cost in the ending balance of Work-in-Process Inventory at the end of November. 2. Prepare journal entries to record the following: a. Purchase of raw material and rate variance. b. Adding direct material to Work-in-Process Inventory and efficiency variance. C. Adding direct labor to Work-in-Process Inventory and labor variances. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 10 Reg 1D Req 1E Req 1F Reg 2 Compute the actual price paid per kilogram of direct material in November. (Round your answer to 3 decimal places.) Actual price per kilogram < Req 1C Req 1E >
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