b. Assuming employees worked 8,900 direct labor hours.at an average hourly rate of $11.70, prepare a journalentry to record actual costs, standard costs, and anylabor variances.General JournalDescriptionWork in process inventoryWages payableTo record direct labor costsDebit Variances and Journal EntriesJacobs Company manufactures a single product anduses a standard costing system. The nature of itsproduct dictates that it be sold in the period it isproduced. Thus, no ending work in process or finishedgoods inventories remain at the end of the period.However, raw materials can be stored and arepurchased in bulk when prices are favorable. Per-unitstandard product costs are material, $8 (4 pounds);labor, $6 (0.5 hour); and variable overhead, $4 (based ondirect labor hours). Budgeted fixed overhead is $54,000.Jacobs accounts for all inventories and cost of goodssold at standard cost and records each variance in aseparate account. The following data relate to Maywhen 17,700 finished units were produced.a. Assume Jacobs purchased 69,000 pounds of rawmaterials on account at $2.20 per pound and used67,000 pounds in May's production, prepare a journalentry to record the purchase of raw materials and aseparate journal entry to record the use of rawmaterials in production. Record these entries usingstandard costs and include the appropriate materialsvariances.

Name: b. Assuming employees worked 8,900 direct labor hours.at an average h
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Description: b. Assuming employees worked 8,900 direct labor hours.at an average hourly rate of $11.70, prepare a journalentry to record actual costs, standard costs, and anylabor variances.General JournalDescriptionWork in process inventoryWages payableTo recor

Labour Variance is the difference between the actual cost and standard cost. It is divided into…

Answered: age hourly rate of $11.70, prepare a…

Business

Accounting

age hourly rate of $11.70, prepare a jou ecord actual costs, standard costs, and a

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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