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Amada Company's standard cost system reports this information from its December operations. Standard direct materials cost. Direct materials quantity variance Direct materials price variance Actual direct labor cost. Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance View transaction list Journal entry worksheet < Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month for (a) direct materials, (b) direct labor, and (c) overhead. Ignore the journal entry to close the variances. 1 2 Record direct materials costs and variances. Date December 31 3 Note: Enter debits before credits. Record entry General Journal $ 112,000 Clear entry 3,500 U 550 F 85,500 6,900 F 1,150 U 375,000 11,500 U 8,800 U Debit Credit View general journal >

Amada Company's standard cost system reports this information from its December operations. Standard direct materials cost. Direct materials quantity variance Direct materials price variance Actual direct labor cost. Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance View transaction list Journal entry worksheet < Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month for (a) direct materials, (b) direct labor, and (c) overhead. Ignore the journal entry to close the variances. 1 2 Record direct materials costs and variances. Date December 31 3 Note: Enter debits before credits. Record entry General Journal $ 112,000 Clear entry 3,500 U 550 F 85,500 6,900 F 1,150 U 375,000 11,500 U 8,800 U Debit Credit View general journal >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Amada Company's standard cost system reports this information from its December operations. Standard direct materials cost Direct materials quantity variance Direct materials price variance Actual direct labor cost Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance View transaction list Journal entry worksheet < 1 Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month for (a) direct materials, (b) direct labor, and (c) overhead. Ignore the journal entry to close the variances. 2 Record direct materials costs and variances. Date December 31 3 Note: Enter debits before credits. Record entry General Journal $ 112,000 Clear entry 3,500 U 550 F 85,500 6,900 F 1,150 U 375,000 11,500 U 8,800 U Debit Credit View general journal >
Transcribed Image Text:Amada Company's standard cost system reports this information from its December operations. Standard direct materials cost Direct materials quantity variance Direct materials price variance Actual direct labor cost Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance View transaction list Journal entry worksheet < 1 Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month for (a) direct materials, (b) direct labor, and (c) overhead. Ignore the journal entry to close the variances. 2 Record direct materials costs and variances. Date December 31 3 Note: Enter debits before credits. Record entry General Journal $ 112,000 Clear entry 3,500 U 550 F 85,500 6,900 F 1,150 U 375,000 11,500 U 8,800 U Debit Credit View general journal >
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