Bing Company produces a container thatrequires 4 yds. of material per unit. The standardprice of one yard of material is $4.50. During themonth, 9,500 chairs were manufactured, using37,300 yards. Required: Journalize the entry torecord the standard direct materials used inproduction.

Concept of Standard Quantity: The standard quantity represents the amount of material that should be…

Answered: Bing Company produces a container that…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 18EA: Prepare the journal entry to record the transfer of 3,000 units from the packaging department to...

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Jornalize the entry to record the standard direct materials used in production
Journalize the Entry
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Kingbird Company accumulates the following data concerning raw materials in making one gallon of finished product. (1) Price—net purchase price $2.70, freight-in $0.60, and receiving and handling $0.50. (2) Quantity—required materials 3.50 pounds, allowance for waste and spoilage 0.90 pounds.Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per gallon. $enter the standard direct materials price per gallon in dollars rounded to 2 decimal places (b) Standard direct materials quantity per gallon. enter the standard direct materials quantity per gallon in pounds rounded to 2 decimal places pounds (c) Total standard materials cost per gallon.
ShipCo. produces storage crates that require 1.2 meters of material at $0.85 per meter and 0.1 direct labor hours at $15.00 per hour. Overhead is assigned at the rate of $9 per direct labor hour. What is the total standard cost for one unit of product that would appear on a standard cost card? a. $25.02. b. $11.52. c. $2.40. d. $2.52. e. $3.42.
Journalize the following transactions for Waterway Manufacturing. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 125.) a. Purchased 6,200 units of raw materials on account for $14,770. The standard cost was $15,190. b. Issued 5,500 units of raw materials for production. The standard units were 6,100. No Account Titles and Explanation a. b. Debit Credit
Bellingham Company produced 4,600 units that require five standard pounds per unit at a $10.5 standard price per pound. The company actually used 22,500 pounds in production. Journalize the entry to record the standard direct materials used in production. For a compound transaction, if an amount box does not require an entry, leave it blank
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The cost of direct materials transferred into the Filling Department of Ivy Cosmetics Company is $43,200. The conversion cost for the period in the Filling Department is $16,725. The total equivalent units for direct materials and conversion are 72,000 ounces and 66,900 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent. Direct materials cost per equivalent unit: $fill in the blank 1 per ounce Conversion costs per equivalent unit: $fill in the blank 2 per ounce
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Bing Company produces a container that requires 4 yds. of material per unit. The standard price of one yard of material is $4.50. During the month, 9,500 chairs were manufactured, using 37,300 yards. Required: Journalize the entry to record the standard direct materials used in production.