11. Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred.Journalize the entries to record the following transactions. Refer to the Chart of Accounts for the correct wording of account titles.Mar.1Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit. 31Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required, at standard, to produce one air conditioner. ### Accounting Journal TemplateThis image depicts a standard format for an accounting journal. Here’s a breakdown of each column and what it typically represents:1. **DATE**: This column is used to record the date of each transaction. Accurate dating is crucial for maintaining the chronological integrity of financial records.2. **DESCRIPTION**: This space is designated for a brief explanation of the transaction. It helps in identifying the nature and purpose of the transaction without needing to refer to external documentation.3. **POST. REF. (Posting Reference)**: This column is used to note the reference number or code of the ledger account. It aids in locating the specific entries in the ledger.4. **DEBIT**: In this column, you record the amounts to be debited as per the transaction. Debits usually increase asset or expense accounts and decrease liability, revenue, or equity accounts.5. **CREDIT**: This column is for the amounts to be credited. Credits generally decrease asset or expense accounts and increase liability, revenue, or equity accounts.6. **ASSETS**: This column tracks any changes to asset accounts from the transaction. Assets include things owned by the business, such as cash, inventory, and property.7. **LIABILITIES**: This column records changes to liability accounts. Liabilities represent obligations, such as loans or accounts payable.This journal format helps businesses maintain an accurate and organized record of financial transactions, ensuring transparency and aiding in the preparation of financial statements.

Name: 11. Cioffi Manufacturing Company incorporates standards in its account
Uploaded: 2024-03-20T06:33:06.000Z
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Description: 11. Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred.Journalize the entries to record the following transactions. Refer to the Chart of Accounts for the corr

Material price variance = (actual rate - standard rate) * actual quantity = (52-48.50) *2450 = $8575 Unfavorable Material quantity variance = (actual quantity used - standard quantity) * standard rate = (1900-200*10) *48.50 = $4850 FavorableDate Description Debit Crefit March 31 Work in process (200*10*48.50) 97000 Material quantity variance 4850 Raw materials inventory (1900*48.50) 92150

Answered: Cioffi Manufacturing Company…

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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Mar.	1	Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit.
	31	Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required, at standard, to produce one air conditioner.