Crystal Glassware Company has the following standards and flexible-budget data. $ 4.00 per direct-labor hour 2 hours per unit of output Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor $ 112,000 28,000 units 19,000 units $ 217,000 $ 105,000 55,000 hours Required: Prepare journal entries for the following transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. • Record the incurrence of actual variable overhead and actual fixed overhead. Add variable and fixed overhead to Work-in-Process Inventory. Close underapplied or overapplied overhead into Cost of Goods Sold.
Crystal Glassware Company has the following standards and flexible-budget data. $ 4.00 per direct-labor hour 2 hours per unit of output Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor $ 112,000 28,000 units 19,000 units $ 217,000 $ 105,000 55,000 hours Required: Prepare journal entries for the following transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. • Record the incurrence of actual variable overhead and actual fixed overhead. Add variable and fixed overhead to Work-in-Process Inventory. Close underapplied or overapplied overhead into Cost of Goods Sold.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter10: Standard Costing And Variance Analysis
Section: Chapter Questions
Problem 72P: Moleno Company produces a single product and uses a standard cost system. The normal production...
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![Crystal Glassware Company has the following standards and flexible-budget data.
$ 4.00 per direct-labor hour
2 hours per unit of output
Standard variable-overhead rate
Standard quantity of direct labor
Budgeted fixed overhead
Budgeted output
Actual results for April are as follows:
Actual output
Actual variable overhead
Actual fixed overhead
Actual direct labor
$ 112,000
28,000 units
19,000 units
$ 217,000
$ 105,000
55,000 hours
Required:
Prepare journal entries for the following transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
• Record the incurrence of actual variable overhead and actual fixed overhead.
Add variable and fixed overhead to Work-in-Process Inventory.
Close underapplied or overapplied overhead into Cost of Goods Sold.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb3c3484f-05b4-417e-96dc-e0a3873c7d92%2F8e25c6e8-a630-4e23-a810-c477fa223eec%2F3skcl9_processed.png&w=3840&q=75)
Transcribed Image Text:Crystal Glassware Company has the following standards and flexible-budget data.
$ 4.00 per direct-labor hour
2 hours per unit of output
Standard variable-overhead rate
Standard quantity of direct labor
Budgeted fixed overhead
Budgeted output
Actual results for April are as follows:
Actual output
Actual variable overhead
Actual fixed overhead
Actual direct labor
$ 112,000
28,000 units
19,000 units
$ 217,000
$ 105,000
55,000 hours
Required:
Prepare journal entries for the following transactions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
• Record the incurrence of actual variable overhead and actual fixed overhead.
Add variable and fixed overhead to Work-in-Process Inventory.
Close underapplied or overapplied overhead into Cost of Goods Sold.
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