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Data table Standards: 3 yards of cloth per unit at $1.10 per yard 2 direct labor hours per unit at $19.50 per hour Overhead allocated at $4.00 per direct labor hour Actual: 2,800 yards of cloth were purchased at $1.15 per yard Employees worked 1,200 hours and were paid $19.00 per hour Actual variable overhead was $4,000 Actual fixed overhead was $2,700 Print Done Data table Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance Print Done $140 U 220 F 600 F 15,600 F 1,100 U 1,100 F 800 U 2,100 F X Requirements Record the journal entries for direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production, and all goods produced were sold). Record the journal entries for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 2 Print Done

Data table Standards: 3 yards of cloth per unit at $1.10 per yard 2 direct labor hours per unit at $19.50 per hour Overhead allocated at $4.00 per direct labor hour Actual: 2,800 yards of cloth were purchased at $1.15 per yard Employees worked 1,200 hours and were paid $19.00 per hour Actual variable overhead was $4,000 Actual fixed overhead was $2,700 Print Done Data table Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance Print Done $140 U 220 F 600 F 15,600 F 1,100 U 1,100 F 800 U 2,100 F X Requirements Record the journal entries for direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production, and all goods produced were sold). Record the journal entries for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 2 Print Done

FINANCIAL ACCOUNTING
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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Data table Standards: 3 yards of cloth per unit at $1.10 per yard 2 direct labor hours per unit at $19.50 per hour Overhead allocated at $4.00 per direct labor hour Actual: 2,800 yards of cloth were purchased at $1.15 per yard Employees worked 1,200 hours and were paid $19.00 per hour Actual variable overhead was $4,000 Actual fixed overhead was $2,700 Print Done - X Data table Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance Print Done - X $140 U 220 F 600 F 15,600 F 1,100 U 1,100 F 800 U 2,100 F Requirements Record the journal entries for direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production, and all goods produced were sold). Record the journal entries for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Print Done X
Transcribed Image Text:Data table Standards: 3 yards of cloth per unit at $1.10 per yard 2 direct labor hours per unit at $19.50 per hour Overhead allocated at $4.00 per direct labor hour Actual: 2,800 yards of cloth were purchased at $1.15 per yard Employees worked 1,200 hours and were paid $19.00 per hour Actual variable overhead was $4,000 Actual fixed overhead was $2,700 Print Done - X Data table Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Fixed overhead cost variance Fixed overhead volume variance Print Done - X $140 U 220 F 600 F 15,600 F 1,100 U 1,100 F 800 U 2,100 F Requirements Record the journal entries for direct materials, direct labor, variable overhead, and fixed overhead, assuming all expenditures were on account and there were no beginning or ending balances in the inventory accounts (all materials purchased were used in production, and all goods produced were sold). Record the journal entries for the transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journal entry for Sales Revenue). Record the journal entry to adjust the Manufacturing Overhead account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Print Done X
Bargain Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Raw Materials Inventory Direct Materials Cost Variance Accounts Payable Date 3,080 140 3,220 Purchased direct materials. Now, journalize the usage of direct materials, including the related variance. (Prepare a single compound journal entry.) Accounts and Explanation Debit Credit ← Bargain Company reported the following variances: (Click the icon to view the variances.) Bargain produced 1,000 units of finished product in 2024. Read the requirements.
Transcribed Image Text:Bargain Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Raw Materials Inventory Direct Materials Cost Variance Accounts Payable Date 3,080 140 3,220 Purchased direct materials. Now, journalize the usage of direct materials, including the related variance. (Prepare a single compound journal entry.) Accounts and Explanation Debit Credit ← Bargain Company reported the following variances: (Click the icon to view the variances.) Bargain produced 1,000 units of finished product in 2024. Read the requirements.
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