direct labor costs of $23,100 for 4,200 hours. The standard labor cost was $ 4,200 direct labor hours costing $23,100 to production. Standard hours we
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Journalize the following transactions for Sheffield, Inc.
(a)
(b)
Incurred direct labor costs of $23,100 for 4,200 hours. The standard labor cost was $24,360.
Assigned 4,200 direct labor hours costing $23,100 to production. Standard hours were 4,330.
(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.
Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.)
No. Account Titles and Explanation
(a)
(b)
Factory Labor
Factory Wages Payable
Work in Process Inventory
Labor Price Variance
Labor Quantity Variance
Factory Labor
eTextbook and Media
List of Accounts
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Debit
23100
Credit
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23100
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