Hayesville Company uses a standard cost system and reports the following information for 2024:(Click the icon to view the information.)RequirementsBegin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single comDateAccounts and ExplanationPrintGDebitDoneRecord the journal entries for direct materials, direct labor, variable overhead, andfixed overhead, assuming all expenditures were on account and there were nobeginning or ending balances in the inventory accounts (all materials purchased wereused in production, and all goods produced were sold). Record the journal entries forthe transfer to Finished Goods Inventory and Cost of Goods Sold (omit the journalentry for Sales Revenue). Record the journal entry to adjust the ManufacturingOverhead account. (Record debits first, then credits. Select the explanation on the lastline of the journal entry table.)CreditHayesville Company reported the following variances:(Click the icon to view the variances.)Hayesville produced 1,000 units of finished product in 2024.Read the requirements.XData tableData tableDirect materials cost varianceDirect materials efficiency varianceDirect labor cost varianceDirect labor efficiency varianceVariable overhead cost varianceVariable overhead efficiency varianceFixed overhead cost varianceFixed overhead volume variance$135 U300 F950 F1,150 F1,200 U1,200 F500 U2,300 FStandards:3 yards of cloth per unit at $1.00 per yard2 direct labor hours per unit at $11.50 per hourOverhead allocated at $5.00 per direct labor hourActual:2,700 yards of cloth were purchased at $1.05 per yardEmployees worked 1,900 hours and were paid $11.00 per hourActual variable overhead was $2,400Actual fixed overhead was $5,800X

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Hayesville Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) C Hayesville Company reported the following variances: (Click the icon to view the variances.) Hayesville produced 1,000 units of finished product in 2024. Read the requirements. Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single com Date Accounts and Explanation Debit Credit 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 $135 U 300 F 950 F 1,150 F 1,200 U 1,200 F 500 U 2,300 F

Hayesville Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) C Hayesville Company reported the following variances: (Click the icon to view the variances.) Hayesville produced 1,000 units of finished product in 2024. Read the requirements. Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single com Date Accounts and Explanation Debit Credit 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 $135 U 300 F 950 F 1,150 F 1,200 U 1,200 F 500 U 2,300 F

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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