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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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I need help with number 2.
Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO 10-3, 10-6, 10-9) Aquafloat Corporation manufactures rafts for use in swimming pools. The standard cost for material and labor is $93.00 per raft. This includes 8 kilograms of direct material at a standard cost of $6.00 per kilogram, and 5 hours of direct labor at $9.00 per hour. The following data pertain to November: • Work-in-process inventory on November 1: none. • Work-in-process inventory on November 30: 880 units (75 percent complete as to labor; material is issued at the beginning of processing). • Units completed: 6,600 units. • Purchases of materials: 51,000 kilograms for $303,450. • Total actual labor costs: $327,520. • Actual hours of labor: 35,600 hours. • Direct-material quantity variance: $2,400 unfavorable. eBook Print References Required: 1. Compute the following amounts. a. Direct-labor rate variance for November. b. Direct-labor efficiency variance for November. C. Actual kilograms of material used in the production process during November. d. Actual price paid per kilogram of direct material in November. e. Total amounts of direct-material and direct-labor cost transferred to Finished-Goods Inventory during November. f. The total amount of direct-material and direct-labor cost in the ending balance of Work-in-Process Inventory at the end of November. Mc Graw Hill < Prev 14 of 24 Next > f 2:14 PM 3/26/2021 DII 12 Prt Scn F4 Home 9 End F10 PgUp PgDn @ %23 %24 & 2 3 6. 7 9 10 W F G H J K X c V B N M Alt Alt
Transcribed Image Text:Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO 10-3, 10-6, 10-9) Aquafloat Corporation manufactures rafts for use in swimming pools. The standard cost for material and labor is $93.00 per raft. This includes 8 kilograms of direct material at a standard cost of $6.00 per kilogram, and 5 hours of direct labor at $9.00 per hour. The following data pertain to November: • Work-in-process inventory on November 1: none. • Work-in-process inventory on November 30: 880 units (75 percent complete as to labor; material is issued at the beginning of processing). • Units completed: 6,600 units. • Purchases of materials: 51,000 kilograms for $303,450. • Total actual labor costs: $327,520. • Actual hours of labor: 35,600 hours. • Direct-material quantity variance: $2,400 unfavorable. eBook Print References Required: 1. Compute the following amounts. a. Direct-labor rate variance for November. b. Direct-labor efficiency variance for November. C. Actual kilograms of material used in the production process during November. d. Actual price paid per kilogram of direct material in November. e. Total amounts of direct-material and direct-labor cost transferred to Finished-Goods Inventory during November. f. The total amount of direct-material and direct-labor cost in the ending balance of Work-in-Process Inventory at the end of November. Mc Graw Hill < Prev 14 of 24 Next > f 2:14 PM 3/26/2021 DII 12 Prt Scn F4 Home 9 End F10 PgUp PgDn @ %23 %24 & 2 3 6. 7 9 10 W F G H J K X c V B N M Alt Alt
Che 2. Prepare journal entries to record the following: a. Purchase of raw material and rate variance. b. Adding direct material to Work-in-Process Inventory and efficiency variance. C. Adding direct labor to Work-in-Process Inventory and labor variances. Complete this question by entering your answers in the tabs below. Reg 1B Req 10 Req 1D Req 1E Req 1F Req 2 Req 1A Prepare journal entries to record the above transactions: (If no entry is required for a transaction/event, select "No journal required" in the first account field. Do not round your intermediate calculations.) ces View transaction list Journal entry worksheet 1 2 3 Record the purchase of direct material on account and the direct-material purchase price variance. < Prev 14 of 24 Next > DII 3 F2 Prt Scn Home f9 End F10 PgUp 24 & 3 8 9 R D F G H K C v B N
Transcribed Image Text:Che 2. Prepare journal entries to record the following: a. Purchase of raw material and rate variance. b. Adding direct material to Work-in-Process Inventory and efficiency variance. C. Adding direct labor to Work-in-Process Inventory and labor variances. Complete this question by entering your answers in the tabs below. Reg 1B Req 10 Req 1D Req 1E Req 1F Req 2 Req 1A Prepare journal entries to record the above transactions: (If no entry is required for a transaction/event, select "No journal required" in the first account field. Do not round your intermediate calculations.) ces View transaction list Journal entry worksheet 1 2 3 Record the purchase of direct material on account and the direct-material purchase price variance. < Prev 14 of 24 Next > DII 3 F2 Prt Scn Home f9 End F10 PgUp 24 & 3 8 9 R D F G H K C v B N
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