If the standard quantity of materials is 83,800 units at $0.14 per unit and the actual quantity is 94,300 units at $0.11 per unit, then what is the journal entry to record the cost of materials used? subject. financial account.

If the standard quantity of materials is 83,800 units at $0.14 per unit and the actual quantity is 94,300 units at $0.11 per unit, then what is the journal entry to record the cost of materials used? subject. financial account.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 6PB: The following data show the units in beginning work in process inventory, the number of units...

See similar textbooks

Related questions

Q: Correct option please. Tag. Account

A: Under variable costing, fixed manufacturing overhead is treated as a period cost and is not included…

Q: Hi expert please give me answer general accounting

A: Let us get the product mix. For every unit of Alpha, the company produces half as many units of…

Q: Answer this financial account question. In 5 min

A: Step 1:Opportunity cost refers to the value of the next best alternative that must be forgone when…

Q: Get correct answer general accounting

A: Step 1: Definition of Equivalent Units for Conversion CostsEquivalent Units for Conversion Costs are…

Q: Can you please solve this accounting question?

A: Step 1: Define Net IncomeNet income is the difference between expense and revenue. To calculate net…

Q: solve fast

A: Step 1: Key Information from the Income StatementIncome before income taxes: $3,750,000Current…

Q: Bubba Steakhouse has budgeted the following costs for a month in which 1,600 steak dinners will be…

A: To determine how much profit would increase if 10 more steak dinners were sold, we need to calculate…

Q: Pteri Manufacturing makes a single product - the Pteri. Information for 2005 appears below: Sales in…

A: Step 1: Understand Variable Costing :Under variable costing, only variable production costs are…

Q: Solve this accounting question problem without use Ai

A: Step 1: Define Return on Total Assets (ROA)Return on Total Assets (ROA) measures a company's ability…

Q: Do fast answer of this accounting questions

A: To determine the selling price for Kasaya to make a profit of $120, we need to add the desired…

Q: Glenn Corporation had the following list of account

A: Explanation of Net SalesNet sales represent the total revenue a company earns from selling its…

Q: Need answer the accounting question

A: Step 1: Define Accounting Rate of ReturnThe accounting rate of return or the average rate of return…

Q: I need answer of this accounting questions

A: Step 1: Definition of Partnership Distributions and Basis AdjustmentsIn a partnership, each…

Q: Subject:- General Account - On March 1, 2019, Annapolis Company has a beginning Work in Process…

A: To calculate the cost per equivalent unit of direct materials under the weighted-average process…

Q: Can you please give me correct answer the general accounting question?

A: Explanation: In the given case, we are required to calculate the direct materials price variance…

Q: HELP

A: Explanation of Cost of Goods Manufactured: Cost of goods manufactured represents the total cost of…

Q: Hii expert please given answer

A: To calculate the future value (FV) of the deposit, we use the formula for compound interest: FV…

Q: Calculate the net income for the firm. General accounting

A: Step 1: Define Retained EarningsRetained earnings refer to the accumulated net income earned since…

Q: Question: Shown below are a company's ledger accounts and their end-of-period balances before…

A: To determine the amount posted to Retained Earnings in the closing process, we first need to…

Q: Please provide correct answer

A: To calculate the future value of the investment, we use the compound interest formula:…

Q: During the month of November, Luffee Company had cash receipts of $5,100 and paid out $1,300 for…

A: To calculate the cash balance on November 1, we can use the following formula: Cash Balance on…

Q: Not use chart gpt solution please provide answer general Accounting

A: The Total Holding Period Percentage Return (THPR) is calculated using the formula: THPR = ((Ending…

Q: I won't to this question answer general Accounting

A: Step 1: Define Interest RevenueInterest revenue is the income earned by lending money or extending…

Q: General accounting

A: Step 1: Define Difference between Actual and Budgeted CostThe total difference between a company's…

Q: Sub. Account

A: Why Other Options Are Incorrect:a. The total inventory in the aggregate is incorrect because:Option…

Q: Subject = General Account

A: The lower-of-cost-or-market (LCM) rule requires valuing inventory at the lower of its cost or market…

Q: get correct answer general accounting question

A: The Equity Multiplier is calculated using the formula: Equity Multiplier = 1 / (1 - Debt Ratio)…

Q: On September 1, 2024, Baxter Inc. reported Retained Earnings of $432,000. During the month, Baxter…

A: Explanation of Retained Earnings: Retained earnings represent the cumulative profits that a company…

Q: Explore the concept of accounting flexibility and its impact on the reliability and usefulness of…

A: Key DefinitionsAccounting Flexibility: The degree of discretion and choice available to…

Q: Given answer accounting questions

A: Step 1: Definition of the Extended Accounting EquationThe extended accounting equation…

Q: SUBJECT ACCOUNTING

A: To calculate the return on investment (ROI) for Firoz Company, we use the formula: ROI = (Net Income…

Q: Company had 20,000 units

A: Explanation of Work in Process (WIP): Work in Process represents units that have started production…

Q: Correct answer ✅✅✅

A: Explanation of Accounting Performance:Accounting performance is a measure of a firm's financial…

Q: Get correct answer general accounting

A: To calculate Sarah's capital balance at the end of the year, we use the basic accounting equation…

Q: Need help with this accounting questions

A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is calculated…

Q: Do fast answer of this general accounting questions

A: Step 1: Define Gross Profit PercentageThe gross profit percentage is an important financial ratio…

Q: Elite pens is considering two production solve this accounting questions

A: Step 1: Definition of Operating LeverageOperating Leverage: Operating leverage measures the…

Q: Star manufacturing estimates manufacturing overhead solve this accounting questions

A: Step 1: Definition of Predetermined Overhead RatePredetermined Overhead Rate: It is the rate…

Q: What is the firm's assets turnover? General accounting

A: Step 1: Define Asset turnover ratioAsset turnover ratio is calculated to find out the efficiency and…

Q: Please help me this question general accounting

A: Step 1: Define Capital Turnover RatioCapital Turnover Ratio is the ratio of net annual sales and…

Q: Kindly help me with general accounting questions

A: Step 1: Define Standard CostingIn advance accounting, standard costing is controlling cost and…

Q: Jacoby Company received an offer from an exporter for22400 units of a product at 19 per unit

A: Explanation of Differential Revenue:Differential revenue is the additional revenue generated by…

Q: What was the total assets on AWQ's balance sheet at end of the year?

A: Explanation of Common Stock:Common stock represents ownership in a company and is issued to raise…

Q: General Account Subjects Questions

A: Step 1: Calculate the total variable costs (materials + hourly labor)Step 2: Compute the variable…

Q: Explain the concept of revenue recognition. What are the criteria that must be met before revenue…

A: Detailed explanation:Revenue recognition is the accounting principle that determines the specific…

Q: General Accounting

A: Step 1: Define Trading ProfitTrading profit is the first computation of the profit and loss account.…

Q: Do fast answer of this General accounting questions

A: Step 1:First, calculate the number of preferred shares issued: Preferred share issued = Total par…

Q: Fixed Manufacturing

A: Explanation of Absorption Costing:Absorption costing is a costing method where all manufacturing…

Q: Gyro Gear Company produces a single product, a special gear used in automatic transmissions. Each…

A: Step 1: Identify variable costs associated with production (Direct Material, Direct Labor, Variable…

Q: I want to correct answer general accounting question

A: To calculate the cost of goods sold (COGS) using the conventional retail inventory method, follow…

Question

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Baden Company has gathered the following information. Units in beginning work in process 0 Units started into production 37,000 Units in ending work in process 7,000 Percent complete in ending work in process: Conversion costs Materials Costs incurred: Direct materials Direct labor Overhead 4 80 40 % 100 % $73,000 $61,100 $101,100
Umbria, Inc. has compiled the following data: View the data. Compute the amount of direct materials used. I = Direct Materials Used Data Purchases of Direct Materials Freight In Property Taxes Ending Direct Materials Beginning Direct Materials Print Done O $ 6,600 800 1,400 1,600 4,400 X
The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.
provide correct answer
(a) Calculate the amount of direct materials purchased during the period. (b) Calculate the cost of goods manufactured during the period. (c) Calculate the total manufacturing overhead cost for the period. (d) Calculate the total manufacturing cost for the period.
Please provide this question solution general accounting
Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (39,500 units): Direct materials (93% completed) Conversion (57% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (93% completed) Conversion (57% completed) Cost incurred during July: Direct materials Conversion costs $ 122,750 77,200 $ 199,950 93,500 108,300 24,700 $ 183,500 291,500 Total equivalent units for materials under the weighted-average method are calculated to be:
The cost of materials for product A are as follows. Material W: $2,250 Material X: $3,000 Material Y: $3,600 Material Z: $150 If the material proportions were displayed on a pie chart, how many degrees would material Y represent? A 90 degrees B 120 degrees C 144 degrees D 204 degrees
If beginning and ending work in process inventories are $9,100 and $18,100, respectively, and cost of goods manufactured is $183,000, what is the total manufacturing cost for the period? Question
Benoit Company produces three products, A, B, and C. Data concerning the three products follow (per unit): Product Selling price 70 2$ 50 60 Variable expenses: Direct materials 21.00 15.00 4.20 Other variable 21.00 22.50 37.80 expenses Total variable 42.00 37.50 42.00 expenses Contribution margin $28.00 $ 12.50 $ 18.00 Contribution margin ratio 40% 25% 30% Demand for the company's products is very strong, with far more orders each month than the company can produce with the available raw materials. The same material is used in each product. The material costs $6 per pound with a maximum of 4,000 pounds available each month. %24
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Kk.102. Subject : - Accounting