Just Right Inc. produces jeans. The following standards have been established: 11 + 11 - 3.2 11 During the year, 25°000 pairs of jeans were produced. 150°000 metres of demin were purchased and used at R123 per metre. Actual direct labour hours were 36°800 at R92.50. per hour. 11 Required: 11 3.1 4 + Direct materials (4 metres @ R120). Direct labour (1.5 hours @ R90) → - a. b. * Calculate all direct materials and direct labour variances. → Prepare the following journal entries: Purchase of raw materials → Issuance of raw materials → Addition of labour to work in process. Closing of variances to Cost of goods sold →→ C. d. R4801 R1351 - ...
Just Right Inc. produces jeans. The following standards have been established: 11 + 11 - 3.2 11 During the year, 25°000 pairs of jeans were produced. 150°000 metres of demin were purchased and used at R123 per metre. Actual direct labour hours were 36°800 at R92.50. per hour. 11 Required: 11 3.1 4 + Direct materials (4 metres @ R120). Direct labour (1.5 hours @ R90) → - a. b. * Calculate all direct materials and direct labour variances. → Prepare the following journal entries: Purchase of raw materials → Issuance of raw materials → Addition of labour to work in process. Closing of variances to Cost of goods sold →→ C. d. R4801 R1351 - ...
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 3-1
11
Just Right Inc. produces jeans. The following standards have been established:
11
-
1
1
Direct materials (4 metres @ R120) .
Direct labour (1.5 hours @ R90)
¶
During the year, 25°000 pairs of jeans were produced. 150°000 metres of demin were
purchased and used at R123 per metre. Actual direct labour hours were 36°800 at R92.50-
per hour.
Required:
1
3.1
→
3.2 → Prepare the following journal entries:
Purchase of raw materials →
Issuance of raw materials
Addition of labour to work in process.
Closing of variances to Cost of goods sold
4
Calculate all direct materials and direct labour variances. →
a.
b.
C.
d.
-
→
4
R4801
R135¶
-
✰✰✰✰
✰✰✰✰
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